TechFlow reports that senior Republican lawmakers Patrick McHenry and Tom Emmer have sent a letter to SEC Chair Gary Gensler, demanding a clear explanation of the SEC's regulatory stance on cryptocurrency airdrops.
The lawmakers accused the SEC of creating a hostile regulatory environment that hinders American citizens from participating in shaping the next generation of the internet. Citing cases such as the SEC’s lawsuit against Tron founder Justin Sun, they questioned the SEC’s practice of treating airdrops as “securities sales or distributions.”
They argued this forces developers to block Americans from participating in airdrops, thereby preventing users from fully leveraging blockchain technology.
The lawmakers requested Gensler respond by September 30 on how airdrops should be differentiated from airline miles or credit card rewards. Meanwhile, the House Financial Services Committee plans to hold multiple upcoming hearings focusing on the SEC and cryptocurrency regulation.
