Representatives drawn from various crypto firms have, in their address at the Boca Raton conference, rebuked the US Securities and Exchange Commission (SEC) for its enforcement actions. The executives assembled for the Futures Industry Association unanimously cited SEC’s inadequacy in delivering regulatory clarity they perceive critical to avoid stifling innovation in the US.
Criticism of SEC’s Inadequacy During the Florida Conference
The speakers drawn from various crypto firms utilized the Florida platform to ramp up the criticism towards SEC during the March 14 afternoon conference. The leaders present decried SEC’s apparent failure to deliver a comprehensive framework that would stimulate the novel asset class instead of the current war against cryptos.
The criticism directed towards the securities watchdog arises from the endless enforcement actions targeting cryptos. The executives lamented the SEC’s actions against products that have existed for years as portraying hostility towards crypto.
In the address delivered by former CFTC commissioner Brian Quintez, the A16Z executive echoed arguments by fellow crypto firm’s executives that the hostile attacks lodged by SEC were stifling innovation in the US.
SEC’s Hostile Actions Portrays a Failing Regulatory Agency
Quitenz tore into the SEC’s actions, comparing bans, penalties, objections, and lawsuits as evidence of a failed regulatory agency. Quintenz cited the recent lawsuit initiated by New York’s attorney general alleging KuCoin exchange dealt with Ethereum despite its unregistered security. The A16z executive of policy development lamented that granting the motion filed before the court would leave the second-ranked crypto under the mercy of SEC’s actions.
In his response to the Tuesday afternoon panel, Quintenz condemned the continued delay by the US to embrace and support crypto innovators. He expressed disappointment following the delay at a time when other jurisdictions were openly supporting and integrating cryptocurrencies. The former commissioner at the CFTC indicated that the US portrayed a contrary move.
US to Play Catchup as Other Jurisdictions Advance in Crypto Adoption
In support that the US would only play catchup, CoinFund President Chris Perkins revealed the progress the UK, Singapore, and Hong Kong realized in integrating digital assets innovation within the mainstream sectors. The panelist revealed concerted efforts undertaken in advising the founders concerning regulatory risk.
Nonetheless, Perkins indicated that advisory became difficult without regulatory clarity. He noted that other countries were progressing and becoming attractive to innovators that would otherwise be domiciled in the US.
Perkins lauded the move by fellow executives in the crypto industry for their unwavering support for Democrats and Republicans seeking a legislative solution with procrypto bills. Like Coinbase counsel Julia Hueckel, an optimistic Perkins recognized the unity and bipartisan interest portrayed by Representative Ritchie Torres from New York and Senator Ted Cruz in delivering legislative solutions.