Guāndiǎn: Jiāmì huòbì zài měiguó de wèilái hěn kěnéng yóu guóhuì
U.S. attorney Mike Selig said that the SEC's recent lawsuits against Binance and Coinbase are not entirely bad for the cryptocurrency industry. Against the backdrop of these lawsuits, foreign jurisdictions are adopting crypto laws and regulations, and U.S. lawmakers are debating crypto market structure legislation in Congress. Every time the SEC sues a new crypto business, the political pressure on U.S. lawmakers to pass sound crypto legislation grows — especially if the business has been publicly stating that it is trying to comply with applicable laws and regulations.
Selig noted that the lawsuits have driven companies seeking to comply with clearly applicable rules to leave the United States because foreign jurisdictions welcome them and offer a new set of laws and regulations. However, there is reason to be optimistic about the recent SEC lawsuits against two of the world's largest crypto firms, as they may prompt Congress to recognize that the SEC's approach to regulation through enforcement is not working and that comprehensive legislation is needed, otherwise the industry will Will flee to more permissive jurisdictions.
Selig believes that the future of cryptocurrencies in the United States is likely to be determined by Congress rather than the courts. If the SEC wins its case against Coinbase, Binance, Ripple, and others (or even makes it all the way to the Supreme Court), we could still see legislation passing Congress that would create a sensible regulated market structure for crypto assets. Coinbase, Binance, and other crypto ecosystem players will finally have a path to compliance. Every major foreign jurisdiction is moving in this direction, and the US is unlikely to be the only one resisting.
Selig noted that the lawsuits have driven companies seeking to comply with clearly applicable rules to leave the United States because foreign jurisdictions welcome them and offer a new set of laws and regulations. However, there is reason to be optimistic about the recent SEC lawsuits against two of the world's largest crypto firms, as they may prompt Congress to recognize that the SEC's approach to regulation through enforcement is not working and that comprehensive legislation is needed, otherwise the industry will Will flee to more permissive jurisdictions.
Selig believes that the future of cryptocurrencies in the United States is likely to be determined by Congress rather than the courts. If the SEC wins its case against Coinbase, Binance, Ripple, and others (or even makes it all the way to the Supreme Court), we could still see legislation passing Congress that would create a sensible regulated market structure for crypto assets. Coinbase, Binance, and other crypto ecosystem players will finally have a path to compliance. Every major foreign jurisdiction is moving in this direction, and the US is unlikely to be the only one resisting.