The only Democratic Commissioner of the US Securities and Exchange Commission has said that the agency is “playing the game of regulatory janga” with its approach to the crypto industry and market regulation under the Trump administration.
In the May 19 remarks at the SEC Spex event, Commissioner Caroline Cranasha warned against the “unique but co -ordinated rules” on the crypto and the wider market as a dangerous elimination.
It described the market stability as a “Janga Tower”, which made the agency’s rules carefully developed during the years, “which can fall, which is removed.
In addition to the tragic loss of the staff, Cranas said that the SEC has used staff guidance to effectively overturned the rules without proper analysis or public comments, especially around the Crypto.
“Our statements on these crypto issues are equivalent to blinking and shaking heads that we do not intend to implement our rules strictly in certain, specific situations.”
He added that the regulator has abandoned the implementation measures, especially in the crypto markets, which he calls “non -implementation”.
“I am very worried about joining our commission’s implementation program,” he said.
The last rest of the SEC’s Democrat Commissioner, Kranashao, said the agency’s “face” is a cause for many reasons, such as destroying its reputation in court, disrupting its reputation, and doubting the condition of the “long -term and basic case law”.
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Kranasha, who also opposed the settlement with the SEC’s rape, said in her latest remarks that the elimination of the 2022 FTX is an example of a “widespread crypto crisis”.
“These risks have not gone away, but these days serious regulatory scrutiny calls are very calm,” he said.
“The failure to appreciate these risks and complications and solve them makes us destiny for repeating a tough lesson with high stake, because crypto gets faster with traditional finance.”
In contrast, the SEC’s Republican Commissioners’ remarks welcomed the agency’s crypto sector.
Crypto “was living in the second lumbo”
“Crypto markets have been living in the SEC for years,” SEC Chair Paul Atkins said in the SEC Speaks event, adding that the agency should not be in the business of preventing the innovation of crypto companies.
SEC’s Crypto Task Force Chief Commissioner Hyster Paris said in remarks that the agency’s approach under the Biden administration has “eliminated the sound regulatory practice and must be corrected.”
He also claimed that crypto securities did not fall under the laws because “currently most current crypto assets” in the market are not securities.
“Even if a wide range of crypto assets trade was endorsed in secondary markets and was initially sold under an investment agreement, they are no longer bought and sold in securities transactions. Many of them are crypto assets.”
Commissioner Mark Yeda echoed the sentiments of his colleagues, saying that the SEC should “make efforts to assure that the rule will be used for future policy -making.”
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