July 16, 2024
SEC Chair Gensler's Comments Draw Ire from Crypto Enthusiasts
Latest Cryptocurrency News

Crypto Community Claps Back at SEC Chair Gensler’s Compliance Critique

Crypto enthusiasts swiftly fired back at SEC chair Gary Gensler for his recent critique of the industry’s adherence to regulations. Gensler’s comments on Twitter highlighted widespread noncompliance in the crypto space, suggesting that this lack of adherence damages trust and leaves individuals affected by crypto-related bankruptcies with limited recourse, noting they can only stand in line in court.

The response from the crypto community was rapid, emphasizing the consistent requests for clarification on compliance standards from the SEC. Using the Community Notes feature on the social platform, users pointed out the lack of a clear stance from the SEC and highlighted efforts by companies like Coinbase seeking regulatory clarity for years.

Notable figures joined in the rebuttal. Dogecoin creator Billy Markus criticized Gensler for not establishing concrete rules and labeled him as useless in every single way. Ripple CEO Brad Garlinghouse denounced Gensler’s remarks as stunning hypocrisy, branding him a political liability whose actions had compromised the SEC’s integrity.

Simultaneously, the SEC, in a new filing on the same day, expressed deep regret for certain errors made during an enforcement proceeding. Coinbase’s chief legal officer, Paul Grewal, questioned the sincerity of these regrets, highlighting Gensler’s simultaneous criticism of the entire American crypto industry while claiming remorse for the agency’s missteps.

Image by freepik

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