TL;DR
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Gary Gensler’s roadshow of “fuzzy regulation” continued this week after he gave a keynote address at the Financial Markets Conference on Monday.
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Just as Scar was “ready to help” Mufasa climbed back up off the cliff edge, the old Gaz says the SEC is “ready to help” that the crypto industry is regulatory compliant.
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But the SEC’s own commissioner, Hester Peirce, has pointed out that there is “no way to register” with the SEC (making compliance impossible).
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Whether you love or hate crypto (as with anything in business), there should at least be clear and publicly disclosed rules to abide by, right?
Full story
Okay, changing the theme from “exciting” to “aggravating”…
Gary Gensler’s roadshow of “fuzzy regulation” continued this week after he gave a keynote address at the Financial Markets Conference on Monday.
Just as Scar was “ready to help” Mufasa climbed back up off the cliff edge, the old Gaz says the SEC is “ready to help” that the crypto industry is regulatory compliant.
But the SEC’s own commissioner, Hester Peirce, has pointed out that there is “no way to register” with the SEC (making compliance impossible).
“Okay, but that’s nothing new. Gary has been drawing that line for a while now. Did you just take this to make a Lion King analogy?”
We hear you – and yes, the Lion King analogy was hard to say no to…
But there is a deeper problem:
Look, the SEC can’t pass laws. That’s a job for judges and Congress…
BUT! As long as Gary makes sure he doesn’t make any clear public statements about what is or isn’t security (outside of Bitcoin), he can hit some blockchain companies with lawsuits – without legally contradicting himself.
So while this lack of clarity suits the SEC, it is pushing US blockchain companies (and the innovation they power) overseas.
What’s scratching our heads…
Because whether you love or hate crypto (as with anything in business), there should at least be clear and publicly disclosed rules to abide by, right?