A recently retired SEC Advisory Committee member, cryptocurrencies He called the current SEC regulation for “nonsense” and claimed that Gary Gensler, as head of the SEC, “misuses” digital assets.
“Securities Laws Arbitrarily Applied to Cryptocurrencies”
This discussion between JW Verret, associate professor of blockchain law, and Gary Gensler, head of the SEC, took place during a meeting last week as Verret’s tenure on the Advisory Committee was about to expire.
Upon my term ending on the SEC’s advisory committee last week, I took the chance to give Chair Gensler some strong words about his abuse of digital assets. Check out Gensler’s response. pic.twitter.com/3oa5xJU1Ch
— JW Verret, JD, CPA/CVA, jwverret.eth,.sol,.ust (@JWVerret) March 15, 2022
With his departure from the SEC’s Advisory Committee, JW Verret has asked the SEC to “make a public statement on digital asset regulation” to promote digital asset freedom and greater transparency. Verret, which owns Bitcoin, Ethereum and many other cryptocurrencies, has expressed concerns about the SEC’s arbitrary enforcement of securities laws and misuse of the Howey Test.
“Party Close to Winning XRP in SEC-Ripple Case”
Verret described the SEC’s current stance as a “stereotypical” approach that uses outdated securities laws that do not adequately reflect the uniqueness of digital assets. However, Verret also expressed the general desire of the cryptocurrency community for a standardized regulation, possibly to avoid scenarios like the SEC-Ripple lawsuit. Verret also of XRP He stated that he believes he is close to the happy ending in the case between him and the SEC.
Verret also called for an open and honest dialogue between the SEC and digital asset investors in his proposal, which he calls the Genesis Block, and asked the two sides to talk about how this financial industry can best be regulated. In addition, Verret demanded that digital asset holders write to the SEC and raise their concerns.
*Not investment advice.