Blockchain Association Joins Coinbase In Pushback Against SEC

Crypto Daily
Crypto Daily

30 Jun 2023 11:45 AM

The Blockchain Association has called on SEC Chair Gary Gensler to recuse himself from enforcing rules on the crypto space....

  • The Blockchain Association has called on SEC Chair Gary Gensler to recuse himself from enforcing rules on the crypto space.
  • The association argues that Gensler's repeated assertion that everything other than Bitcoin is a security shows bias and an inability to approach the issue with an open mind.
  • They claim that Gensler's biased perspective would prevent fair assessment of core questions related to the crypto industry.
  • The association demands that any SEC enforcement action follows the "Wells Process" to allow targets enough time to present evidence and arguments.
  • Coinbase, which is being sued by the SEC, has filed a notice of intent to dismiss the lawsuit, stating that the SEC was aware of their operations and that the agency's position is untenable.
  • The SEC has taken legal action against other crypto exchanges, including Kraken and Paxos Trust Company.

The sentiment of the article is negative towards SEC Chair Gary Gensler and the actions of the SEC in the crypto industry.

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You May Ask

What is the demand of the Blockchain Association regarding SEC Chair Gary Gensler?Why does the Blockchain Association believe that Gensler's repeated assertion shows bias?What is the "Wells Process" mentioned in the article?What is Coinbase's response to the SEC's lawsuit?Which other crypto exchanges have faced legal action from the SEC?

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