Prominent figures from the cryptocurrency industry have continued to comment on the increased crypto-hostile atmosphere implied by Gary Gensler, the US SEC Chair, Tuesday’s elaborate commentary on its views on the cryptocurrency market.
Gensler stated that the SEC’s position on various crypto markets like DeFi, central and decentralized crypto trading and stablecoins security tokens, stablecoins and security tokens, as well as crypto-related financial products such ETFs and crypto lending is more regulation.
“Right now we don’t have enough crypto investor protection. It’s more like the Wild West .”
Gensler stated that the goals of the public must be met by emerging technologies in financial services.
“As new technologies emerge, we must ensure that we are achieving our core public policy objectives.”
US SEC Creates Confusion in The Crypto Market
Developers are now at risk of regulatory obstacles due to the slow pace of the US SEC in defining crypto-assets and market regulation.
Michael Arrington, co-founder of TechCrunch who is also a crypto enthusiast, said that the speech showed that the US SEC was more interested in controlling the market than in establishing clear guidelines for helping crypto developers to innovate without regulatory hurdles.
Gensler stated today that he believes all crypto is under his control and that he wants to increase the power of SEC. Gensler said that the law was clear based upon 75 enforcement actions but seems to be losing sight of ETH. It’s all I see is more muddy waters .”
Brad Garlinghouse from Ripple, who made the observation in connection to the ongoing SEC suit against XRP, suggested that a pattern could be emerging regarding the US SEC’s deliberate sabotage and manipulation of XRP and Cryptocurrencies by its leadership.
Garlinghouse stated that in 2018, Bill Hinman (the Director of the SEC’s Division of Corporate Finance at that time) said that ETH was not a security. This statement was confirmed by Jay Clinton, the former Chair of the SEC.
“But, just weeks ago Hinman filed a sworn affidavit before Court stating that the SEC has “not taken any positions or expressed a viewpoint” regarding ETH’s status…so what is the market supposed be able to do? “
It’s Personal with XRP.
Garlinghouse’s response, Mr. Whale, a crypto market investor, stated that Jay Clinton, despite making little progress with crypto regulation while he was SEC Chair, resigned soon after the US SEC filed a suit against Ripple for issuing XRP as a security.
Jay Clanton’s resignation the day after the Ripple lawsuit was announced, and then continuing to work for a crypto company that deals largely in Ethereum is a blatantly politically motivated attack to suppress the innovation of its biggest competitor.”
Clayton is now a member of the One River Asset Management company’s Board. He was the one who rejected many Bitcoin ETFs applications while he was SEC Chair. As the most recent crypto-focused company to file an ETF filing to request a Bitcoin ETF, the firm that submitted the ETF filing was for the One River Carbon Neutral Bitcoin Trust.