The cryptocurrency community swiftly pushed back against Gary Gensler, the Chair of the United States Securities and Exchange Commission (SEC), following his recent criticism of the industry’s compliance efforts.
On December 22, Gensler took to Twitter to assert that there is a pervasive lack of compliance within the crypto space, emphasizing that this situation erodes confidence in the sector and leaves victims without recourse.
He even suggested that those affected by recent crypto-related bankruptcies can only hope to “stand in line” within the legal system.
In response, the crypto community wasted no time pointing out that the SEC has repeatedly been called upon to provide clarity on what constitutes compliance within the industry.
Leveraging Twitter’s Community Notes feature, which enables users to fact-check posts, they highlighted the absence of a clear regulatory stance from the SEC.
They also highlighted efforts by companies like Coinbase to seek regulatory guidance from the SEC over the past few years.
Even Dogecoin’s creator, Billy Markus, chimed in, asserting that Gensler has yet to establish concrete rules for the cryptocurrency space.
READ MORE: Brazil Overtakes Nigeria in Bitcoin Interest Rankings as Stablecoins Gain Favor
Markus went further, labeling Gensler as “useless in every single way.”
Ripple CEO Brad Garlinghouse did not mince words either, characterizing Gensler’s statements as “stunning hypocrisy” and branding him a “political liability” whose actions have undermined the integrity of the SEC.
Interestingly, on the very same day, the SEC released a new filing expressing “deep regret” for certain errors made during an enforcement proceeding.
Paul Grewal, Chief Legal Officer of Coinbase, seized upon this admission, questioning why the SEC, while claiming remorse for its mistakes, continues to criticize and admonish an entire American industry.
Grewal’s pointed inquiry raised doubts about whether taxpayers and judges should place any faith in the SEC’s professed regrets.
In summary, Gensler’s recent criticisms of crypto compliance ignited a swift and spirited response from the cryptocurrency community, including prominent figures like Billy Markus and Brad Garlinghouse.
These industry stakeholders highlighted the lack of regulatory clarity from the SEC and raised doubts about the sincerity of the SEC’s expressed regrets for past errors.
Discover the Crypto Intelligence Blockchain Council
