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The US Securities and Exchange Commission (SEC) has been strongly criticized for its approach to regulating the crypto sector. The criticism followed the actions of securities regulators against former Coinbase employees in an insider trading case where the SEC nominated nine crypto tokens listed on Coinbase as securities.
The U.S. Securities and Exchange Commission (SEC) has been strongly criticized for adopting an enforcement approach to regulate the crypto sector after regulators. Bill a former Coinbase employee For insider trading. In its complaint, the SEC stated that the nine crypto tokens listed on Coinbase are securities. Was contested By cryptocurrency listed on Nasdaq.
Caroline D. Fam, Commissioner of the Commodity Futures Trading Commission (CFTC) statement About the case on Thursday. She wrote:
The SEC vs. Wahi case is a prominent example of “enforcement regulation.”
“The SEC’s complaint claims that dozens of digital assets are securities, including those that can be described as utility tokens and specific tokens associated with Decentralized Autonomous Organizations (DAOs),” she said. rice field.
Former CFTC Commissioner Brian Quintens agreed with Fam and tweeted.
Regulation by enforcement, threat, leverage, public relations, or any other means other than the APA rule-making process is completely inappropriate. everytime.
The Administrative Procedure Act (APA) applies to all federal agencies
government. Provides general steps for creating different types of rules.
Quintents said in August last year: Not authorized Beyond pure commodities and their exchanges, whether those commodities are wheat, gold, oil … Or crypto assets. “
US Senator Pat Toomey (R-PA) also commented on the SEC-Wahi proceedings. He tweeted on Friday. “Yesterday’s enforcement action is a perfect example of the SEC having a clear opinion on how and why certain tokens are classified as securities. Still, the SEC discloses their views before initiating the enforcement action. Couldn’t. “
SEC Chairman Gary Gensler shared his views on cryptocurrency regulation in an interview with CNBC on Thursday. “I’m technology-neutral, but I’m not thinking about investor protection. These are very speculative asset classes,” he emphasized.
There are thousands of tokens, most of which have securities attributes.
Gensler warns: “As with any area of venture capital or new projects, many projects fail. You look at the statistics, and in fact, most new ventures fail, and the public gets disclosure and risks. It is important to understand. There are very significant risks in this area. “
Last week, U.S. Congressman Tom Emmer also Slammed SEC to “control companies outside the jurisdiction”. He insisted that: “Under Gensler, the SEC has become a power-hungry regulatory agency, politicizing enforcement, encouraging companies to” participate and discuss “in commissions, and then attack them with enforcement measures and be sincere. I discouraged cooperation. “
What do you think about how the SEC regulates the crypto sector? Let us know in the comments section below.
Image credit: Shutterstock, Pinterest, Wikicommons
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