Where the American Securities and Exchange Commission (SEC) waved the scepter for years, the tide is now starting to turn around. The crypto sector goes into the counterattack. Coinbase CEO Brian Armstrong and Ripple’s legal director Stuart Alderoty, for example, call on to avoid law firms who hire former SEC employees.
Crypto leaders demand justice
For years, the SEC conducted a hard enforcement campaign against crypto companies, but now the sector is striking. With Trump at the helm again, the regulation of digital assets gets a completely new direction. The rules are becoming more flexible, the market gets more breathing space, and some prominent crypto leaders do not leave the chance to deal with the supervisors who previously boomed them.
Where Brian Armstrong and Stuart Alderoty call to ignore law firms who hire former SEC employees, the Winklevoss twins go a little further. The brothers, known for their crypto platform Gemini, want the SEC not only to make the names of the researchers who have addressed them public, but also that these employees are put on the street. According to them, the supervisor must be accountable and send a clear signal: unfair enforcement is no longer tolerated.
SEC gets less and less power
Since Trump is back in power, the sec has a big slap on the fingers. At least ten lawsuits and investigations against large crypto companies such as Coinbase, Robinhood and Gemini have been swept off the table. And that is just the beginning. Republican politicians are working on new laws that have to further limit the influence of the regulator, so that the crypto industry finally has the space to grow without having to constantly look over its shoulder.
Anxiety and division in the sec
For many SEC employees, this development has a bitter aftertaste. Law firms now seem to be former SECs who have been busy avoiding crypto cases, so that their career comes under strong pressure. But is this ‘cancel culture’ the right approach? That’s another. One thing is certain: the dynamic dynamics between the crypto industry and the regulator is drastically shifting.
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Source: https://newsbit.nl/cryptosector-gaat-achter-sec-aan-tegenaanval-is-begonnen/
