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Ahead of the Gary Gensler hearing before the US Senate Banking Committee on September 11, 2023, crypto exchange Coinbase criticized the U.S. Securities and Exchange Commission’s (SEC) regulation by enforcement only approach. On Tuesday, September 12, 2023, the senate committee on banking, housing and urban affairs will conduct a full committee hearing on the US SEC’s oversight.
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US SEC’s Enforcement Based Crypto Approach
The crypto exchange had warned that the only way to avoid risking the loss of jobs in the industry is to take an immediate legislative approach to out an end to the SEC’s overreach. It said the regulatory uncertainty of the enforcement only approach puts 4 million jobs at risk by 2030. The regulation by enforcement is putting the US at risk of losing out on 1 million developer jobs and 3 million related non-technical jobs over the next 7 years as web 3.0 development shifts overseas, the exchange explained in the statement.
“A legislative approach to creating crypto regulation is the best way to ensure consumer protection, and also ensure that digital asset innovation and the jobs created by it remain in the US.”
Coinbase too was a victim of the agency’s anti-crypto enforcement actions. In June 2023, the exchange was accused of operating as an unregistered broker, exchange, and clearing agency.
XRP Lawsuit Verdict: Will It Come Up During Hearing?
It remains to be seen if the lawmakers would bring up the US SEC’s recent loss in the XRP lawsuit, wherein Judge Analisa Torres ruled that Ripple’s sale of tokens to retail buyers is not a securities transaction. Earlier, the agency has filed a reply memorandum of law in further support of its interlocutory appeal in the Ripple lawsuit.
Following the Senate hearing, Gary Gensler is scheduled to speak at a virtual fireside chat event at the 15th Anniversary Lehman Collapse Conference.
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