During a House Financial Services Committee hearing hosted by its crypto subcommittee, the Securities and Exchange Commission (SEC) came under heavy criticism from witnesses, including former SEC commissioner Daniel Gallagher, who is now at Robinhood. Gallagher argued that the SEC has neglected its authority to establish clear rules for digital assets and has created regulatory uncertainty. Lawmakers questioned the SEC's compliance status for Prometheum Inc. and discussed fraudulent activity in the industry. Some Democrats also criticized former President Donald Trump's family crypto project, World Liberty Financial.



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