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The U.S. House of Representatives questions SEC Chairman about encryption regulation stance and the progress of the Justin Sun lawsuit.
According to Gate News bot, The Block reported that on May 20, the U.S. House Appropriations Committee held a hearing to question SEC Chairman Paul Atkins about crypto assets regulation. Congressman Glenn Ivey focused on inquiring about the SEC's suspension of the fraud lawsuit against Justin Sun, as well as Sun's association with the Trump-related memecoin.
Regarding Justin Sun's announcement to attend the dinner hosted by Trump for memecoin holders, Ivey stated at the hearing that it is "disturbing" and urged the SEC to investigate. In response, Atkins stated that the case is ongoing, while clearly indicating that memecoins do not fall under the category of securities, and the SEC plans to advance regulatory work on Crypto Assets by formulating specific rules.
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