Garlinghouse Opposes SEC\u2019s Unfair Crypto Regulation<\/strong><\/h2>\nSecurities law has been a major point of contention for the crypto intelligentsia and unintelligentsia since Gary Gensler affirmed that most digital assets \u2014 but not the largest and oldest bitcoin \u2014 fall under the securities definition.<\/p>\n
Gensler testified at the House Appropriations Subcommittee on Financial Services and General Government on March 29, maintaining that existing securities laws are adequate for effectively policing crypto markets. The direct quote was: \u201cThe regulations actually already exist. They\u2019re called the securities regulation, and so there are disclosure regulations for when somebody tries to raise money from the public.\u201d<\/p>\n
The SEC has continued to pursue what industry pundits consider a \u201cregulation by enforcement\u201d approach when it comes to crypto assets, cracking down on firms and projects that drive what the regulator believes are unregistered securities.<\/p>\n
In a Thursday tweet, Ripple CEO Brad Garlinghouse stated that such decisions should be based on legislation, instead of merely on Gensler\u2019s personal stance. Garlinghouse explained that it’s \u201cbeyond comprehension\u201d for the SEC boss to assert that he dictates what qualifies as securities instead of relying on legislation from which his commission derives its power.<\/p>\n
Garlinghouse further accused Gensler of behaving like an autocrat, suggesting he will never want to provide clarity on cryptocurrencies. The chief of the blockchain firm, currently entangled in a $1.3 billion lawsuit with the SEC, added that \u201cwithout clear jurisdiction, ambiguity masquerades as power.\u201d<\/p>\n
Gensler has claimed that the SEC is stretched thin and needs a whopping $2.4 billion in funding for the top U.S. securities regulator to crack down on \u201cmisconduct\u201d in the cryptocurrency industry.<\/p>\n
The SEC has already targeted some of the most recognizable crypto brands this year, including Gemini, Genesis, Kraken, and most recently Coinbase and Justin Sun. It is to be noted that the agency escalated its enforcement actions following the abrupt and shocking bankruptcy of crypto exchange FTX last November.<\/p>\n
Meanwhile, crypto observers are anxiously waiting for a decision from a federal judge to settle the longstanding legal feud between the SEC and Ripple.<\/p>\n
Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"The chief executive of Ripple Labs, Brad<\/p>\n","protected":false},"author":3,"featured_media":173345,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"\n
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