The SEC’s approach to crypto has been under fire lately, with many accusing the agency of overstepping its boundaries.
Congresswoman Waters Defends the SEC
Congresswoman Maxine Waters, a strong supporter of the SEC, recently slammed a bill aimed at blocking the SEC’s Staff Accounting Bulletin (SAB) 121. She argued that the bill would “strip away protections for investors” and is part of an attempt to “attack the good work” of the SEC. She believes the SEC is essential for protecting investors and maintaining a fair market, especially now that these things are being “undermined.”
Industry Leaders Push Back
However, many in the crypto industry disagree with Waters’ assessment. Some investors even say they’d rather “take their chances” without the SEC’s protection. Others believe the SEC is actually “gaslighting” investors into thinking there’s no problem with what they see as a “state of full regulatory capture” by the SEC.
CoinRoutes CEO Calls Out the SEC
Dave Weisberger, co-founder and co-CEO of CoinRoutes, is one of the many voices criticizing the SEC. He believes the idea that the SEC is protecting investors is “so backwards” and labels those who agree with the SEC’s crypto stance as “anti-investors.”
Weisberger supports the bill to block SAB 121, arguing that it would allow regulated entities to hold assets blocked by the SEC without going through a lengthy process. He claims these assets are being “unlawfully” blocked by the SEC, which is using a “loophole” to justify its actions.
Ripple CEO Joins the Chorus
Ripple CEO Brad Garlinghouse also joined the chorus of criticism, accusing the SEC of “sabotaging” American innovation. He warns that crypto voters are paying close attention to the SEC’s actions and are ready to hold them accountable.
A Long Road Ahead
Many in the crypto industry believe that meaningful progress will be difficult until there’s a change in leadership at the SEC. Bitwise’s Chief Communications Officer, Katherine Dowling, believes that new crypto-related investment products are unlikely to be launched under the current SEC management.
As the US presidential elections approach, crypto investors are closely watching the political landscape, hoping for a more favorable environment for the industry.
