The U.S. SEC has been heavily criticized for how it regulates the crypto sector. Chair Gensler says most crypto tokens have attributes of securities. cryptocurrency
Commodity Futures Trading Commission Commissioner Caroline D. Pham released aThe case SEC v. Wahi is a striking example of ‘regulation by enforcement.’
“The SEC complaint alleges that dozens of digital assets, including those that could be described as utility tokens and/or certain tokens relating to decentralized autonomous organizations , are securities,” she said.Regulation by enforcement, threats, leverage, PR, or any other means beyond the APA rulemaking process is wholly inappropriate. Always.government. It provides the general procedures for various types of rulemaking.
U.S. Senator Pat Toomey also shared his opinion on the SEC v. Wahi case. He tweeted Friday: “Yesterday’s enforcement action is the perfect example of the SEC having a clear opinion on how and why certain tokens classify as securities. Yet the SEC failed to disclose their view before launching an enforcement action.”
SEC Chairman Gary Gensler shared his opinion on cryptocurrency regulation in an interview with CNBC Thursday. “I’m neutral about the technology but I’m not about the investor protection. These are a highly speculative asset class,” he emphasized, elaborating:Gensler warned: “Just like any field of venture capital and new projects, many projects fail. You look at the statistics, in fact, most new ventures fail, and it’s important that the public get the disclosure, understand the risk.
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