Republican lawmakers are seeking more information from the SEC on how it addresses crypto airdrops. The House Committee on Financial Services chairman Patrick McHenry and the Majority Whip Tom Emmer have requested SEC Chairman Gary Gensler to clarify how the agency regards airdrops.
They voiced their concerns regarding the current approach of the SEC and its effects on the development of blockchain technologies within the United States.
Lawmakers Seek Clarification on Airdrops
McHenry and Emmer are concerned about the way that SEC has been handling airdrops. It entails free token distribution in the blockchain systems. They claim that the SEC could be wrongly applying securities laws to these distributions, thus making it hard for developers.
The legislators argued that classifying airdrops as securities hinders the advancement and development of blockchain technology. They are also worried that US developers have been prevented from allowing Americans to participate in
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