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Top GOP Senator Slams SEC for Ignoring Crypto Inferno

“Had the SEC responded to calls for clarity on how it would apply existing securities laws to novel digital assets and services, things could have been different,” Toomey, who is the ranking Republican on the Senate Banking Committee that oversees the regulator, wrote in a letter to SEC Chair Gary Gensler. “Companies could have adjusted product offerings accordingly, preventing investor losses today, and the SEC would have been free to focus enforcement efforts on the worst actors.”