The chairman of the Securities and Exchange Commission was forced to voice an opinion on the procedure for registering crypto assets
The US House of Representatives invited the chairman of the SEC, Gary Gensler, to make a report that should clarify the regulator’s position on revising the state of the crypto market. The chairman of the Securities and Exchange Commission will have to talk about the opinion of the regulator, which concerns a bill regulating the procedure for registering cryptocurrencies.
The outcome of the conversation with congressmen, as well as the results of the lawsuit against Ripple, can have significant legal consequences that can affect the future of the American crypto market. Legislators intend to give the green light to virtual securities, commodities and cryptocurrencies for trading.
Participants in the digital asset industry also do not exclude that for Gary Gensler himself, the results of his meeting with politicians will not be so positive.
Recently, former CFTC chief Christopher Giancarlo said that the SEC acted “on purpose” by bringing charges against Coinbase just hours before crypto exchange spokesman Paul Grewal spoke to congressmen. Giancarlo noted, recalling his experience as a regulator, that such an initiative was thought out in advance.
Grewal found the SEC lawsuit “disappointing, but not surprising.” It was planned that he would testify on the issue of regulating crypto assets in the United States. The lawyer also noted that the regulator’s approach to market management carries certain risks for US competitiveness.
“The SEC’s reliance on enforcement alone, in the absence of clear rules for the digital asset industry, is detrimental to the economic competitiveness of the United States and companies like Coinbase, which have demonstrated a commitment to compliance,” the lawyer said.
In turn, Coinbase CEO Brian Armstrong said that “instead of publishing a set of clear rules, the SEC has taken enforcement action that is detrimental to America.”
What do you think, how will the confrontation between the cryptocurrency market players and the SEC end?
