The U.S. Securities and Exchange Commission (SEC) has come under heavy criticism for its regulatory approach to the crypto industry. Politicians and industry figures have criticized the U.S. watchdog for “overstepping” the boundaries of the sector. Dave Weisberger, co-founder and co-CEO of CoinRoutes, recently weighed in on the SEC’s stance and the members of Congress who support it.
Rep. Waters Claims ‘Attack’ on SEC’s Crypto Work
On Wednesday, the crypto industry criticized the U.S. regulator and politicians who claim the SEC is “doing a good job protecting” investors. The comments came after U.S. Rep. Maxine Waters opposed the Republican-led account to block SEC Staff Accounting Bulletin (SAB) 121.
Rep. Maxine Waters opposes resolution to block SAB 121. Source: US House Committee for Financial Services on X
Representative Waters said the resolution was an attempt to “strip away investor protections” and was “part of a long list of efforts” by the industry “to attack the good work” of the U.S. regulator.
In the statement, the US congressman confirmed that the SEC “has made significant progress in protecting investors, maintaining fair, orderly and efficient markets, and facilitating capital formation.”
In addition, the Democratic representative believes that preserving the SEC’s power to protect investors and the U.S. market is now more important than ever, as it has recently been “undermined.”
Rep. Waters’ statement was met with criticism from the industry. Investors and crypto enthusiasts disputed her comments, with some claiming they would rather “take their chances” without the protection of the SEC.
Other X users believe that US lawmakers to attempt to “manipulate” crypto investors into believing there is no problem with what they perceive as a “state of complete regulatory takeover” by the SEC.
SEC defenders are called ‘anti-investor’
The chairman of CoinRoutes expressed his displeasure with the comments made by Representative Waters. According to Weisberger, the belief that the US regulator is working to protect investors and the US market is “so backward”. The CEO is considering Those who agree with the SEC’s crypto stance should be labeled “anti-investors.”
Additionally, Weisberger defended the Republican-led bill to block SAB 121. The bill would allow regulated entities to hold assets blocked by the SEC without “going through a normal process required by the APA.”
He added that these assets are considered “unlawfully” blocked by the U.S. Government Accountability Office (GAO). According to the post, the SEC used a “loophole by labeling it as advisory,” but regulated companies understand that the U.S. regulator’s enforcement lawyers “will use it as if it were a rule.”
CoinRoutes CEO response to Rep. Maxine Waters. Source: David Weisberger on X.
Weisberger isn’t the only industry figure to criticize the SEC this week. The Ripple CEO also said took X to criticize those who “continue to enable Gensler’s terrible war on crypto.” According to Bard Garlinghouse, the SEC chairman has sabotaged the ability of American innovation to flourish.
The CEO warned the U.S. regulator that crypto voters are paying attention to the SEC’s stance on the industry. “Words are easy, action is hard but necessary. Choose wisely. Voters are paying attention,” the message read.
Recently, Bitwise Chief Communications Officer (CCO) Katherine Dowling mention that the development of the industry may have to wait until the next SEC chairman. Dowling believes that no new crypto-related investment products will be launched under current SEC management “given history.”
Ultimately, crypto investors remain vigilant about US politicians’ stance on the industry as the November presidential election approaches.
Bitcoin (BTC) is trading at $59,107 in the three-day chart. Source: BTCUSDT on TradingView
Main image from Unsplash.com, chart from TradingView.com