John Hickenlooper, a United States Senator representing Colorado, has penned a letter to Gary Gensler urging the Securities and Exchange Commission chair to establish clear rules for the crypto market.
In an Oct. 13 letter, Hickenlooper called on the SEC to take action on regulatory issues including identifying the cryptocurrencies that will be considered sasecurities, establishing registration guidelines for trading platforms, and determining what disclosures are necessary for investors to be properly informed.
According to the senator, the lack of a coordinated regulatory framework from the government has led to uneven enforcement, while the SEC is the agency well positioned to offer regulatory guidance.
Hickenlooper requested the SEC engage with the public by opening a notice-and-comment period to develop rules and regulations applicable to crypto.
He offered to work with the regulatory body to build such a framework, though his committee assignments for the current meeting of Congress were limited to commerce, small business, energy and natural resources, and health, education, labor and pensions.
During his time as governor of Colorado from 2011 to 2019, Hickenlooper established the Council for the Advancement of Blockchain Technology, tasked with creating a comprehensive legal framework to support the technology.