The Breakdown Getting Crypto Regulation Right
Jun 9, 2024
Discussion on current crypto regulations, focusing on SEC's Gary Gensler and lack of clarity. Emphasis on engaging stakeholders for regulatory understanding. Highlighted importance of skilled personnel in upholding effective regulatory frameworks. Urging U.S. legislators to learn from successful global models for crypto regulation.
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Spot Bitcoin ETF Approval
- The SEC struggled to defend its rejection of spot Bitcoin ETFs, ultimately being deemed "arbitrary and capricious."
- Chair Gensler was forced to approve Bitcoin ETFs despite his opposition, now holding $61 billion in assets.
SEC vs. Debtbox
- Two SEC lawyers resigned after being sanctioned for misleading the court in an action against Debtbox.
- The SEC obtained a temporary restraining order against Debtbox ex parte, a gross abuse of power.
Coinbase and SEC's Lack of Communication
- Coinbase CEO Brian Armstrong found the SEC unwilling to meet in 2021.
- Coinbase now faces litigation with the SEC over issues that could have been resolved through good faith discussion.