The SECGov is strangling the crypto space with its refusal to offer regulations, according to legal briefs from supporters of the coinbase push to put the agency on the record about its unwillingness to write rules. jesseahamilton reports
that the agency provide rules clarifying crypto’s place in securities regulation. SEC Chair Gary Gensler has made it clear that the agency has no intention of tailoring specific rules for crypto, though the regulator hasn’t yet responded in the legal dispute.
Meanwhile, even the U.S. Chamber of Commerce – the broadest of organizations that lobby on behalf of U.S. business interests – has offered“Nobody knows for certain which digital assets, if any, are ‘securities’ under federal law,” the Chamber argued in its brief. “That is no small question. It has immense implications for every person involved in the $1 trillion digital-asset economy, and it is the threshold regulatory question from which all others flow.
The legal fight between the SEC and Coinbase – one of many the regulator is waging in the crypto space – may soon be amplified. Theit’s going to be targeted with an enforcement action for violating securities laws. SEC Chair Gensler continues to repeat his invitation to crypto trading platforms and token efforts to come into the agency and properly register. He released another video last month that, accusing much of the industry of openly flouting securities laws.
The ramping up of SEC lawsuits and court actions make it increasingly likely that judicial rulings will steer the course of crypto oversight in the U.S.
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