SEC Chair Defends Agency’s Actions Against Crypto Industry
The chair of the U.S. Securities and Exchange Commission (SEC) strongly rebutted criticism on Thursday that the agency is trying to crush the crypto industry. He stated that many companies in the space had made a “calculated economic decision” to flout its rules.
“When crypto asset market participants go on Twitter or TV and say they lacked ‘fair notice’ that their conduct could be illegal, don’t believe it,” he said.
Crypto Industry Criticizes SEC Over Lawsuits
The crypto industry has attacked SEC Chair Gary Gensler in recent days after the agency sued two of the world’s largest crypto exchanges, Coinbase and Binance, for allegedly breaking securities laws by failing to register their operations with the agency.
Coinbase Chief Executive Brian Armstrong, an outspoken SEC critic who has led a push in Washington for clearer crypto rules, on Wednesday hit back at Gensler. He called him an “outlier” among Washington policymakers and accused him of being “icy” when the company approached him about registration.