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The SEC’s Excellent File on Crypto: Regulation and Enforcement | Better markets

Better Markets published a report titled “The SEC’s Excellent Record on Crypto: Regulation and Enforcement”:

Why is this important. The Securities and Exchange Commission (SEC) has come under heavy and relentless criticism –often hypocritical—of the crypto industry and its many allies, including in Congress but also in the media. This criticism has been largely factual and baseless, ignoring if not lying the SEC’s mission, practices, constraints, and multi-part strategy for upholding the rule of law. Our report details the facts of what the SEC actually did and why it was as effective as possible under the circumstances.

What we said. The attacks on the SEC are remarkable given that it is simply trying to bring the crypto industry into compliance with the laws and rules that all other law-abiding companies in the United States already follow. These laws and rules require the protections for customers, investors, and financial stability that form the foundation of the capital markets and securities industry in the United States. It is what engenders investor confidence in US markets and why they are the broadest, deepest, most liquid and most desirable capital markets in the world. This facilitates the formation of capital and businesses that fuel the economy, jobs, growth, and standard of living in the United States.

This is why the sale and trading of unregistered securities without protection for customers, investors and financial stability is illegal and why the SEC is mandated to stop it. Unfortunately, the crypto industry has knowingly chosen to break the law as a business strategy and fight the SEC with unusual, if not unprecedented, ferocity. Baseless attacks by industry allies have only compounded these difficulties. This has dramatically increased the time and resources the SEC has had to devote to crypto regulation and oversight, which occurs at a time of insufficient funding for the SEC, with today’s headcount equal or below 2016 levels.

Bottom line. The SEC has an excellent track record in the regulation and enforcement of the crypto industry. For those who want to stop the wave of crypto crime, rather than pushing crypto-friendly legislationthey should increase the resources of the SEC and adequately fund its important mission to protect investors and markets.

The report is available here.

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