Senator Cynthia Lummis Says ‘SEC Cannot Continue Ruling By Enforcement’ Following Kraken Lawsuit

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Senator Cynthia Lummis (R-Wyo.), on Tuesday, criticized the Securities and Exchange Commission for its current approach to crypto regulation, arguing that the agency often resorts to “ruling by enforcement”. What Happened: Lummis expressed her disapproval on X, formerly Twitter, arguing that crypto asset companies seeking guidance from the SEC are instead faced with enforcement actions that not only lack a clear basis but also harm consumers. “The SEC cannot continue ruling by enforcement. Crypto asset companies have repeatedly tried to get guidance from the SEC only to be hit with enforcement…

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