- Association backs Coinbase to fight SEC
- They believe Garry Gensler is biased against cryptocurrencies
- And therefore, he should not be allowed to create laws
The Blockchain Association, the crypto lobby, said that head (SEC) Gary Gensler should give up rulemaking in the crypto sector. His public comments made it clear that the official lacks an impartial approach to regulatory issues.
The Blockchain Association laid out its talking points in an open letter to the authorities.
“Gensler has a strong view that all digital assets, except bitcoins, are securities. This means it cannot make enforcement decisions from a fair and impartial perspective.”
So the Blockchain Association supported Coinbase in their fight against the SEC. Largest U.S. crypto exchange accuses regulator of repression against industry. Yesterday they stated that the SEC has no jurisdiction over the tokens the platform trades. Which means that any lawsuits and proceedings are illegal.
Gensler and his actions against cryptocurrency exchanges are supported by many Democrats. At the same time, Republicans often criticize the official. On June 13, Republican Congressman Warren Davidson introduced a bill called the SEC Stabilization Act. The politician seeks to restructure the agency and fire Gary Gensler as chairman.
The politician seeks to restructure the agency and fire Gary Gensler as chairman.