As an analyst with a background in financial regulation and experience working within the crypto industry, I believe that the ongoing debate between the US Securities and Exchange Commission (SEC) and its critics is a complex issue that requires a nuanced understanding of both regulatory oversight and technological innovation.
The SEC, or United States Securities and Exchange Commission, has faced intense criticism from politicians and industry experts regarding its regulatory approach towards the crypto sector. They argue that the SEC’s actions constitute an excessive intervention, often referred to as “overreach.” Dave Weisberger, who co-founded and co-CEO CoinRoutes, recently voiced his concerns about the SEC’s stance and the backing it receives from certain congress members.
Rep. Waters Claims “Attack” On The SEC’s Crypto Work
On Wednesday, members of the crypto industry voiced their criticisms towards the US Securities and Exchange Commission (SEC) and its political supporters, who maintain that the SEC is effectively safeguarding investors. The backlash ensued following US Representative Maxine Waters’ opposition to a Republican-proposed bill aimed at revoking the SEC’s Staff Accounting Bulletin (SAB) 121.
To Representative Waters, the resolution equates to an attempt to “eliminate investor safeguards” and is “one more move” in the industry’s campaign to “undermine the accomplishments” of the US regulatory body.
The US congressmember acknowledged that the Securities and Exchange Commission (SEC) has achieved notable advancements in safeguarding investors’ interests, preserving market fairness, orderliness, and efficiency, and promoting capital creation.
Additionally, the Democratic Congressman holds the view that safeguarding the Securities and Exchange Commission’s role in shielding investors and the American stock market has become crucial given its perceived weakening in recent times.
The remarks made by Representative Waters sparked criticism from the cryptocurrency sector. Some investors and supporters argued that they prefer to manage risks on their own, without relying on the Securities and Exchange Commission’s regulatory oversight.
As a crypto market analyst, I’ve noticed some concern among other crypto investors regarding the actions of US lawmakers towards regulation. They believe that these lawmakers are attempting to manipulate or confuse them into accepting a state of “full regulatory capture” by the Securities and Exchange Commission (SEC) as if it were a non-issue. In simpler terms, they suspect that the lawmakers are trying to downplay the significance of the SEC’s regulatory grip on crypto markets through misinformation or manipulation.
SEC’s Defenders Labeled ‘Anti-Investors’
The chairman of CoinRoutes expressed his disagreement with Representative Waters’ remarks. To Weisberger, the idea that the US regulatory body is prioritizing investor protection and the American market is “completely reversed.” The CEO views those who support the SEC’s cryptocurrency stance as “working against investors.”
Additionally, Weisberger supported the GOP-proposed legislation aimed at enabling regulated entities to hold assets restrained by the SEC without adhering to the standard procedures outlined in the Administrative Procedure Act.
The GAO considers these assets to have been illegally obstructed according to their assessment. The SEC employed a technicality by categorizing it as advice, yet industry professionals recognize that the US regulatory authorities will apply it as if it were a formal rule.
Weisberger isn’t alone in criticizing the SEC this week. Ripple‘s CEO joined the chorus, lambasting those who support Gensler’s harmful anti-crypto stance. According to Bard Garlinghouse, the SEC chairman is hindering American innovation in the crypto space.
The CEO issued a caution to the US regulatory body about crypto investors keeping a close eye on the SEC’s position regarding the sector. “Speech is simple, deeds are complex but essential. Be prudent,” the message stated.
According to Bitwise’s Chief Communications Officer, Katherine Dowling, the progress of the crypto industry may be delayed until a new chairperson takes over at the Securities and Exchange Commission (SEC). In her view, it is unlikely that any new crypto-related investment products will emerge under the current SEC leadership due to its past actions.
As a crypto analyst, I cannot stress enough the importance of staying informed about the evolving views of US politicians towards our industry, with the upcoming presidential elections just around the corner.
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2024-07-12 07:57