2023-11-09 20:01:01
US Regulator to Continue Going After Crypto Entities Despite Court Setbacks — Expert According to
Terrence Yang, the managing director of
Swan Bitcoin IRA, the U.S. securities regulator, the
Securities and Exchange Commission (SEC), is unlikely to issue clear guidance on how the law applies to the crypto industry before the finalization
of its case against Ripple. Instead, the SEC is likely to continue bringing enforcement actions against crypto companies it believes to be in
violation of securities laws, Yang warned. Before that, the SEC
had seemingly waived its right to appeal another court ruling in favor of Grayscale. While commentators have speculated that the SEC’s string of court setbacks are likely
to force a change in approach, the Swan Bitcoin boss believes a higher court can still overturn Judge Torres’ ruling.
The managing director, however, still
told that the ruling in its current form suggests that the securities regulator will only need to provide
“additional facts” when attempting to prove that secondary sales of crypto assets are illegal.
Concerning the strength of Coinbase’s arguments and prospects in its own case against the SEC, Yang said the ruling can go either way. However, should the court rule in favor of the crypto exchange, this could lead to more
“innovation and growth in the industry,” Yang argued. In addition, such a victory could lead to “far more pumping and dumping on, and scamming of, US retail investors.”
A win for the SEC, on the other hand, could be
a signal that the agency is serious about regulating the cryptocurrency industry. It also potentially means less harm to U.S. crypto investors, Yang added.
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