Crypto Outlasts Sour Markets as Gensler Promises Fair Treatment | Crypto

Crypto Outlasts Sour Markets as Gensler Promises Fair Treatment

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-The SEC’s crypto assets unit has issued around 200 lawsuits since 2017.
-The SEC’s crypto assets unit is budgeted for 50 dedicated officers.
-The SEC’s crypto assets unit is focused on fraud detection.
-The SEC’s crypto assets unit has restored $2 billion in monetary relief.
-The SEC’s approach to crypto assets singles out all crypto offerings, exchanges, lending, decentralized financed, non-fungible tokens, and stablecoins.
-The SEC’s approach to crypto assets looks like guilty until proven innocent.
-The SEC’s approach to crypto assets suggests that the SEC prefers “regulation by enforcement” over “regulation by rules.”
-SEC Chairman Gary Gensler has argued that every digital asset is probably a security and that every firm should know that.
-However, there is an ongoing debate in legal and academic communities over whether crypto assets are currency, security, or both.
-The SEC has not conducted an inquiry or rulemaking on the question of crypto assets as currency or security.
-SEC Commissioner Hester Peirce has proposed a token safe harbor to “facilitate participation in and the development of a functional or decentralized network, exempted from the registration provisions of the federal securities laws for three years.”
-The SEC was founded in 1934 in reaction to the 1929 stock market crash and with the purpose to protect markets from manipulation.
-However, the SEC’s own actions to “regulate by enforcement” are a kind of manipulation through arbitrary and capricious decisions and lack of process and rules.
-Some 90 percent of SEC cases are settled, rather than concluded in court.
-This suggests that SEC rules are not clear and possibly non-existent.

0x0 20 Crypto Outlasts Sour Markets as Gensler Promises Fair Treatment

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