Brian Quintenz: “SEC uses unprecedented measures to destroy crypto industry”

The head of cryptocurrency fund policy a16z said the Securities and Exchange Commission (SEC) lawsuits against the Binance exchange and Coinbase indicate the regulator is ready for unprecedented enforcement methods.</div

Brian Quintenz; said the SEC’s lawsuits against major cryptocurrency exchanges, as well as its intention to freeze some assets of Binance, demonstrate an irresponsible move to coercive regulatory methods.

The top executive believes that to fulfill its watchdog mission, the SEC would do well to work responsibly with market participants to update regulatory rules in a timely manner and provide clarity on enforcement practices. Instead, the Commission’s actions are doing tangible damage to the crypto industry represented by entrepreneurs, investors and consumers, while threatening to stifle innovation and drive industry companies out of the United States.

On Wednesday, June 7, SEC Chairman Gary Gensler formally stated
Gary Gensler, chairman of the U.S. Securities and Exchange Commission, officially announced the agency’s position: the U.S. does not need any other crypto-assets because it has its own central bank digital currency.