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Congressmen McHenry, Thompson Call SEC Chair Gensler’s Remarks on Crypto ‘Concerning’
The two congressmen wrote that rather than potentially regulating innovation and job creation out of the U.S., lawmakers and regulators should “promote an active dialogue between regulators and market participants.”
Door Nelson Wang
Reps. Patrick McHenry (R-N.C.) and Glenn Thompson (R-Pa.) said Securities and Exchange Commission Chair Gary Gensler’s recent comments on increasing crypto regulation, and a letter Gensler sent Sen. Elizabeth Warren (D-Mass.) that the SEC needs more authority to regulate cryptocurrency, provide a “concerning roadmap for regulatory actions that will have long-term implications.”
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- In an open letter to Gensler and acting Commodity Futures Trading Commission Chairman Rostin Behnam, the congressmen said that “rather than regulate innovation and job creation out of this country, we should promote an active dialogue between regulators and market participants.” The two noted that this is the goal of H.R. 1602, the Eliminate Barriers to Innovation Act of 2021, which passed the U.S. House of Representatives in April.
- The 2021 act requires the SEC and the CFTC to establish a joint Working Group on Digital Assets with market participants, organizations involved in academic research and investor protection organizations, among others.
- The two said that lawmakers and regulators should work together to balance protecting innovation with any new regulations to “ensure the digital asset marketplace flourishes in the United States.”
- They called on Gensler, Behnam and their fellow commissioners to provide details on how the SEC and CFTC plan to work together on these issues.
Read more: Money Reimagined: Gensler’s SEC Is the Same Old SEC
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- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
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Crypto's closest ally in Congress, Sen. Lummis, is retiring next year
The most tireless advocate of digital assets issues in the U.S. Senate said she's grown too tired to keep at it, leaving her Republican seat in play next year.
What to know:
- U.S. Senator Cynthia Lummis, a dedicated friend to crypto causes, has decided to exit the Senate after her first term.
- Lummis said in a statement that she doesn't have another six years in the tank, but she intends to deliver major legislation to President Donald Trump's desk next year.
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