Blockchain Association members say courts will prove SEC Gary Gensler wrong
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Members of the Blockchain Association have commented on recent actions by the US Securities and Exchange Commission (SEC).
CEO says Gensler will be proven wrong
The SEC sued Binance and Coinbase on June 5 and June 6, respectively. Blockchain Association CEO Kristin Smith commented on these events on June 6, states:
“The SEC doesn’t make the law—it just makes accusations—and we’re confident the courts will prove it [Securities and Exchange Commission] Chair [Gary] Gensler was wrong at the right time.”
She said that despite Gensler’s claims, there is no regulatory clarity for the crypto industry. She also expressed support for a Republican discussion draft that could create clear rules and “reign in Chair Gensler’s relentless crusade.” Smith said her group will advocate for its members and fight the SEC in court.
In a separate interview with Forbes on June 7, Smith said the SEC could take action against other companies. However, she believes the SEC’s existing action against Coinbase has already sent “the message that [Gensler] wanted to send.”
The Chief Policy Officer also comments
Other members of the Blockchain Association have also commented. Chief Policy Officer Jake Chervinsky saw it The SEC’s description of investment contracts is so broad that “essentially any luxury item in existence,” from watches to cars, can be securities.
The SEC alleged in its case against Coinbase that the firm’s betting program and crypto listings are investment contracts. It also said that “new investment vehicles” such as orange groves and mobile phones have been found to be investment contracts.
Chervinsky further criticized the SEC’s treatment of Coinbase’s business model and harm those who invested in the company’s shares. He echoed Smith’s comments on the lack of clarity and the SEC’s possible loss in court.
Coinbase has yet to announce its full plans to fight the SEC. It is currently pending with the rulemaking petition, CLO Paul Grewal stated June 6.
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