Some U.S. lawmakers and crypto industry leaders denounced the Securities and Exchange Commission's approach to regulating crypto despite other firms securing a license signifying compliance with the agency.

Tensions between the SEC and U.S. have grown over the years on whether it's possible to register with the agency and be compliant with its rules. The SEC has consistently warned that crypto exchanges need to register with the agency and has said that most cryptocurrencies are securities. Over the past year, it has charged Coinbase, Binance and Kraken for allegedly operating as an unregistered exchange, broker, dealer and clearinghouse. Meanwhile, crypto firms have argued it's not possible to register with the agency, in part because rules were made for more traditional entities that are different from the digital asset industry.

SEC Chair Gary Gensler has made it seem like it is easy for crypto firms to register with the agency, Rep. French Hill, R-Ark., said Wednesday during a House Financial Services digital asset-focused subcommittee hearing titled "Dazed and Confused: Breaking Down the SEC’s Politicized Approach to Digital Assets."

"Meanwhile, the SEC staff under his leadership, continues its very aggressive approach of regulation by enforcement, suing companies that are actually working in good faith to try to, quote, come in and register," Hill said.

Dan Gallagher, chief legal, compliance, and corporate affairs officer at Robinhood Markets, Inc. shed some light on discussions the firm had with the SEC about registering with the agency during that hearing. Gallagher told lawmakers that Robinhood had calls and discussions with the SEC for a year and a half to discuss its crypto business.

"We heard Chair Gensler's call to come in and register loud and clear," said Gallagher, who was previously a Republican commissioner at the SEC. "Admittedly I scratched my head a bit because there was no established regime, at least published regime, but being seasoned securities lawyers, we thought we'll just roll up our sleeves."

Gallagher said Robinhood was "committed" to being registered and that the firm had spoken with the SEC about obtaining a special purpose broker-dealer license, which allows firms to custody crypto, and recommended modifications to the agency. Two firms so far have received that license: digital asset firm Prometheum and financial technology firm tZERO Group Inc. received its license last week. Prometheum announced last week it launched its custody platform and said last month it will be able to custody UNI and ARB alongside ether.

Prometheum specifically has gotten in the crosshairs of the crypto industry, including from the Blockchain Association and Republican lawmakers. The Blockchain Association alleged that the firm had a "sweetheart deal" with the SEC last year.

"One thing that became very obvious to us is that the special purpose broker regime doesn't work for digital assets, so we recommended modifications that would make it work," Gallagher said. "We were submitting to full regulation by the Commission. It was very cordial with the SEC staff until about early 2023 when we got a very perfunctory note from the chairman's office telling us that there's no reason to talk anymore."

Robinhood Crypto, the crypto unit of the brokerage firm Robinhood Markets, later received a Wells Notice from the SEC in May.

Crypto-friendly Democrat Rep. Wiley Nichel of North Carolina also criticized the agency during Wednesday's hearing.

"Not only is Gary Gensler's approach to digital assets politicized, it's just downright wrong," Nickel said. "He's hurting consumers, innovation, American competitiveness and the Democratic administration."

Others in the Democratic camp, such as Rep. Stephen Lynch of Massachusetts, say the rules are clear for crypto companies to follow. Companies do not get to "pick and choose which rules they follow," he said.

"Industry advocates continue to push a false narrative that the SEC is politicizing the regulatory framework by picking winners and losers and unfairly targeting crypto firms," Lynch said. "I find this deeply ironic given that $119 million was used by crypto corporations to contribute and influence federal elections just this year alone."

"If anyone is playing politics, it is the crypto industry, and it appears they're playing it well," he added.

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