PETIK.NET - Gary Gensler is under fire for his agency's crackdown on crypto platforms
The crypto community does not hesitate to criticize the United States SEC (Securities and Exchange Commission), in particular the head of the agency, Gary Gensler. His actions even received objections from members within his own agency.
Gensler even came under political criticism for his actions. Still, the SEC boss defended the crackdown on digital asset markets, saying he had never before seen an industry that routinely flouted securities laws.
The SEC's approach to regulation by enforcing the law
While Coinbase prepares for a trial with the SEC, CEO Brian Armstrong is highlighting his harsh criticism of the regulatory agency.
Armstrong believes the SEC has caused “incalculable damage” to countries by choosing to regulate the digital asset space through law enforcement, rather than through proactive collaboration between regulators and industry leaders.
In his most recent tweet, Armstrong said,
“I spent time in Washington DC meeting with members of Congress. We need regulatory clarity in the US for centralized players in crypto for many reasons – consumer protection, national security, economic growth, etc. The SEC has caused untold damage to America with its policy of governing by enforcing the law. We will fight to fix it.”
The top executive at the United States' largest crypto exchange also proposed the possibility of moving overseas if the regulatory climate did not change after the SEC alerted him to possible securities law violations.
Coinbase isn't the only industry representative who has been critical of the financial regulator and the policies it operates.
Venture capital firm Web3 Paradigm recently stated that the SEC's attempt to force crypto assets that may not even include “securities” into an inappropriate disclosure framework is bad policy.
Paradigm also claims that the agency failed to provide crypto entrepreneurs with a viable avenue to comply.
Meanwhile, US Representative Warren Davidson also announced his intention to introduce legislation to remove Gensler from his post in an effort to “correct a long history of abuses.”
SEC Crypto Wars
The SEC's crypto stance and Chairman Gensler came under fire from Republican members of Congress at a congressional hearing on Tuesday.
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