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.
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