Crypto News: One of the biggest financial watchdogs, the U.S. Securities and Exchange Commission (SEC) faces Congressional pressure to form efficient rules for the crypto industry. This development comes when the commission reportedly received a partial win in the XRP lawsuit summary judgment.

Read XRP Lawsuit News: SEC Chair Says He’s ‘Disappointed’ at Non-Security Tag

Will SEC Engage With Congress Over Crypto Rule Making?

U.S. Congressman French Hill along with Rep. Dusty Johnson sent a letter to the US SEC Chair, Gary Gensler stressing the cruciality of being productive in rules formation for digital assets. It is important to establish clear rules of the road for all market participants, it added.

The letter mentioned that it is a priority for the House Committee on Financial Services and House Committee on Agriculture to make comprehensive rules. It is important for the country to push innovation and growth in markets.

It highlighted that the committees did more than 15 hearings around digital asset policy over the past four years. This included a joint hearing of both committees where it discussed existing regulatory gaps. However, where Congress is working to fix the regulatory gaps steadily, the SEC is opting for the enforcement way to regulate the market. It added that the commission is trying to control crypto intermediaries through multiple rulemaking and staff actions.