A key executive for venture capital firm Andreessen Horowitz has slammed the United States Securities and Exchange Commission (SEC) for poorly-defined regulatory frameworks, reports show.
The comments come at Tuesday’s Futures Industry Association event, where numerous cryptocurrency executives and thought leaders gathered to discuss the crypto industry.
Andreessen Horowitz (a16z) chief, Brian Quintenz, said: “The SEC is completely out of control. They’re going rogue.”
He said in a panel talk: “The United States has to make a decision about whether or not it will embrace and support innovators in this country. There are jurisdictions that are mindful about this. That is not what we are seeing in the United States, and the clock is ticking.”
CoinFund President Chris Perkins added that locations such as the United Kingdom, Singapore, and Hong Kong surpassed the US in regulatory frameworks.
He added: “We try to advise our founders about regulatory risk, but it’s hard without regulatory clarity. Other countries are not waiting for us.”
Perkins added that industry experts have aimed to build future laws backed with bipartisan support. Julia Hueckel, Coinbase associate general counsel, added: “I see bipartisan interest, and that gives me hope.”
The news comes after New York Attorney General (NYAG) Leticia James sued cryptocurrency trading platform KuCoin, designating its sale of Ether (ETH) as an unregistered security.
US regulators have also targeted cryptocurrency firms such as Binance.us, Binance, Paxos, Ripple, Gemini, CoinEx, and many others. Gemini co-founder Tyler Winklevoss slammed the SEC in January after the latter sued the exchange for selling unregistered securities with its Earn programme.
