Crypto Insider on the SEC: “An Embarrassment to the United States”

Crypto Insider on the SEC: “An Embarrassment to the United States”

• Crypto Personality Adam Cochran calls the SEC’s slow-paced rule-making to be an embarrassment to the United States.
• Journalist Eleanor Terrett highlighted the SEC’s active filing and proposal of new rules unrelated to cryptocurrency.
• The SEC has requested Coinbase’s mandamus petition be denied.

Adam Cochran, Partner at Cinnemhain Ventures and prominent crypto personality, criticized the SEC’s slow rulemaking pace. Cochran addressed American Law Makers claiming that the SEC’s slow pace was an embarrassment to the United States and a danger to technological innovation.

On May 16, Cochran tweeted a 5-part thread detailing the SEC’s shortcomings toward the crypto industry. He attached an excerpt from a recent SEC filing where Chair Gensler defended the SEC’s delays by citing previous rules that took 10 to 20 years. In contrast, Cochran explained that regulatory bodies in the US and internationally had already set their guidance in 2013-2015.

4/5In the US and abroad that guidance came almost a decade ago for everyone but the SEC:– FinCen (2013) FIN-2013-G001– IRS (2014) Notice 2014-21– FEC (2014) ao2014-02– EBA (2014) EBA/Op/2014/08– GAO (2014) GAO-14-496– CFTC (2015) 7231-15

— Adam Cochran (adamscochran.eth) (@adamscochran) May 16, 2023

Cochran criticized Chair Gensler’s refusal to provide guidance for digital assets while other departments had already decided on their stance. He also indicated the risks if the SEC takes too long to form its rules toward digital assets.

If the SEC wishes yet *ANOTHER* decade for formal rule making on digital asset transactions – that’s fine. But, we can expect those transactions done in the Yuan and not the dollar.

In response, Crypto Journalist Eleanor Terrett highlighted that the SEC had actively filed and proposed new rules on other matters unrelated to cryptocurrency. The tweet further implied that the SEC had been negligent in making rules for crypto.

Meanwhile, over the last two years, the Commission has filed 1,500 enforcement actions (50 crypto-related) and proposed more than 50 new rules ranging from proposals on climate change to short sale disclosures. https://t.co/4qN6cxaWXH

— Eleanor Terrett (@EleanorTerrett) May 16, 2023

Cochran’s Twitter thread was a response to the SEC’s May 15 filing against Coinbase’s Mandamus petition. For a number of reasons, including lack of obligation and unfounded claims, the SEC claims that Coinbase (NASDAQ:COIN) lacks the legal authority to file such a petition.

On April 24, Coinbase Global Inc. (Coinbase) filed a petition for a writ of mandamus to the SEC in the US Court of Appeals for the Third Circuit (court). The mandamus petition was Coinbase’s effort to get the SEC to act on the previous rulemaking petition the company filed on July 21, 2022, which sought to establish new regulations for digital assets and bring clarity to the cryptocurrency market.

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