Home
News
- The term “wild west” was on fire as the SEC Chair Gary Gensler used to describe the unregulated crypto space
- Former CFTC Commissioner Brian Quintenz expressed that throwing out such blanket terms for the entire ecosystem is not a policy debate but a political expression
- The SEC goes on a wild ride taming the wild west by investigating various crypto-centric businesses.
As the wise man once said to choose words carefully, the term “wild west” was last used by SEC Chair Gary Gensler to describe the extremely volatile crypto space. Other regulators, however, had a different stance on the issue & did not validate the arbitrary nature of the language.
In the recent November Ripple Swell event, the former commissioner of the Commodity Futures Trading Commission [CFTC] expressed his view without pinpointing anybody.
While speaking to the head of public policy at Ripple, Susan Friedman, Ex commissioner Brian Quintenz addressed the language as something political which followed persuasion & manipulation, thereby not considering it as the language of public policy.
The Ex commissioner also reminded the audience that SEC was not the only regulator regarding crypto scams & frauds. Quintenz also elaborated on his views & mentioned that blanketly using terms like such & categorizing the whole ecosystem as rife with fraud, manipulation & abuse in his views does to represent or validate as policy debate.
Further on, Quintrenz pointed out that CFTC had already settled an anti-fraud & anti-manipulation authority over the markets & in events of such rife scenarios, the federal regulator can use their powers to address such scenes. The ex-commissioner also pointed out that the SEC ( without mentioning) had overlooked such facts.
Recently, the SEC also sued Ripple labs over the issue of XRP which it believes to be a security & not a digital token, however despite the lawsuits Ripple unveiled its liquidity hub which aims to help businesses interact with digital assets belonging to the universe of cryptocurrencies.
In recent times the SEC has also received substantial flack from the crypto community. It issued a wells notice to popular exchange coin base in regards to its crypto lending product.
While at it, the SEC also currently investigates stablecoin issuer circles.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
