Crypto Industry Planning On Sidestepping Gensler And The S.E.C?• November 19, 2021 8:10 pm • Comments
According to reports, the crypto industry is planning on leaving The S.E.C. behind…
The agency, considered to be a dinosaur among investors and innovators alike, has been a thorn in the side of the industry since day 1, and Gary Gensler has been a fierce critic of the entire industry.
Gensler, the current head of The S.E.C, has been heavy handed in his proposals to regulate the industry. Some fear that he may end up regulating the industry out of existence if given the chance.
The hope of those proposing a regulatory alternative to The S.E.C, for the next era of finance, is that he will never get the chance.
You can check out at least some of the new policy proposals in this 35 page paper from a16Z.
Take a look at Gensler’s past comments,:
💯 @GaryGensler @SECGov … what’s going on behind the scenes in this mess of a regulatory body you call the Securities & Exchange Commission ?!! #Ripple #XRP #crypto pic.twitter.com/SOXQHCYl0J
— RealXRPBoy 🙅🏼♂️®️P 🤫😎⏳🌎❤️ (@boy_xrp) November 11, 2021
Investors and innovators alike took to the internet to voice their disapproval of Gensler’s position, and his previous statements regarding the industry.
XRP investors were particularly critical of Gensler and The S.E.C:
“XRP IS NOT A SECURITY.”#xrparmy #xrp #XRPCommunity https://t.co/sRexnvOw9Q
— Cryptonator (@Cryptonator_XRP) November 19, 2021
Every Crypto holder – especially #Ether holders – should watch the video clips👇
Now ask yourself why wouldn’t @GaryGensler answer the simple question “Do you believe #Ether is a security?” Hinman said it wasn’t in 2018 and since then the SEC kept the speech on its website. https://t.co/PtMq0YVqlk
— John E Deaton (@JohnEDeaton1) November 12, 2021
Protocol had more on the growing calls for a more modern regulatory agency to meet the needs of digital investment:
Coinbase was even more pointed in its proposal. The crypto exchange is pushing for the creation of a new regulator for digital assets.
That idea wasn’t exactly well-received in fintech circles. Ripple General Counsel Stuart Alderoty and Blockchain Association Executive Director Kristin Smith each described the idea as impractical. Robinhood’s Chief Legal Officer Dan Gallagher called it “one of the stupidest ideas I’ve heard in this space in a long time.”
Why does the SEC keep issuing worthless rules when you should be looking into regulatory clarity for Crypto instead of enforcements?
— XRPcryptowolf (@XRPcryptowolf) November 17, 2021
In related news, Business Insider reports that The S.E.C. is probing BlockFi, and dozens of other crypto firms:
Sources told Bloomberg that this is the heart of the SEC’s investigation: to determine whether BlockFi accounts are similar to securities. If so, these products must then be registered with the agency.
The SEC has not accused BlockFi of any wrongdoing thus far.
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