Two Republican politicians want the U.S. Securities and Exchange Commission (SEC) to make its stance on crypto airdrops clear. Representatives Tom Emmer and Patrick McHenry have given SEC Chair Gary Gensler until the end of the month to respond to their worries about how securities laws apply to airdrops.
Emmer and McHenry wrote on September 17 that they were worried about how the SEC was handling airdrops, which they said was slowing down the development of autonomous technologies. They think that recent SEC cases that call airdrops “unregistered security sales” slow down innovation.
The Korea Premium Index, which compares the prices of cryptocurrencies on South Korean exchanges to those on global markets, shows that digital assets sold in South Korea are worth a lot more than those exchanged elsewhere. This price has been going up because of both local demand and the way institutions trade. The lawmakers are worried that the SEC’s method could keep American users from fully enjoying the benefits of blockchain progress.
By September 30, Emmer and McHenry have asked Gensler to explain a number of things. These include how the Howey test applies to free tokens that are airdropped and how labeling airdrops as stocks affects on-chain apps, economic growth, and tax income.
