After the bankruptcy of the cryptocurrency exchange FTX cryptocurrency While the markets are falling, U.S. Securities and Exchange Commission (SEC) and Department of Justice (DOJ) He announced that they are investigating FTX.
of the SEC FTX US senator known for his criticism of cryptocurrencies after his statement Elizabeth Warren He shared on Twitter.
Arguing that there is a need for more aggressive practices related to the crypto market, Warren said, “The collapse of one of the biggest crypto platforms shows how much of the industry looks like smoke and mirrors. We need more aggressive sanctions and I will continue to press the SEC to enforce the law to protect consumers and financial stability.” said.
It was not delayed to comment on this share from the famous CEOs of the crypto industry.
The first name to respond to Warren’s share, Brian Armstrong, CEO of the largest US stock exchange Coinbase, stated that the SEC’s failure to establish regulatory clarity in the US has caused crypto firms such as FTX to go overseas to settle overseas.
“FTX was an offshore exchange not regulated by the SEC.
The problem is that the SEC failed to create regulatory clarity here in the US, so many American investors (and 95% of their trading activity) went offshore.
Penalizing US companies for this is pointless.”
Ripple CEO Brad Garlinghouse, who supported the Coinbase CEO, also stated that the lack of a proper regulatory framework in the US forces investors to go overseas.
“Brian is right. To protect consumers, we need regulatory guidance for companies that provide trust and transparency. There’s a reason most crypto trades are overseas. Because the SEC has 0 guidance on how companies will comply in the US.
Compare that to Singapore which has a licensing framework, token classification and much more.
They can properly regulate the kipto and know that not all tokens are securities (despite Gensler’s insistence).”
https://t.co/0HxlRiI6Sy was an offshore exchange not regulated by the SEC.
The problem is that the SEC failed to create regulatory clarity here in the US, so many American investors (and 95% of trading activity) went offshore.
Punishing US companies for this makes no sense.
— Brian Armstrong (@brian_armstrong) November 10, 2022
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