The crypto world is reportedly retaliating against the Securities and Exchange Commission (SEC), calling it an “Italian vendetta” for tough regulations under the Biden administration.
A Targeted Attack?
A Politico report claims that major players like Ripple, Coinbase, and Gemini are targeting SEC officials. A former SEC employee, speaking anonymously for fear of industry reprisal, said that some law firms are refusing to interview or hire SEC staff due to their past work in crypto regulation. Coinbase’s chief legal officer, Paul Grewal, defended this, stating that people have the right to choose who they work with.
Former SEC Official Weighs In
William McLucas, a former SEC enforcement director, criticized the crypto industry’s actions, saying it’s unfair to punish individuals for simply doing their jobs. He pointed out that if the industry has issues with past leadership, they should address that directly, not target individual employees.
An Industry Insider’s Perspective
An anonymous industry official described the situation as a “vendetta,” suggesting that with former SEC Chair Gary Gensler’s departure, the industry is targeting lower-level staff. They expressed concern that this type of retaliation ultimately hurts everyone involved.
Shifting Sands at the SEC
This pushback comes as the now Republican-led SEC starts reversing some of the enforcement actions taken under Gensler. Critics argue his aggressive approach stifled innovation in the crypto space.
