On September 19, according to TheBlock, there was a heated debate on cryptocurrency regulation in the US Congress during a hearing. Although some companies have obtained permission from the Securities Exchange Commission (SEC) to legally custody cryptoassets, many crypto companies and lawmakers still criticize the SEC's regulatory approach. Dan Gallagher, Robinhood's chief legal officer, said that the company had suggested adjusting the rules when discussing crypto business with the SEC, but communication was ultimately interrupted. Meanwhile, Democratic Congressman Stephen Lynch said the rules were clear and crypto companies should not be selective in their compliance. The crypto industry has accused the SEC of selective enforcement, saying its policies hurt innovation and American competitiveness.