Gary Gensler, the agency’s chairman, has stated that the US Securities and Exchange Commission (SEC) has performed well in court on cryptocurrency cases. Indeed, Gensler addressed the ICI 2024 Leadership Summit, praising the agency’s success in cryptocurrency court cases.
Under Gensler’s leadership, the agency has been chastised for its aggressive regulatory approach through enforcement. As a result, it has been involved in several lawsuits with companies like Ripple (XRP) and Coinbase. Nonetheless, addressing the occasion, Gensler argues that the agency has performed well in that regard.
Gary Gensler Applauds SEC Crypto Court Performance
Over the last few months, the US government has attempted to address persistent dissatisfaction with the regulatory structure in the United States. That progress culminated in the passage of the FIT21 cryptocurrency bill by the US House of Representatives yesterday.
Furthermore, US President Joe Biden issued a comment regarding that law. He specifically stated that, while he does not precisely agree with the proposal, he will not veto it if it passes the Senate. However, the current digital asset market regulatory body appears dissatisfied with the planned adjustments.
Gary Gensler has already criticized the FIT21 bill. He warned that the measure would “create new regulatory gaps and undermine decades of precedent” for investment contract oversight.
This morning, the chairman spoke at the ICI Leadership Summit about the agency’s success. Specifically, Gary Gensler noted that the SEC had performed admirably in court in cryptocurrency matters.
The agency is no stranger to the courtroom, as it has recently filed numerous lawsuits against the business. Furthermore, this regulatory tactic has sparked a renewed drive for Congressional action. Fortunately for the industry, the action is taking place right now.