SEC Crypto Cases Praised By Gary Gensler With Effective Handling
Key Points:
- Gary Gensler highlighted the success of SEC crypto cases despite criticism of its enforcement tactics.
- Gensler discussed the SEC’s reconsideration of Bitcoin ETFs and commitment to legal standards but did not comment on spot Ether ETFs.
Gary Gensler, Chair of the U.S. Securities and Exchange Commission (SEC), asserted the agency’s strong performance in court regarding SEC crypto cases during his speech at the Investment Company Institute 2024 Leadership Summit in Washington, D.C., on May 23.
Gary Gensler Highlights Court Victories in SEC Crypto Cases
Gensler highlighted that the agency has fared well in numerous SEC crypto cases against major firms such as Ripple (XRP), Coinbase, Binance, and Kraken, which were accused of violating securities laws.
At the summit, Gensler reiterated his stance on the crypto market, describing it as fraught with fraud and laden with conflicts of interest within exchanges. Despite this, he refrained from commenting on the SEC’s stance on spot Ether ETFs, though he emphasized the agency’s dedication to adhering to legal standards in evaluating crypto ETF proposals.
Gensler also addressed the SEC’s change in position on Bitcoin ETFs, following a court’s recommendation to reconsider Grayscale’s request to convert its Bitcoin Trust (GBTC) into a spot Bitcoin ETF. He noted the agency’s readiness to adapt based on judicial feedback.
SEC Still Faces Criticism for Abuse of Power
The SEC, under Gensler’s leadership, has faced criticism for its aggressive regulatory approach, often described as “regulation by enforcement.” This method has led to numerous lawsuits and harsh criticism from federal judges who have occasionally labeled the agency’s actions as hypocritical and capricious. Notably, the SEC faced sanctions in the Debt Box case for what was termed as “gross abuse of power.”
In a broader regulatory context, the U.S. government recently passed the FIT21 crypto bill in the House of Representatives, aimed at overhauling the regulatory framework for digital assets. President Joe Biden indicated he would not veto the bill if it passes the Senate, despite not fully supporting it. Gensler criticized the FIT 21 bill, arguing it would introduce regulatory gaps and undermine longstanding investment contract regulations.
| 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. |
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SEC Crypto Cases Praised By Gary Gensler With Effective Handling
Key Points:
- Gary Gensler highlighted the success of SEC crypto cases despite criticism of its enforcement tactics.
- Gensler discussed the SEC’s reconsideration of Bitcoin ETFs and commitment to legal standards but did not comment on spot Ether ETFs.
Gary Gensler, Chair of the U.S. Securities and Exchange Commission (SEC), asserted the agency’s strong performance in court regarding SEC crypto cases during his speech at the Investment Company Institute 2024 Leadership Summit in Washington, D.C., on May 23.
Gary Gensler Highlights Court Victories in SEC Crypto Cases
Gensler highlighted that the agency has fared well in numerous SEC crypto cases against major firms such as Ripple (XRP), Coinbase, Binance, and Kraken, which were accused of violating securities laws.
At the summit, Gensler reiterated his stance on the crypto market, describing it as fraught with fraud and laden with conflicts of interest within exchanges. Despite this, he refrained from commenting on the SEC’s stance on spot Ether ETFs, though he emphasized the agency’s dedication to adhering to legal standards in evaluating crypto ETF proposals.
Gensler also addressed the SEC’s change in position on Bitcoin ETFs, following a court’s recommendation to reconsider Grayscale’s request to convert its Bitcoin Trust (GBTC) into a spot Bitcoin ETF. He noted the agency’s readiness to adapt based on judicial feedback.
SEC Still Faces Criticism for Abuse of Power
The SEC, under Gensler’s leadership, has faced criticism for its aggressive regulatory approach, often described as “regulation by enforcement.” This method has led to numerous lawsuits and harsh criticism from federal judges who have occasionally labeled the agency’s actions as hypocritical and capricious. Notably, the SEC faced sanctions in the Debt Box case for what was termed as “gross abuse of power.”
In a broader regulatory context, the U.S. government recently passed the FIT21 crypto bill in the House of Representatives, aimed at overhauling the regulatory framework for digital assets. President Joe Biden indicated he would not veto the bill if it passes the Senate, despite not fully supporting it. Gensler criticized the FIT 21 bill, arguing it would introduce regulatory gaps and undermine longstanding investment contract regulations.
| 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. |
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