This week’s consequential krakenfx action from the SECGov may be only a beginning for the big exchanges. U.S. regulators and prosecutors still have several irons in the fire. jesseahamilton reports
There’s a race being run between the executive branch of the U.S. government – the Treasury Department, financial regulators and the Department of Justice – and federal lawmakers in the legislative. While Congress has the greater power to outline lasting rules for the industry, the likelihood that it’ll come up with crypto legislation before regulators make their moves is dwindling.
Blaming the individuals instead of the innovations is a mantra catching on with Republican lawmakers,, who is now chairman of the House Financial Services Committee that will have an instrumental role in crypto legislation this year. He’s also building a case against Gensler as an instigator of the industry’s missteps.
. The industry, in turn, has steadily maintained that he’s asking them to sign up for a program that doesn’t exist.“The SEC has never said what a compliant crypto exchange would look like under a securities regulatory regime,” said TuongVy Le, who handles regulatory strategy at Bain Capital Crypto. “There’s just a lack of clarity there.”
Daugherty, who works at Foley & Lardner in Chicago, said he doesn’t necessarily recommend his clients voluntarily go in and talk with the regulator, as Gensler often suggests. He said the agency never says yes to anything, and it sometimes uses what it learns in enforcement actions.
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