The U.S. Securities and Exchange Commission (SEC) has apologized for the confusion caused by the classification of cryptocurrencies.
Response from the Crypto Community
The SEC's statement immediately triggered reactions from the crypto community. Among them was prominent influencer Good Morning Crypto, who highlighted the irony of the situation, noting that the SEC spent hundreds of millions of taxpayers' dollars on lawsuits against crypto companies, categorizing all cryptocurrencies as securities. Now, the SEC is apologizing for the confusion, stating they never intended to classify cryptocurrencies as securities.
Coinbase Executive Reaction
The SEC's statement also caught the attention of industry executives, including Coinbase's Chief Legal Officer Paul Grewal. In his response, Grewal noted that the SEC apologized for the confusion caused by their erroneous and repeated statements that cryptocurrencies are securities. He also emphasized the shocking elements in the sixth point of the SEC’s notes in the amended complaint against Binance.
Criticism of SEC Chairman
In addition to policy confusion, criticism has also been directed at SEC Chairman Gary Gensler. It was previously reported that Gensler was accused of hiring new employees based on their political affiliations, undermining the commission's neutrality and objectivity. Despite the SEC's claims of consumer protection and fair enforcement, these accusations reveal hidden political agendas behind the commission's actions.
The SEC's apology highlights the complexity and ambiguity of cryptocurrency regulation, eliciting reactions from the crypto community and criticism of the commission's leadership.
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