J.D. Vance

Several Republican senators slammed the Securities and Exchange Commission (SEC) on Wednesday over its “deeply troubling” conduct in a recent case against the cryptocurrency company DEBT Box.

In a letter to SEC Chair Gary Gensler on Wednesday, Sens. JD Vance (R-Ohio), Thom Tillis (R-N.C.), Bill Hagerty (R-Tenn.), Cynthia Lummis (R-Wyo.) and Katie Britt (R-Ala.) expressed concerns about the agency’s conduct.

“It is unconscionable that any federal agency—especially one regularly involved in highly consequential legal procedures and one that, under your leadership, has often pursued its regulatory mission through enforcement actions rather than rulemakings—could operate in such an unethical and unprofessional manner,” the senators wrote.

Sen. J.D. Vance on Thursday plans to introduce a bill that would shield banks from regulatory pressure to cut off customers like crypto firms, gun manufacturers and oil and gas companies.

The Ohio Republican, in his latest attempt to put his stamp on banking policy, told POLITICO in a statement that the legislation aims to ensure the banking system is governed by "apolitical oversight." Republican Sens. Cynthia Lummis of Wyoming and Roger Marshall of Kansas are co-sponsors.

“For far too long, federal regulators have focused on advancing the agenda of the far left at the expense of their core mission,” Vance said.

Vance has disclosed Bitcoin  holdings valued at up to $250,000, which at the time of writing is around 6.5 BTC, according to CoinGecko. He was also backed by Bitcoin proponent and billionaire investor Peter Thiel through a Super PAC. Bloomberg reported on April 20 that Thiel donated $3.5 million to the Protect Ohio Values Super PAC.