US SEC loses popularity following Coinbase suit

The American securities regulatory body’s popularity is now getting down and now people are not interested in what this regulatory body is doing against crypto companies.

The United States Securities Exchange Commission (SEC) is the top US financial regulator. Gary Gensler, the chairman at this independent government regulatory agency, trying to regulate the US crypto market under the traditional securities laws, which were developed several years ago before the origin of the crypto industry. The SEC agency is known as a crypto hater because of its bad crypto regulatory approach. 

Recently some reports noted that the popularity of this US regulatory body is now getting down sharply. After the agency’s regulatory action against the American public crypto exchange Coinbase (COIN) & Ripple’s victory against the SEC suit, people are unlikely to search & discuss the SEC’s activities.

Pro XRP supporter & CryptoLaw firm founder John Deaton talked about this thing and said that unfair blind regulatory action by the SEC resulted in the downfall of the agency’s “power and influence.”

In another Tweet, John Deaton slammed former SEC chair Jay Clayton and indirectly said that he was not friendly to the crypto sector when he was SEC chairman but later he joined a crypto company, obviously only for personal benefits.

Stand With Crypto Alliance

On 15 Aug 2023, Coinbase exchange launched a non-profit Crypto organization to represent the crypto sector & to advance pro-crypto policy around the world. 

With the help of this non-profit organization, Coinbase exchange aimed to bring the voice of US crypto investors against the bad crypto policies.

Read also: PayPal will allow Bitcoin purchases via PayPal Stablecoin: Crypto Hub