The U.S. head of fintech and Head of Blockchain and Digital Asset at the law firm Linklaters long forecast last week’s bombshell announcements. So she’s not surprised by them. To Klayman, the SEC’s actions spring naturally and logically from statements that chair Gary Gensler has been making for years – namely that most cryptocurrencies are in fact securities and that exchanges like Coinbase were always likely to be targeted for selling their securities without an official license.
“There is a saying by [the writer] Upton Sinclair: ‘It is difficult to get a man to understand something when his salary depends on his not understanding it.' And I think if I were a regulator I might take the position: it’s not a matter of us not expressing that this industry should be treated like traditional securities. It’s not the lack of clarity. It’s that the industry doesn’t want the answers,” Klayman said.
The timing of the lawsuits isn’t an accident, Klayman added. The lawsuits are coming as the U.S. Congress is discussing thedraft bill introduced in 2021. The SEC wants to make its mark. The industry has asked regulators and lawmakers to provide “clarity” and now they’re, arguably, starting to provide clarity. The SEC wants to be seen as acting.
“People have long said: ‘SEC, you have rule-making ability, make rules.’ And we’ve seen the SEC now propose multiple rules that the industry is not really happy about,” Klayman says.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Business Business Latest News, Business Business Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
SEC lawsuits against cryptocurrency companies raise questions about industry's futureTwo recent lawsuits filed by the U.S. Securities and Exchange Commission against the world’s biggest cryptocurrency exchanges have reopened tensions between the government and a volatile industry that has been marred by scandals and market meltdowns. The lawsuits against Binance and Coinbase are the latest in an ongoing tussle between government officials who describe the crypto industry as the “Wild West” and creators of digital assets who seek to legitimize cryptocurrency as a currency of the future. Industry leaders say that with their latest actions, U.S. regulators are now more clearly signaling that they seek to ensure that cryptocurrency has no room in the traditional financial system.
Source: AP - 🏆 728. / 51 Read more »
SEC lawsuits against cryptocurrency companies raise questions about industry's futureTwo recent lawsuits filed by the U.S. Securities and Exchange Commission against the world’s biggest cryptocurrency exchanges have reopened tensions between the government and a volatile industry that has been marred by scandals and market meltdowns
Source: ABC - 🏆 471. / 51 Read more »
SEC lawsuits against cryptocurrency companies raise questions about industry’s futureFirst came the crypto winter, then the alleged fraud wrought by FTX founder Sam Bankman-Fried, and now the lawsuits.
Source: WashTimes - 🏆 235. / 63 Read more »
Airbnb co-founder Nathan Blecharczyk: How the self-taught engineer helped build lodging industry disruptorAirbnb co-founder Nathan Blecharczyk shut down a software business that he created in high school that helped him earn $1 million. He knew another opportunity would arise.
Source: FoxBusiness - 🏆 458. / 53 Read more »
SEC lawsuits against cryptocurrency companies raise questions about industry's futureTwo recent lawsuits filed by the U.S. Securities and Exchange Commission against the world’s biggest cryptocurrency exchanges have reopened tensions between the government and a volatile industry that has been marred by scandals and market meltdowns.
Source: ksatnews - 🏆 442. / 53 Read more »
SEC lawsuits against cryptocurrency companies raise questions about industry’s futureTwo recent lawsuits filed by the U.S. Securities and Exchange Commission against the world’s biggest cryptocurrency exchanges have reopened tensions between the government and a volatile indu…
Source: denverpost - 🏆 13. / 72 Read more »