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Lawmakers oppose the SEC's regulation of cryptocurrencies. Hill and Johnson argue that the SEC has opted for direct enforcement rather than a comprehensive bill, resulting in shortfalls in compliance and customer protection. They also note that it is worrisome that the SEC's activities overlap with that of Congress. Lawmakers imply that SEC lawsuits cause entrepreneurs to avoid operating in the United States. Finally, Hill and Johnson state that the SEC's approach does not protect the public and that a legal framework would ensure firms comply with regulatory requirements.
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