The Blockchain Association Calls for SEC Chair Gensler to Recuse Himself from Crypto Enforcement
The Blockchain Association, a prominent lobbyist group for the cryptocurrency industry in the United States, has called on SEC Chair Gary Gensler to step aside from enforcing rules on the crypto space. The association argues that Gensler’s repeated assertion that everything other than Bitcoin is a security shows bias and prevents him from approaching the issue with an open mind. They claim that his vote on enforcement actions would be biased and that core questions related to the crypto industry would not receive a fair assessment from the SEC.
- The Blockchain Association believes that Gensler’s biased perspective would hinder fair enforcement actions and violate the SEC’s Wells Process and federal law.
- Coinbase, a leading cryptocurrency exchange, has filed a notice of intent to dismiss the SEC’s lawsuit against them. They argue that the SEC was aware of their digital asset operations and that the agency’s change in position regarding its powers is unlawful.
- The SEC has taken significant legal action against crypto exchanges, including fines and warnings, leading to criticism from Coinbase and the Blockchain Association. They argue that the SEC’s actions have created regulatory uncertainty and caused crypto companies to reconsider their operations in the United States.
Hot Take: The Blockchain Association Challenges Gensler’s Objectivity in Crypto Enforcement
The Blockchain Association’s call for SEC Chair Gensler to recuse himself from crypto-related enforcement matters highlights concerns about bias and fairness in the regulatory process. They argue that Gensler’s steadfast view that all digital assets except Bitcoin are securities prevents him from approaching enforcement decisions with an open mind. This raises questions about the objectivity of the SEC’s actions and the potential impact on the crypto industry. As the political divide over crypto regulation continues, it remains to be seen how these challenges will shape the future of crypto enforcement in the United States.
By
By
By
By
By