Is the SEC threatening the crypto community with its actions? 1
Over the past few months, the US SEC has targeted firms and assets in the crypto industry with various actions. Apart from the long-running case with Ripple, the regulator has been working overtime across the market. However, some market figures believe that the agency threatens the crypto community with the many actions it has initiated. A former CFTC head has now waded into the matter in a recent interview where he talked about the various problems the agency has with traders.
The crypto sector is unhappy with the SEC
Former CFTC chief Brian Quintenz mentioned that he was aware that the entire crypto community is unhappy with the agency, even if they accept its regulations. During the interview, Quintenz mentioned how cumbersome the agency’s regulatory environment has created.
He also mentioned that most market participants want the CFTC to make friendly laws. He noted that traders and firms in the market want regulations that are consistent with the new technologies, and unfortunately the regulatory agency is not coming to this aspect. Quintenz also mentioned that the rules should be able to allow the technologies to reach the predicted heights.
Quintenz highlights the importance of regulation in the sector
During a farewell statement at the end of his term, Quintenz listed some of his achievements and developments in the crypto industry. Some of them included the Bitcoin Futures contract, among other initiatives. He mentioned that the CFTC spoke to him about his initiative because they believe it could still be useful for the future of the crypto community. Quintenz noted that some regulatory agencies have refused to accept changes and have created laws that will frustrate changes in the crypto industry.
He mentioned that if they were serious about doing massive regulatory oversight in the crypto sector, it would create laws that would promote change and increase security. The former CFTC chief also discussed how the agency targeted crypto as securities. He mentioned that the change will impose requirements that companies that create digital assets cannot meet. However, Quintenz feels that regulation is still something that will help the growth of the crypto market rather than destroy its progress, as predicted by some experts. Although he admits that regulations can be restrictive, the good ones will ultimately help traders in the long run.
