US Congressman: SEC has turned cryptocurrency regulation into a "political football"

Media reports state that in a letter to Gary Gensler, the chairman of the U.S. Securities and Exchange Commission, U.S. Congressman Wiley Nickel said that the U.S. securities regulator has turned cryptocurrency regulation into a "political football," and its "public hostility" is not helping President Biden. Nickel claims this will prevent American banks from hosting large-scale transactions of products traded on cryptocurrency exchanges, creating a "concentration risk" by giving more control to non-bank entities.