Regulators at the U.S. Securities and Exchange Commission aren't doing enough when it comes to crypto regulation, Rep. Warren Davidson (R-Ohio) said.

“You've got people that are engaging in overt pump-and-dump scams and getting away with it because the SEC is asleep at the wheel,” Davidson said. “Some seem to get a free pass, and others seem to get their business models killed.”

Davidson, vice chairman of the Financial Services Subcommittee on Digital Assets, Financial Technology and Inclusion, said that even before the collapse of bankrupt crypto exchange FTX, “no one’s been happy with the job the SEC has done."