BPSAA Supports H.R. 4019 SEC Stabilization Act to Reform the SEC's Oversight of Cryptocurrencies

SHERIDAN, Wyo. - Nov. 3, 2023 - PRLog -- The Blockchain and Privacy Standard Alliance (BPSAA), a leading non-profit advocacy organization with over 500,000 members in the cryptocurrency and blockchain community, announced its strong support for the SEC Stabilization Act (H.R. 4019) introduced by Representatives Warren Davidson (R-OH) and Tom Emmer (R-MN).

"The SEC under Chairman Gary Gensler has overreached its authority and stifled innovation in the cryptocurrency and blockchain sector with onerous enforcement actions," said Chris J Terry, Cofounder and Board Member of the BPSAA. "Chairman Gensler's hostile stance against the crypto industry has led to disastrous policies that threaten America's leadership in this critical technological arena."

H.R. 4019 seeks to reform the Securities and Exchange Commission's oversight of cryptocurrencies by establishing clearer guidance around digital asset regulations. The legislation also proposes replacing the SEC Chair with a five-person commission.

"H.R. 4019 is a crucial first step in rationalizing the SEC's role in the cryptocurrency space," said Terry. "We applaud Reps. Davidson and Emmer for recognizing the need for sensible crypto regulations that balance consumer protection and innovation. The BPSAA and our 500,000 members strongly support this legislation."

The BPSAA urges Congress to act swiftly to pass H.R. 4019. Reform is urgently needed to provide regulatory clarity for cryptocurrency entrepreneurs and investors. The BPSAA stands ready to work with lawmakers to craft a legal framework that enables America's continued leadership in this critical technology.

About the BPSAA
The Blockchain and Privacy Standard Alliance is a non-profit advocacy organization promoting industry best practices, privacy, security, education and sensible regulations in the cryptocurrency and blockchain space. For more information, visit https://bpsaa.vision.