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- Representative Wiley Nickel charges that the SEC is politicizing the regulation of cryptocurrencies, confusing the market.
- Nickel claimed the SEC's "open hostility" towards cryptocurrency undermines innovation and drives firms away.
- Biden opposed the H.J. Res 109 to repeal SEC's crypto guidelines, citing investor protection.
Wiley Nickel has expressed concerns regarding SAB121 regulating cryptocurrencies in the U.S. He argues that the SEC has politicized the matter, turning it into a " political football."
Nickel rebukes the SEC's aggressive regulatory moves against the cryptocurrency sector, claiming that they cause uncertainty and anxiety, potentially inhibiting innovation and driving enterprises to more crypto-friendly nations. He proposes that a balanced regulatory strategy might help President Joe Biden achieve his economic and technical goals, such as retaining the United States' leadership in financial innovation and technology. Nickel stated,