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‘They’re over their skis’
Because the regulatory panorama continues to be shaky for crypto gamers, some regulators could also be overreaching on the subject of creating frameworks for the trade, mentioned Haun Ventures’ chief technique officer, Chris Lehane, at TechCrunch Disrupt 2023.
“The federal government had a method,” Lehane mentioned. However when the SEC is taking a look at crypto or different sizzling sectors like synthetic intelligence, it’s utilizing an “enforcement-only strategy to principally set up the coverage for the whole U.S. and crypto,” he mentioned.
In latest months, the SEC has filed quite a few lawsuits towards main crypto firms, together with Binance and Coinbase, and even towards celebrities like Mila Kunis. However final month, the D.C. Circuit Courtroom of Appeals ruled in favor of Grayscale, a digital asset administration agency, in a lawsuit towards the SEC on the matter of a bitcoin ETF, which may spell excellent news for the trade.
“The SEC has misplaced quite a few instances — that just about by no means occurs — which tells you just a little bit how they’re over their skis,” Lehane mentioned. “However that runs a giant threat of [the government] not approaching this strategically.”
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