Crypto regulations are not complex processes. But what makes it look complex is “perfectly clear” regulations. Many crypto skeptics in ‘Crypto Policy Symposium’ expressed their views regarding the crypto regulation and its clarity.
Stephen Diamond, associate law professor at Santa Clara University expressed his views at the Symposium. He said, “An Oscar should go to whomever first coined ‘regulatory clarity,’.”
Later a panel was entitled “ Are Regulators and Regulations fit to meet the Crypto Challenge?”. To This Diamond said: “ There is regulatory clarity—it’s fairly straightforward and it’s been in place for a long time. Hopefully there won’t be any dramatic shift to redefine this very stable understanding of financial markets.”
In a disagreement going on between the Securities and Exchange Commission (SEC) and Coinbase, SEC sued two former employees for insider trading. The SEC also revealed various securities sold by Coinbase.
To this the crypto exchange, Coinbase responded aggressively in a long-end post. The blog revealed the tradition of other crypto companies like RIpple, Kik, who have also challenged the regulator in different courts. Coinbase also questioned the regulator of stifling technology.
Former SEC Chief of SEC office of internet enforcement, John Stark, also a panelist said he has witnessed this claim before and called it completely bogus. Concluding between the companies in the 90’s he drew a conclusion.
“There was lots of talk that we were ‘stifling technology’ then,” he said. “We weren’t stifling anything, we were getting bad actors out of the way so technology could flourish. Not so with crypto, because there’s no good in it. We’re stifling fraud, crime, chicanery and thievery.”
Stark added on a combative note saying crypto companies are showing wrongful attitude towards the SEC. he said, “ You don’t fight with your regulators”. “You could be put out of business overnight”.
Source: https://www.thecoinrepublic.com/2022/09/06/crypto-skeptics-says-crypto-regulations-are-not-complex/