The SEC said it's"neutral about the technologies at issue" in, but that it's"anything but neutral when it comes to investor protection."
"As alleged in the complaint, Sun and others used an age-old playbook to mislead and harm investors by first offering securities without complying with registration and disclosure requirements and then manipulating the market for those very securities. At the same time, Sun paid celebrities with millions of social media followers to tout those very securities, while specifically directing that they not disclose their compensation," the SEC said.
"Are we really going to allow one agency int he US to set the entire trajectory of an innovation for the entire country, especially if that agency refuses to engage with the industry it is trying to regulate?" Warren said, adding that"a reprehensible amount of resources and brainpower have been spent in the US trying to engage with this SEC."
What's clear to many is that SEC chairman Gary Gensler is not the white knight that many in the crypto industry thought he was when he assumed the position in 2021. Gensler was touted early on by crypto enthusiasts for teaching cryptocurrency courses at MIT and understanding blockchain technology, but that optimism has yet to play out and it may never come to fruitionGensler famously described the market as"the wild west" in numerous public comments, vowing to rein in what he said have been excesses that have harmed investors.
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