March 28, 2024

Brian Quintenz: "SEC is using unprecedented measures to destroy the crypto industry"

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Brian Quintenz: "The SEC is using unprecedented measures to destroy the crypto industry"

Head of Policy Departmentcryptocurrency fund a16z said that the lawsuits by the Securities and Exchange Commission (SEC) against the Binance and Coinbase exchanges indicate the regulator’s readiness for unprecedentedly harsh methods of coercion.

Brian Quintenz stated,that the SEC's lawsuits against the largest cryptocurrency exchanges, as well as the intention to freeze part of Binance's assets, demonstrate an irresponsible transition to coercive methods of regulation.

The top manager believes that in order to fulfill hisThe SEC's supervisory mission would do well to work responsibly with market participants to ensure timely regulatory updates and clarity of enforcement practices. Instead, the Commission's actions are causing significant harm to the crypto industry, represented by entrepreneurs, investors and consumers, while threatening to stifle innovation and drive industry companies outside the United States.

On Wednesday, June 7, US Securities and Exchange Commission Chairman Gary Gensler officially announced
department’s position: the United States does not need any other crypto-assets, since the country has its own state digital currency of the central bank.