- Charles Hoskinson said that the crypto community will neither forget nor forgive the SEC’s actions
- Coinbase’s CEO Brian Armstrong and Ripple’s chief legal officer Stuart Alderoty are advocating for accountability within the SEC
- Some in the industry are calling for a stop to the pushback
Charles Hoskinson, founder of Cardano, has strongly criticized the US Securities and Exchange Commission (SEC) after a Politico article detailed the crypto industry’s pushback against the agency’s past enforcement actions.
What Did Hoskinson Have to Say About the SEC?
In a post on X, Hoskinson accused the SEC of unjustly targeting the crypto sector, leading to considerable financial losses and legal challenges. He condemned the actions of federal employees who aren’t elected, saying their lack of accountability has harmed the industry. Hoskinson emphasized that the crypto community will neither forget nor forgive these actions, suggesting that regulators sought personal advancement at the expense of crypto projects.
The Politico article pointed out that under the previous administration, the SEC’s focus on the cryptocurrency industry started many enforcement actions against various companies. This aggressive stance resulted in large legal expenses and a decline in market valuations. That said, with the election of Donald Trump who received significant support from crypto advocates, the regulatory environment seems to be shifting.
Who Else is Criticizing the SEC?
Hoskinson isn’t the only one expressing anger at the SEC; there’s a significant pushback against the agency. Industry leaders such as Coinbase’s CEO Brian Armstrong and Ripple’s chief legal officer Stuart Alderoty are now advocating for accountability within the SEC. They are urging the industry to distance itself from law firms that employ former SEC staff involved in the crypto crackdown, potentially affecting the career prospects of those individuals.
In addition, the Winklevoss twins, founders of Gemini, are calling for the dismissal of SEC investigators associated with their case.
Does Everyone in Crypto Agree with the Criticism?
However, not everyone in the crypto industry wants this, as some are calling for a stop. Their point is that besides Gary Gensler, there aren’t that many other people you can go after.
Others state they hold no resentment towards the SEC or its staff. Instead, they aim to prevent future occurrences of what they believe was an unjustified regulatory initiative by the agency.
The crypto industry’s increasing political influence is clear, with increased lobbying efforts and contributions to supportive political figures, and these reactions highlight the changing relationship between the crypto sector and regulators.
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