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CryptoLaw founder John E. Deaton is clapping back at U.S. Securities and Exchange Commission (SEC) chair Gary Gensler after a proposal from Coinbase to create new crypto-specific rules was rejected.
This week, the SEC rejected Coinbase’s 30-page “petition for rulemaking.” Gensler contends that the current securities framework adequately governs crypto asset securities and is actively addressing the crypto securities markets through rulemaking and enforcement.
The SEC’s decision prompted Coinbase to file an immediate court challenge. The company has sought a review from the U.S. Court of Appeals for the Third Circuit, asserting that the SEC’s refusal to engage in rulemaking was arbitrary.
The SEC argues that it is already addressing the crypto securities markets through rulemaking and enforcement actions.
Deaton took issue with Gensler’s comments on social media, accusing the SEC chair of “gaslighting the American people.”
According to Deaton, the Coinbase petition aligns with Gensler’s previous acknowledgment of crypto’s unique nature and the current regulatory gap.
Deaton references the Hinman Speech emails, indicating others shared this perspective.
The political reversal, Deaton says, is concerning. The SEC is meant to be independent, but it’s just being weaponized, he claims.
This highlights the ongoing conflict between cryptocurrency firms and regulators regarding the necessity of specific regulations in the crypto space.
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