Bitrabo Editorial
There has been widespread criticism of the US Securities and Exchange Commission (SEC) for its regulatory stance towards the crypto industry. Dave Weisberger, the co-founder and co-CEO of CoinRoutes, recently shared his disapproval of the SEC’s approach and the politicians supporting it.
Rep. Waters Opposes SEC’s Handling of Crypto
The crypto industry and politicians were in disagreement regarding the SEC’s regulatory actions. US Representative Maxine Waters criticized the Republican-led bill that aimed to prevent the SEC from implementing Staff Accounting Bulletin (SAB) 121, saying it undermines investor protections.
Waters defended the SEC’s role in safeguarding investors, promoting fair markets, and aiding capital formation, emphasizing the importance of maintaining these efforts amidst recent challenges.
Her comments were met with backlash from some in the industry who questioned the SEC’s effectiveness in protecting investors, with some indicating a willingness to forgo SEC oversight.
There are concerns that US lawmakers are attempting to mislead crypto investors into accepting the SEC’s regulatory actions despite what some view as excessive control.
Criticism for Supporters of SEC
Weisberger from CoinRoutes criticized those who support the SEC’s stance on crypto, labeling them as “anti-investors.” He opposed SAB 121 and highlighted its impact on regulated entities, suggesting that the SEC bypassed standard procedures with the bill.
Others in the industry have also criticized the SEC, with Ripple’s CEO denouncing actions that hinder innovation in the crypto space.
The SEC is urged to consider the impact of its decisions on crypto investors, reminding them that voters are closely monitoring their position on the industry.
Bitwise’s Chief Communications Officer suggested that significant developments in the industry may have to wait until a new SEC chairman is appointed, given the current leadership’s track record with crypto-related products.
Crypto investors are closely watching US politicians’ stance on the industry in anticipation of the upcoming presidential elections.