SEC Chair Gary Gensler is “portraying crypto as the villain in order to portray himself as a political hero,” Rep. Ritchie Torres said. The regulator’s battle against the industry has intensified after it sued two of the world's largest crypto exchanges.
after it filed lawsuits against Binance Holdings Inc. and Coinbase Global Inc. COIN, +3.20%, two of the largest cryptocurrency exchanges in the world.
Torres, who sits on the House Financial Services Committee that oversees the SEC, says Gensler’s current stance is evidence of a radical revision of his views on the technology from when he taught a course on blockchain and money at MIT in 2018. Arkansas Rep. French Hill, who chairs the House subcommittee on digital assets, said at an event Monday that the moves against Coinbase and Binance were “CYA” to distract from the SEC’s failure to prevent the collapse of FTX, “ the biggest fraud and the biggest malfeasance in American financial history.”
The Coinbase lawsuit in part rests on the SEC’s assertion that several tokens offered on the Coinbase platform are securities and therefore Coinbase is operating as an unregistered securities exchange. The SEC will have to spend significant resources on these cases, given that it has alleged that more than a dozen popular cryptocurrencies are securities, expanding the number of people with an economic interest in the SEC losing its case.
Industry representatives argue that the U.S. government has launched a “war against crypto,” and are increasingly pinning their hopes on Congress passing legislation that would create a new framework for cryptocurrency regulation.
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