Claim $500Coinbase Warns US Lawmakers Ahead Of Gary Gensler Hearing
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.
Also Read: FTX Filing Details $199 Mln Sam Bankman-Fried Real Estate Empire
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.
Also Read: Crypto Market Selloff: Here’s Why ETH, XRP, SOL Prices Falling Sharply
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more… to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Premium Partners
Delivered every day.
- Insights that move markets
- 100,000 active subscribers
Related Articles
- Breaking: U.S. GDP Rises To 4.3% In Q3, BTC Price Climbs
- Breaking: Bank of Russia Proposes Allowing Investors to Buy Bitcoin and Crypto in Major Regulatory Shift
- Crypto ETF Issuer 21Shares Advances Dogecoin ETF Bid with Amended S-1 Filing
- Bitcoin Crash Risk Mounts As Peter Brandt Points to 80% Declines in Every Major Cycle
- Bitcoin Whale Doubles Down on BTC, ETH, SOL Short Positions, $243M at Stake
- Ethereum Price Risks Crash to $2,500 Amid Sustained Wintermute Dumping
- Is It Time to Sell Bitcoin for Gold- Analyst Spots 2023 Pattern That Triggered BTC’s Last Major Rally
- Will Bitcoin Price Hit $100k Before Year-End? Prediction and Analysis
- Bitcoin Price Prediction As Michael Saylor Pauses BTC Purchase- Is A Fall to $74k Imminent?
- Aster launched Phase 5 Buyback Program Allocating 80% Fees. Will ASTER Price Rally?
- XRP Price Prediction: Rare Bullish Patterns Align With Powerful Catalysts
