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A coalition of 21 states’ attorneys general sent a letter to the Securities and Exchange Commission (SEC) responding to the agency’s solicitation for public input on issues related to cryptocurrency and digital assets.
The SEC had included 48 questions to guide the discussion. The attorneys general focused their comments primarily on the first question that asked input on determining the security status of crypto assets and related transactions.
The attorneys general asked the SEC to carefully consider the effect any action it takes would have on states’ laws, including consumer protection laws. An overly broad definition, the attorneys general said, threatens current states’ laws and their legitimate police power.
“Scammers need to be held accountable, and states like Iowa are doing that,” Iowa Attorney General Bird said. “The SEC is working hard to come up with a common-sense framework for how to responsibly regulate cryptocurrencies and we are helping them understand how regulation could have unintended consequences that hurt consumers. We look forward to the SEC incorporating our suggestions into its decision-making to make sure Iowans remain safe and secure when transacting in cryptocurrency.”
The attorneys general asked the SEC to avoid creating regulations that would allow scammers to bypass state consumer-protection laws.
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