ChainCatcher News, SEC Chairman Gary Gensler congratulated the 16th anniversary of the Bitcoin white paper with "sweet sixteen" in an interview (the BTC white paper was published on October 31, 2008), but Gensler also stated that the SEC will continue its consideration of the risks digital assets pose to investors and its approach to "enforcement regulation."Gensler stated, "For ninety years, we have benefited from strong laws enacted by Congress and rules established by various agencies, which help promote market development, protect investors, and facilitate capital formation and the development of intermediary markets, and we will continue to do so."

ChainCatcher news, according to CoinDesk, Coinbase's Managing Director for the Asia-Pacific region, John O'Loghlen, expressed in an interview that they are concerned about the "ongoing regulation through enforcement," which he believes "does not help" the overall direction of the industry ahead of Australia's upcoming legislative draft. O'Loghlen stated, "Given our recent positive interactions with regulators that we haven't had before, we hope to avoid ongoing regulation through enforcement. With Australia and the U.S. recently approving spot ETF products, there is clearly a good macro theme and a sustained increase in consumer adoption, and we want to ensure that we do not disrupt the situation in this gray area before the legislative draft is released." The Australian Treasury previously announced plans to release a legislative draft by the end of 2024, covering licensing and custody rules for crypto asset providers.O'Loghlen mentioned that in the "four to five roundtable meetings" held in recent weeks, "we have been outspoken about our concerns regarding the Australian Securities and Investments Commission (ASIC) potentially continuing to enforce regulations," although he praised the new ASIC team for "communicating very positively with all industry participants" and "proactively" engaging in dialogue with "about 50 groups."

ChainCatcher news, Ripple CEO Brad Garlinghouse tweeted that the U.S. SEC is trying to be the police of the crypto business, but actually has no legal jurisdiction.Brad Garlinghouse stated that legislation is the only way to provide clear rules and protect retail investors, rather than more enforcement regulation. (Source link)

ChainCatcher news, a16z policy chief Brian Quintenz stated that the current actions of the SEC are a continuation of an irresponsible enforcement regulatory model, which harms entrepreneurs, investors, and consumers, while potentially stifling innovation and forcing responsible companies to leave the United States.Coinbase has been a responsible participant in the industry for over a decade, having helped open Web3 in the U.S. As a publicly traded company, it has repeatedly attempted to register with the SEC and has long called for common-sense regulation, but the regulators have not responded. Enforcement actions cannot replace guidance. It is inappropriate to litigate whether specific tokens are securities through enforcement actions against third parties (such as these exchanges), and it does little to protect consumers or provide clarity to the market. The SEC should work with market participants to modernize the rules and clarify their application, which would be a responsible approach aligned with their established mission.Blockchain technology and Web3 have the potential to democratize various industries. However, for this innovation to happen in the U.S., the government must provide clear rules to follow, rather than just litigation. It has been four years since the SEC last issued meaningful crypto-related guidance. Ironically, today’s actions occurred after a proposal was introduced in Congress that would provide clear rules—protecting Americans and rooting out bad actors in the industry. The SEC should collaborate with Congress and responsible U.S. cryptocurrency companies to provide clarity—rather than exacerbate confusion. (source link)

ChainCatcher News, U.S. CFTC Chairman Rostin Behnam stated in an interview that there are significant differences in cryptocurrency regulatory approaches between the CFTC and the SEC led by Gary Gensler.Behnam criticized the SEC's approach to cryptocurrency regulation. "I strongly oppose 'enforcement-based regulation.' I have done everything I can to remain transparent and engage with market participants in the DeFi space; financial innovation is in the national interest."Behnam stated that there is a responsibility to protect U.S. investors in the commodity financial asset market, and many of these crypto tokens are commodities. BTC and ETH are commodities, and the listing of BTC and ETH futures on trading platforms is "market-driven." The CFTC's job is to "create a resilient/transparent market environment" for these decentralized assets and clearly stated that the lack of a central coordinator or joint enterprise is the reason why cryptocurrencies and other commodities are not securities. (Source link)