Key Points:
In a recent statement, Garlinghouse criticized the U.S. Securities and Exchange Commission (SEC) for its approach to regulating cryptocurrencies and emphasized the need for legislation to provide clear rules and safeguards for retail participants.
Garlinghouse pointed out that the SEC’s actions had created confusion and uncertainty in the crypto space by positioning itself as the primary regulatory authority for cryptocurrencies without clear legal jurisdiction. This uncertainty has led to legal battles and hindered innovation, making it challenging for businesses to navigate the evolving regulatory landscape.
The CEO stressed that the current method of “regulation by enforcement” employed by the SEC was inadequate and ineffective. Instead, he advocated for a legislative approach that would establish comprehensive and unambiguous guidelines for the industry. Such legislation would not only protect retail investors but also foster innovation and growth within the crypto sector.
Garlinghouse’s call for legislation echoes the sentiments of many within the blockchain and cryptocurrency community who seek a more defined framework for compliance and accountability. With clear and reasonable regulations in place, legitimate projects and companies can operate with confidence, while bad actors can be more effectively identified and dealt with.
The CEO’s stance comes at a time when regulatory scrutiny in the crypto space is increasing worldwide. Governments and financial watchdogs are grappling with the need to strike a balance between fostering innovation and protecting consumers from potential risks associated with digital assets.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Discover the best cryptos to buy and hold today: Qubetics leads with 1000x potential, Ethereum…
With the platform facing a cracked whip, Trump Media company is expanding into new business…
Major crypto firms, including Ripple, Kraken, and Circle, are competing for spots on President-elect Donald…
Analysts highlight a breakout alert as Shiba Inu (SHIB), and Dogecoin show signs of recovery…
SEC Chair Gary Gensler will step down on January 20, 2025, coinciding with President-elect Donald…
The MicroStrategy convertible notes offering, initially set at $1.75 billion, was increased to $2.6 billion…
This website uses cookies.