The US Securities and Exchange Commission (SEC) has been actively working to set regulations over the digital asset industry. However, this process has invited huge criticism from market leaders and experts.
SEC seeks more confidence
Gary Gensler, SEC Chair shared a video related to the rules safeguarding market integrity and shielding investors from fraud and manipulation. He highlighted that people will gain more confidence if the crypto market meets the standards set by regulations.
The commission chief mentioned that there is no reason to look crypto market differently just because it is technology driven. Gensler asserted that the SEC seeks to imply the same protection to the digital asset markets.
He highlighted to consider 90 years of legacy of the security laws. It is needed to be technologically neutral when it comes to investor protection.
Meanwhile, John Deaton, XRP holders’ lawyer slam the SEC chair over his approach. He mentioned Gensler is not working with the exchanges while he is convincing them to agree with him that the tokens are securities.
Watchdog going against Crypto?
Deaton said that he is doing this so that later it can claim jurisdiction over the asset class through surrender. Earlier, this week the SEC launched its investigation over Coinbase, US’s largest crypto exchange.
XRP lawyer also suggested that it’s high time to get the SEC commissioners before congress. While he expects that next year when the house flips the acting commissioners should be subpoenaed.
Earlier, Deaton revealed the SEC chair ignored to meet the crypto companies and XRP holders. However, Gensler’s calendar shows that he was busy meeting with his asset management firm.
However, the Gensler in the video highlights that the SEC is considering addressing vital conflicts of interest with the crypto platforms. He added that some service providers are avoiding rules and betting against their own users.
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