Professionals from various parts of the crypto sector have responded to the United States Securities and Exchange Commission’s (SEC) recent actions against some of the biggest crypto exchanges, Binance and Coinbase.
On June 5, the SEC filed a lawsuit against Binance for allegedly offering unregistered securities. Only a day after filing the Binance suit, the commission also went after Coinbase on somewhat similar grounds, alleging that popular cryptocurrencies offered by the exchange, like Solana (SOL), Polygon (MATIC) and The Sandbox (SAND), qualify as securities.
Today we charged Binance Holdings Ltd. (Binance); U.S.-based affiliate, BAM Trading Services Inc., which, together with Binance, operates https://t.co/swcxioZKVP; and their founder, Changpeng Zhao, with a variety of securities law violations.https://t.co/H1wgGgR5ir pic.twitter.com/IWTb7Et86H
— U.S. Securities and Exchange Commission (@SECGov) June 5, 2023
Cointelegraph reached out to various players working within the space to see their responses to the recent actions made by the SEC. From sharing their belief that it will drive crypto companies away from the U.S. to simply calling the SEC’s actions lazy, industry players shared their thoughts on the latest topic hounding the space.
An ‘unacceptable’ approach to regulation
According to Kristin Smith, the CEO of the Blockchain Association, while the SEC’s actions are expected, it’s still unacceptable. Smith explained that:
“The SEC doesn’t make the law. Indeed, this approach to regulation is unacceptable – but it is what we have come to expect from the SEC and its anti-crypto stance.”
In addition, the executive highlighted that while the industry and the U.S. Congress are working to develop effective regulation, the SEC “continues to distract from substantive policy efforts.” The executive believes that by listing assets in this way, the SEC is trying to circumvent formal rulemaking processes and denying public engagement.
Meanwhile, Paolo Ardoino, the chief technology officer of stablecoin issuer Tether believes that companies’ complaints against the SEC should be listened to. According to Ardoino, the uncertainty of rules and guidance in the U.S. is becoming a common theme, even among the biggest supporters of crypto in the country.
Turbos Finance CEO Ted Shao also echoed Smith’s sentiment. According to Shao, this is “not the direction Web3 developers want to see.” The executive believes that the SEC showed…
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