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Highlights
- Gary Gensler praises the SEC's work and actions in the court in regards to crypto cases.
- Gensler also blasted crypto exchanges for encouraging fraud.
- SEC Chair refrained from commenting on the agency's plans regarding spot Ether ETFs.
Gary Gensler, Chair of the U.S. Securities and Exchange Commission, on Thursday said the SEC has done remarkably well in the court on crypto cases. Gensler reaffirmed his stance that crypto market is rife with fraud and crypto exchanges are so deep with conflicts.
Gary Gensler Attacks Crypto Market and Exchanges Again
Speaking at the Investment Company Institute 2024 Leadership Summit in Washington DC on May 23, SEC Chair Gary Gensler refrained from commenting on the agency’s plans regarding spot Ether ETFs. However, he affirmed the SEC’s commitment to adhering to the law on crypto ETF bids.
He added that the SEC pivoted on Bitcoin ETFs after a court recommended the agency to reconsider Grayscale’s request to convert GBTC to a spot Bitcoin ETF.
Gensler praised the performance of the SEC in courts, especially regarding crypto cases. The agency brought enforcement actions against Binance, Coinbase, Kraken, and other crypto companies alleging violation of security laws. Crypto companies and the community have criticized the SEC for its irrational enforcement actions targeting the crypto industry.
The SEC has actually faced harsh comments from federal judges for having hypocritical, arbitrary, and capricious positions in crypto cases. The agency even faced sanctions and dismissal of lawyers for “gross abuse of power” in the Debt Box case.
Crypto industry in the U.S. blamed Gary Gensler’s leadership of the US SEC for a lack of rulemaking for crypto, despite several proposals by Coinbase, Ripple, and other crypto firms. He even expressed strong opposition to the Financial Innovation and Technology for the 21st Century Act (FIT21) crypto bill. The bill successfully passed the House on Wednesday, with bipartisan support from Republicans and Democrats.
SEC Vs Ripple
The long-running SEC v. Ripple Labs lawsuit is currently in remedies phase and XRP lawyers believe a final ruling could come this year. The SEC has asked Ripple to pay nearly $2 billion in disgorgement, prejudgment interest, and civil penalty for violating securities law as per the summary judgment by Judge Torres.
In the latest development in the lawsuit, the SEC has opposed in part to Ripple’s motion to seal and redact evidence related to remedies briefing and documents, claiming concealing details from the public is against the law and is required for court’s decision.
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