On Tuesday, Chamber of Progress submitted a statement for the record to the Senate Banking Committee as it held its hearing entitled, “Crypto Crash: Why Financial System Safeguards are Needed for Digital Assets.” In her comments to the committee, Chamber of Progress Financial Policy Director Janay Eyo urged lawmakers to enact clear digital assets regulations as the crypto industry experiences a downturn, highlighting the negative impacts of the SEC’s chaotic regulation-by-enforcement approach to crypto.

Read Eyo’s full statement for the record here.

“After the major collapses of bad actors like FTX and Terra/Luna due to fraud, bankruptcy and improper business models, this industry needs thoughtful regulation that gives companies clear rules of the road and gives consumers more confidence,” wrote Financial Policy Director Janay Eyo. “The SEC has used regulation by enforcement to sow seeds of fear and uncertainty in the digital asset industry, as companies brace to discover new interpretations of securities law via social media and television.

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Chamber of Progress (progresschamber.org) is a center-left tech industry policy coalition promoting technology’s progressive future. We work to ensure that all Americans benefit from technological leaps, and that the tech industry operates responsibly and fairly.

Our corporate partners do not have a vote on or veto over our positions. We do not speak for individual partner companies and remain true to our stated principles even when our partners disagree.