The US Congressman Tom Emmer has written to the country’s Securities and Exchange Commission seeking clarification on cryptocurrency investigation processes.
The letter, which the various members of Congress signed, wants the commission to state the rule of thumb about the crypto startups and blockchain probes.
The lawmakers are also seeking information about the utilization of the resources from the division of enforcement and information acquisition. Emmer notes that those in charge are better placed to collect public opinion about the procedures than the commission.
The Congress members provided a list of multiple questions they expect the agency to respond to by April 29. The concerns also cover the number of documents requested, the cost of analysis, and the use of resources.
The SEC has lately moved to crack down on the cryptocurrency sector. The latest target is Ormeus Coin creators, who are embroiled in a $124 million fraud case with the commission.