‘All-Out Attack on Crypto,’ Crypto Leaders Condemn SEC’s Actions

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‘All-Out Attack on Crypto,’ Crypto Leaders Condemn SEC’s Actions
  • Media firm Bankless has called out the SEC’s persistent attacks on crypto companies.
  • “This is an all-out attack on crypto in America,” said the platform in its recent tweet.
  • Senator Cynthia Lummis condemned the SEC for its reliance on regulation by enforcement.

Media company Bankless took to Twitter earlier today to address the SEC’s persistent attacks on crypto and blockchain projects. “The SEC is showing its cards and Gary Gensler doesn’t believe crypto in America should exist at all,” the platform wrote in its latest statement.

Bankless alleged that a day after targeting Binance, the SEC went after Coinbase labeling a laundry list of tokens as securities and calling Coinbase staking an investment contract.

This is an all-out attack on crypto in America!!!

The media outlet claimed that since the fall of FTX, there were several issues with centralized exchanges that regulatory authorities could help mitigate. However, despite their best effort to comply, Coinbase was unable to register. “So how is SEC protecting investors?” asked Bankless.

One of the posts on the thread was a response to Coinbase CEO Brian Armstrong’s post about the SEC complaint filed against them. Armstrong in his post reminded his followers that the SEC reviewed their business and allowed them to become a public company in 2021. He also emphasized that there was no path to come in and register. “We tried, repeatedly,” said Armstrong, “So we don’t list securities. We reject the vast majority of assets we review.”

The Coinbase CEO further explained that the SEC and CFTC have made conflicting statements, and don’t even agree on what is a security and what is a commodity. “This is why the US Congress is introducing new legislation to fix the situation, and the rest of the world is moving to put clear rules in place to support this technology.

In related news, Senator Cynthia Lummis posted her reply to the SEC’s post on charging Coinbase. “The SEC has failed to provide a path for digital asset exchanges to register, and even worse has failed to provide adequate legal guidance on what differentiates a security from a commodity.” According to the senator, the SEC’s continued reliance on regulation by enforcement continues to harm consumers.