LITTLE ROCK – Attorney General Tim Griffin released the following statement after leading a 12-state letter to the Securities and Exchange Commission (SEC) opposing a proposed rule expanding its authority to regulate cryptocurrencies:
“Congress authorized the SEC to regulate securities. But it wants to go beyond that to aggressively reinterpret its authority to reach non-securities like artwork, real estate and cryptocurrencies. Congress never gave it that authority, and its proposed rule would violate clear United States Supreme Court precedent.
“Government regulation of cryptocurrencies is a mess, with different agencies all claiming authority and treating cryptocurrencies differently. Rather than add to this confusion by relabeling cryptocurrencies as securities, the SEC should wait for Congress to decide how best to regulate this trillion-dollar-plus market. I will always fight efforts to expand the administrative state beyond its rightful bounds.”
To read Griffin’s letter, click here.
Original source can be found here.
