Crypto War: Industry Lawyers Declare SECs Actions Unlawful

Jun 29, 2023 11:44 PM

Binance, Coinbase, Crypto, Crypto Market, Crypto Regulations, Financial

Crypto Lawyers Call for SEC Chair Gensler to Recuse Himself from Digital Asset Enforcement Actions

Crypto lawyers and industry advocates are pressuring SEC Chair Gary Gensler to step down as the arbiter for digital asset enforcement actions. They argue that Gensler has already prejudged all digital assets as securities and therefore cannot be impartial in his decision-making. The lawyers assert that Gensler’s personal views are influencing his role as a neutral arbiter, which goes against the required “Wells process” for SEC enforcement actions. They call for Gensler to recuse himself from all digital asset enforcement decisions and invalidate previous unlawful enforcement actions.

Key Points:
– Gensler has wrongly prejudged all digital assets as securities, which should disqualify him from enforcing digital asset regulations.
– The SEC’s attack on the crypto industry has resulted in significant legal fees and losses for investors.
– Gensler’s personal views are influencing his decision-making, which is against the required impartiality of the Wells process.
– Any ongoing SEC investigations should raise these concerns and call for Gensler’s recusal.

SEC’s Crackdown on Crypto Industry May Pave the Way for Traditional Finance

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The SEC’s recent lawsuits against major players in the American crypto industry, such as Binance and Coinbase, have led to billions of dollars being wiped off the crypto market. Industry observers believe that this crackdown is intended to facilitate the entry of Traditional Finance into the crypto sector. Despite the SEC’s actions, financial institutions are submitting numerous ETF applications, signaling a potential takeover of the sector by Traditional Finance. However, the SEC has yet to approve a spot crypto ETP.

Hot Take: The pressure on SEC Chair Gensler to recuse himself from digital asset enforcement actions highlights concerns about his impartiality and the potential impact of his personal views on the crypto industry. The SEC’s actions and Gensler’s stance may be paving the way for Traditional Finance to dominate the sector, which could have significant consequences for the future of decentralized finance.

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