Warren Davidson Disagrees With How SEC Handles Cryptocurrency And Facebook's Libra Project

United States Representative Warren Davidson stated that the United States Securities and Exchange (SEC) has taken a flawed approach in overseeing cryptocurrency and the upcoming Mark Zuckerberg testimony in-front of the House of Financial Services Committee, according to CoinTelegraph.

Davidson made it clear that he doesn’t agree with the language around cryptocurrency. Davidson feels that the word cryptocurrency is thrown around too easily and that to refer to everything in the crypto space as crytocurrency is sloppy. He also believes that we must have a different view of Facebook’s project Libra because its goal is to become a currency unlike many other coins in the space.

Davidson stated that, “The SEC is doing a complete patchwork of regulation. No one knows where they’re going. They’re literally told if you want to launch a token, whatever you think you want to do with it, come check with the SEC first. ...And you can grovel. If you grovel well enough, then we’ll give you a no-action letter. You have hundreds of companies waiting on no-action letters. They’ve approved two. You can’t raise capital while you’re waiting for that.”

This statement is very similar to one that Telegram recently made against the SEC’s injunction on their virtual currency Gram.

By Ramsey Baker

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