TL;DR
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Gary Gensler’s roadshow of ‘regulatory vagueness’ continued this week, after he gave a keynote at the Financial Markets Conference on Monday.
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Much like Scar ‘stood ready to help’ Mufasa climb back up from the cliff’s edge, ol’ Gaz says the SEC ‘stands ready to help’ the crypto industry come into regulatory compliance.
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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 stated rules to play by, no?
Full Story
Alright, switching the theme from ‘exciting’ to ‘aggravating’…
Gary Gensler’s roadshow of ‘regulatory vagueness’ continued this week, after he gave a keynote at the Financial Markets Conference on Monday.
Much like Scar ‘stood ready to help’ Mufasa climb back up from the cliff’s edge, ol’ Gaz says the SEC ‘stands ready to help’ the crypto industry come into regulatory compliance.
But the SEC’s own commissioner, Hester Peirce, has pointed out that there is “no way to register” with the SEC (making compliance impossible).
“Ok, but that’s nothing new. Gary’s been towing that line for a while now. Did you just take this as an opportunity to make a Lion King analogy?”
We hear you – and yeah, the Lion King analogy was hard to say no to…
But there’s a deeper issue here:
See, the SEC can’t pass laws. That’s a job for judges and congress…
BUT! As long as Gary’s careful not to make any clear public statements on what is/isn’t a security (outside of Bitcoin), he can slap a bunch of blockchain companies with lawsuits – without legally contradicting himself.
So while this lack of clarity suits the SEC, it’s pushing US blockchain companies (and the innovation they drive) offshore.
Which leaves us scratching our heads…
Cause whether you love or hate crypto (as with anything in business), there should at least be clear and publicly stated rules to play by, no?
