US Rep says Binance is an "illegal actor, transacting in illicit finance"

Republican Patrick McHenry, chair of the House Financial Services Committee, told DL News that Binance is an "illegal actor, transacting in illicit finance" and that the company "should have been taken out years ago." He said the SEC should have acted against Binance sooner rather than pursuing Kim Kardashian, whom the SEC charged over the EMAX token and who paid $1.3 million in penalties. The SEC has charged Binance and founder Changpeng Zhao with 13 violations of federal law, which both deny. Democrats, including Maxine Waters, warned that a draft crypto bill could halt SEC enforcement against firms being sued, while Warren Davidson argued that Gary Gensler was overstepping his authority.