In the US, they ask to remove Gensler from crypto regulation
Date: 2023-07-02 Author: Karina Ziganova Categories: BLOCKCHAIN
The U.S. Blockchain Association believes that Securities and Exchange Commission (SEC) Chairman Gary Gensler should not be allowed to regulate the crypto industry.
The association believes that the Commission failed under Gensler's leadership by refusing to create a clear set of rules that "will allow investors, entrepreneurs, and the public to know whether securities laws apply to their products or services."
"In the digital asset space, the SEC has all but abandoned its role as a rule-making body. Key issues related to the digital asset industry remain unresolved," the statement said.
"Gensler has a strong opinion that all digital assets, except bitcoin, are securities. This means that he cannot make law enforcement decisions from a fair and impartial point of view," the authors of the letter say.
Moreover, Gensler has demonstrated a "blatant bias" towards the crypto industry. The association fears this may interfere with a fair assessment of important issues for the digital asset industry.
"The time has come for Chairman Gensler to abandon all decisions related to the regulation of digital assets. If he refuses, then I expect that the objects of law enforcement will begin to raise the issue of his exclusion from SEC proceedings and in federal district courts, "said one of the authors of the letter, Jake Chervinsky.
SEC laws no longer work
Gensler's position is not even supported by US senators - during the May speech, they were dissatisfied with the attitude of the head of the SEC to cryptocurrencies. Lawmakers believe that the Commission will not be able to regulate the crypto industry under the current rules developed in the last century.
Congressmen believe that the SEC punishes crypto firms for non-compliance with the laws of the regulator, "when they do not know that they will apply to them."
Republicans ask to fire Gensler
On June 13, the representative of the Republican Party of America, Warren Davidson, proposed to fire Gensler due to incomprehensible regulation of the crypto industry. His position was supported by Congressman Tom Emmer, who also believes that American investments should be protected from the arbitrariness of the chairman.
However, in order to remove Gensler from the management of the SEC, supporters of the initiative will need to enlist the support of both the Republican and Democratic parties.
