In 2021, the SEC went after crypto. In 2022, crypto is coming for the SEC
Securities and Exchange Commission Chair Gary Gensler has vowed to rein in what he’s dubbed “Wild West” abuses in the $1.6 trillion market. Industry leaders, flush with cash and deep-pocketed investors following a trading boom in Bitcoin and other digital assets, are aiming their lawyers at the sheriff of Wall Street in an intensifying legal fight.rack up procedural court victories
“As a lawyer, you’re kind of trained and taught to not pick fights with regulators," Ripple general counsel Stuart Alderoty said in an interview."But we didn’t pick a fight with a regulator, the regulator picked a fight with us. Respect for regulators needs to be earned, and I don’t think the SEC has earned the right to get the industry’s respect.”
Gensler — a former Goldman Sachs partner who became a progressive darling because of his tough approach to regulating Wall Street — has taken a sweeping view of the SEC’s role in cryptocurrency, arguing that most of the products fall under his agency’s jurisdiction. A series of enforcement actions and behind-the-scenes clashes with startups have put him at odds with the crypto community.
Unlike other SEC enforcement actions that are resolved with a settlement, Ripple fought back and the case is ongoing in federal court. The company argues that XRP is not an investment contract and that the SEC never provided “fair notice” that XRP was an unregistered security — a due process violation.
J.W. Verret, an associate professor at George Mason University's Antonin Scalia School of Law, said an SEC loss on the “Howey test” would mean the regulatory threat that hangs over a number of cryptocurrencies “goes away.”Jeff Hauser, a finance industry critic and Another potential legal fight that could ensnare the SEC involves its decision to block the launch of Bitcoin-backed funds that would sell shares to investors on public exchanges — a way to ride the price of the digital currency without having to buy it directly. The SEC has instead opted to green-light funds tied to Bitcoin futures contracts — a more indirect financial instrument that’s regulated by the Commodity Futures Trading Commission.
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