- Fox Business journalist Eleanor Terrett tweets that Gensler is trying to control crypto.
- “SEC, NYDFS, and USOCC will bring myriad of enforcement actions,” tweets Terrett.
- Gensler’s strategy will allow as many actions to be taken without waiting for the 118 Congress, Terrett reveals.
Fox Business journalist Eleanor Terrett, reveals in her latest tweet that Gary Gensler, U.S Securities and Exchange Commission Chair, is attempting to control all of crypto overnight.
Earlier today, Terrett disclosed to her Twitter followers, “GaryGensler is embarking on a midnight massacre in an attempt to bring all of crypto under his control.” This remark stands in tandem with the commission’s approach of bringing one-at-a-time enforcement actions as a way to set crypto regulatory policy.
Terrett adds that in the coming weeks, the Securities and Exchange Commission (SEC), New York Department of Financial Services (NYDFS), and the United States Office of the Comptroller of the Currency (USOCC) will be bringing a myriad of enforcement actions against exchanges, banks, and entities that mint tokens in an attempt to label the majority of them as securities.
The SEC, under Gensler’s rule, plans to take matters into their own hands instead of engaging in formal rulemaking or waiting for Congress to pass legislation that clarifies under what circumstances the U.S Securities laws apply to digital assets. Terrett discloses:
I’m told Gensler’s strategy is to bring as many enforcement actions as possible while the 118th Congress is still getting its bearings.
Ever since the end of last year, the SEC has released a number of strict policy statements regarding the rules and regulations they expect cryptocurrency firms to comply with. In response, the crypto industry has harshly criticized the commission for its hard and fast rules and both crypto firms and investors have unanimously pushed back against the SEC.
As a result of the force back from the crypto industry, the SEC were said to reconsider or dial down their regulations to portray that they had concerns about the crypto businesses that fell in the line of their supervision in front of the US Judiciary. However, this recent revelation in Terrett’s tweet that the SEC is planning to impose rules overnight will send the crypto industry in the U.S. on a whirlwind ride.