Obama Says Independent Regulatory Agencies Are 'Out Of Control'
The standoff between Binance and New York State regulators highlights the need for clear rules, according to U.S. Sen. John Boozman (R-Ark.).
It's not right that we have these regulatory agencies that are so out of control. he said during a speech on Wednesday at the National Press Club in Washington, D.C., according to The Daily Caller News Foundation. The whole thing was just crazy.
Binance is a Hong Kong-based cryptocurrency exchange that has been accused by New York State regulators of operating illegally in the state over its failure to register with the Department of Financial Services as a money transmitter.
The company has been locked in a battle with New York regulators, who have sought to seize its funds and shut it down. Binance has refused to comply with the order, calling it unconstitutional and illegal.
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