Crypto exchange Coinbase says the US Securities and Exchange Commission’s (SEC) enforcement-only approach is negatively impacting America.
In a new blog post, Coinbase say that “while the majority of the world’s economic powers embrace a technology that can expand economic opportunity, regulation by SEC enforcement alone is costing the U.S. millions of jobs and shifting opportunities abroad.”
According to Coinbase, the SEC is pursuing an enforcement-only approach despite Chairman Gary Gensler testifying before the US House Committee on Financial Services in May 2021 that domestic crypto exchanges “do not have a regulatory framework either at the SEC or our sister agency, US Commodity Futures Trading Commission (CFTC).”
Says Coinbase,
“The all-enforcement approach continues, even as nine in ten Americans believe it is time to modernize the financial system so it is fairer and progress is held back by the status quo.
This enforcement-only approach continues despite the fact that 52 million people – or 1 in 5 Americans – own crypto.
This enforcement-only approach continues despite the fact that courts have ruled against the SEC in a number of high-profile cases, including the Grayscale case in which the court found that the SEC acted in an ‘arbitrary and capricious’ manner.”
According to Coinbase, a legislative approach is the “best way” forward.
“Despite the SEC’s enforcement-based approach, Congress is committed to advancing comprehensive crypto legislation. These efforts are critical to ensuring that the US does not fall further behind other jurisdictions.
A legislative approach to creating crypto regulation is the best way to ensure consumer protection, while also ensuring that digital asset innovation and the jobs it creates remain in the US.”
Don’t miss a beat – Subscribe to receive email alerts straight to your inbox
Check price action
follow us on Tweet, Facebook And Telegram
Surf to the Daily Hodl mix
Generated image: Midjourney
