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Head of Cryptocurrency Policy Departmenta16z fund said that the lawsuits of the Securities and Exchange Commission (SEC) against the Binance and Coinbase exchanges indicate the regulator's readiness for unprecedented methods of enforcement.
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Brian Quintenz stated thatthe SEC lawsuits against the largest cryptocurrency exchanges, as well as the intention to freeze some of Binance's assets, demonstrate an irresponsible transition to coercive regulatory methods.
The top manager believes that in order to fulfill hisThe SEC's oversight mission should work responsibly with market participants to update regulations and clarify enforcement practices in a timely manner. Instead, the actions of the Commission are causing tangible damage to the crypto industry in the form of entrepreneurs, investors and consumers, while threatening to stifle innovation and force industry companies out of the US.
On Wednesday, June 7, US Securities and Exchange Commission Chairman Gary Gensler officially announced
the position of the department: the United States does not need any other crypto assets, since the country has its own state digital currency of the central bank.
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