2024

Foundation

Three new bills have been introduced to <a href="https://wagner.house.gov/media-center/press-releases/wagner-introduces-legislation-reform-secs-rulemaking-process" target="_blank" rel="noreferrer noopener">reform </a>the Securities and Exchange Commission’s (SEC) rulemaking process. Congresswoman Ann Wagner, the Chairman of the Securities, Claims and Capital Markets Subcommittee, is leading the effort.&nbsp; 
The bills primarily address the SEC’s lack of transparency and cybersecurity vulnerabilities. 
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 RELEASE: Wagner Introduces Legislation to Reform the SEC’s Rulemaking Process Read more on the bill here ⬇️⬇️⬇️<a href="https://t.co/asrcYEjuQ3" target="_blank">https://t.co/asrcYEjuQ3</a>— Ann Wagner (@RepAnnWagner) <a href="https://twitter.com/RepAnnWagner/status/1787896252425748528?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">May 7, 2024</a>
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The first bill, HR 8239, known as the SEC Regulatory Accountability Act, mandates that the SEC consider specificity, costs and benefits, simplicity, and transparency before issuing regulations.&nbsp; 
Some crucial factors in this process include identifying and meditating on the real cause of problems, evaluating the economic wear on the rules, and ensuring balance and consistency. &nbsp; 
The second act introduced to the SEC is HR 8241, the SEC Transparency Act, which requires the SEC Chairman to appear regularly and semi-annually before the House Financial Service Committee and the Senate Committee on Banking, Housing, and Urban Affairs.&nbsp; 
While all can not speak at one hearing, these testimonies must represent the whole Commission.&nbsp; 
Finally, HR 8240, the SEC Cybersecurity Act states that the commission will analyze its information system, along with its data management practices, and submit a report to congress.&nbsp; 
According to Wagner, these laws will increase the SEC’s transparency and effectiveness. 
Also Read: <a href="https://www.cryptotimes.io/2024/05/08/lava-foundation-secures-11m-in-funding-ahead-of-network-launch/">Lava Foundation Secures $11M in Funding Ahead of Network Launch</a>

Rep. Wagner Proposes SEC Reform Bills

The Crypto Times

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