Former US official says US SEC agency is not doing good with crypto industry
The former head of the United States Office of the Comptroller of Currency criticized the type of actions of the US regulators on the crypto industry.
At present, the United States Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) are well-known financial regulators in the United States. However more dominantly SEC agency is known to take highly strict actions on the crypto businesses. Right now a big legal battle is going on between the SEC agency and San Francisco-based giant payment network firm Ripple.
Recently, US regulators held a meeting between the US officials and CEOs of a few leading crypto exchanges to figure out the challenges and possible best options to handle.
In the meeting, Brian Brooks, former head of the United States Office of the Comptroller of Currency and also CEO of a leading crypto exchange, BitFury, grabbed the opportunity to criticize the SEC agency.
Brian said that the SEC agency is trying to kick out many crypto businesses from the US through its regulatory actions. Brian took the example of Fidelity’s Bitcoin Spot ETFs application and said that SEC chair Gary Gensler rejected the application was not fair.
As we know, recently the SEC agency rejected the application of the Fidelity Digital Assets. The firm aimed to launch a Bitcoin spot ETF product, application with the SEC to get approval to launch, for the US customers. But the SEC agency said that there are huge risks with these applications and these can end up huge losses because of manipulation, according to reports.
In the meeting, former Binance.US CEO was also present and raised the question that why US regulators would allow Banks to issue Stablecoins but are not ready to grant bank charters to major stablecoin issuers like Tether, USD Coin, and others.
Charles Cascarilla, CEO of Paxos, said that the US government needed to take suitable and better steps in the stable coins industry regulation if they don’t want to lose the value of the US dollar. And also added that the US needed to work in the development of US dollar CBDCs.
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