USDC Issuer Circle refuted the SEC enforcement measure FUD
USDC Issuer Circle refuted the SEC enforcement measure FUD
After the hard procedure of the SEC against octopuses last week and the subsequent threat of measures against the Busd issuer Paxos, rumors circulated that Circle was the next.
Crypto Twitter was flooded with unfounded claims that Circle had received a Wells announcement from the SEC. A notification of Wells is a threat of legal steps that give the company time to formulate an answer, in this case justify that a stable coin is not a securities (which is quite obvious).
The Chief Strategy Officer and Head of Global Policy at Circlepay, Dante Dispafte, refuted the rumors on February 15th.
. @Kreis has received no communication from Wells. https://t.co/le74zhvlka
- Dante Disparte (@ddisParte) 14. February 2023
The tweet was an answer to a Fox News journalist, who said the company received the message. The journalist apologized for the mistake, but at that time the river had started to flow.
correction: @Kreis Rel = "NOFOLLOW NoOpener" Target = "_ Blank" href = "https://twitter.com/ddisarte?ref_src=twsrc%5etfw" Data-Wpel-Link = "External">@Ddisarte and I sincerely apologize for the error. I try to do things right, but I also want to admit when I lie wrong. I'm sorry.
- Eleanor Terrett (@eleanorterrett) 14. February 2023
Sec aims at stable coins
The war of the SEC against crypto knows no limits because it now claims that staking services and stable coins are securities. While the first may be questionable, the second is definitely a future music and simply an exaggeration by the authority, which regulates through enforcement.
The Defi and NFT founder '0xfoobar' saw the humorous side of things:
circle has published a "reverse wells notice" to Gary Gensler. A UN reverse card is a notification that companies published in order to inform the supervisory authorities that there are no violations. The SEC must set all examinations until the legal proceedings in which it is accused of regulatory exceeding is completed
- Foobar (@0xfoobar) 14. February 2023
The crypto ecosystem is in turmoil this week after the announcement of Wells an Paxos. Stable coins worth several million dollars were redeemed after the campaign or converted into other stable coins.
As a result, Busd's market capitalization has shrunk by almost $ 900 million in the past few days.The future of crypto in the USA
On February 15, the Chief Policy Officer of Blockchain Association, Jake Chervinsky, sent his thoughts on the recent official raids.
"The latest flood of activities is shocking, but it is not a surprise and does not mean downfall for crypto in the USA."
he added that 2022 was the worst year in crypto history and ftx clouded the reputation of the entire industry.
In the past, the congress would have decided on the regulation, not the agencies, but with a split congress, the guard dogs like the Sec take things into their own hands.
"In return, the agencies extend their authority up to recognition in order to" do things "without congress, whether the law allows it or not."
he came to the conclusion that the SEC and the CFTC, no matter how many enforcement measures they initiate, are bound to the legal reality:
"Neither of them has the authority to regulate crypto comprehensively, nobody can achieve it through any degree of enforcement, and nobody will ever have it without an act of the congress."
.
Kommentare (0)