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The US Securities and Exchange Commission (SEC) has been heavily criticized for its regulatory approach to the crypto industry. Politicians and industry figures have slammed the US watchdog for its “overreach” on the sector. Dave Weisberger, CoinRoutes co-founder and co-CEO, recently weighed in on the SEC’s stance and the congress members who support it.
Rep. Waters Claims “Attack” On The SEC’s Crypto Work
On Wednesday, the crypto industry criticized the US regulator and the politicians who claim the SEC is “doing a good job protecting” investors. The comments came after US Representative Maxine Waters opposed the Republican-led bill to block the SEC’s Staff Accounting Bulletin (SAB) 121.
Rep. Maxine Waters opposes resolution to block SAB 121. Source: US House Committee for Financial Services on X
To Representative Waters, the resolution is an effort to “strip away protections for investors” and “part of a long list of efforts” made by the industry “to attack the good work” of the US regulator.
In the statement, the US congress member affirmed the SEC “has made significant progress in protecting investors, maintaining fair, orderly, and efficient markets, and facilitating capital formation.”
Moreover, the Democratic Representative believes that preserving the SEC’s power to protect investors and the US market is now more important than ever as it has been “undermined” recently.
Representative Waters’ statement received backlash from the industry. Investors and crypto enthusiasts contested her comments, some claiming they would rather “take their chances” without the SEC’s protection.
Other X users consider the US lawmakers are trying to “gaslight” crypto investors into believing there’s no problem with what they deem a “state of full regulatory capture” from the SEC.
SEC’s Defenders Labeled ‘Anti-Investors’
CoinRoutes Chair voiced his discontent with Representative Waters’ comments. To Weisberger, the belief that the US regulator is working on protecting investors and the US market is “so backwards.” The CEO considers those who agree with the SEC’s crypto stance should be labeled “anti-investors.”
Moreover, Weisberger defended the Republican-led bill to block SAB 121. The bill would allow regulated entities to custody assets blocked by the SEC without “going through a normal process required by the APA.”
He added that these assets are considered by the US Government Accountability Office (GAO) as “unlawfully” blocked. Per the post, the SEC used a “loophole by labeling it as advice,” but regulated firms understand that the US regulator’s enforcement attorneys “will use it as if it was a rule.”
CoinRoutes CEO response to Rep. Maxine Waters. Source: David Weisberger on X.
Weisberger isn’t the only industry figure who criticized the SEC this week. Ripple’s CEO also took X to blast those who “continue to enable Gensler’s awful war on crypto.” The SEC’s chair has been sabotaging the ability for American innovation to thrive, according to Bard Garlinghouse.
The CEO warned the US regulator that crypto voters are paying attention to the SEC’s stance on the industry. “Words are easy, action is hard but necessary. Choose wisely. Voters are paying attention,” read the post.
Recently, Bitwise’s Chief Communications Officer (CCO) Katherine Dowling stated that the development of the industry might have to wait until the SEC’s next chairman. Dowling considers there won’t be new crypto-related investment products launched under the current SEC management “given the history.”
Ultimately, crypto investors remain vigilant of US politicians’ stance on the industry as the November presidential elections approach.
Bitcoin (BTC) is trading at $59,107 in the three-day chart. Source: BTCUSDT on TradingView
Featured Image from Unsplash.com, Chart from TradingView.com
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