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John Rhodes, Tennessee 6th Congressman, U.S. House of Representatives; be strongly critical of U.S. Securities and Exchange Commission (SEC) lawsuit against Robinhood. In a recent speech, the congressman called the SEC and Chairman Gary Gensler “rogue regulators.” post With X.
According to him, federal agencies went It goes beyond its primary role of protecting investors and maintaining fair markets. He believes the SEC should prioritize investor protection rather than stifling innovation.
” [SEC] We have issued Wells Notices in excess of our mandate to protect investors and maintain fair and orderly markets. [Robinhood App], “This is a precursor to enforcement measures,” the lawmaker criticized.
“I am proud to lead the effort to bring clarity by passing the 21st Century FIT.” activity As corrupt regulators like it [Gary Gensler] “We can now focus on our mission of protecting investors and unhindering innovation,” he added.
The SEC has come under fire for threatening enforcement action against Robinhood's cryptocurrency division.Rose is among them. There are many famous people He expressed strong opposition to the authorities' move.
Jake Cherbinski, Chief Legal Officer of Valiant, also said: I took it to express my feelings to X perspective.
The SEC has an unusually large number of Wells Notice Regarding Virtual Currency In the last few months. But Cherbinski believes the SEC is abusing the Wells notification process as a “scare tactic” to put pressure on companies.
“The number of things they've been sending us about cryptocurrencies over the last few months is amazing. difficult I couldn't have imagined that they would (or could) initiate so many enforcement actions at once,” Chervinski said. “They now appear to be exploiting the Wells process as a fear tactic.”
“If the SEC takes as many enforcement actions as it sends Wells notices; commits a serious violation of Both the law and the mandate of Parliament. “Otherwise, they are clearly abusing the Wells process to obtain unfettered discovery and blackmail a good American company,” he added.
Cherbinski argued that the SEC is focusing too much on regulating cryptocurrencies and neglecting its core responsibility of regulating traditional stock and bond markets. He said this focus was a waste of taxpayer resources that could be better spent on the agency's core mission.
“Given that the SEC’s actual purpose is to regulate stock and bond markets, the SEC is allocating a grossly disproportionate amount of its resources to cryptocurrencies. Taxpayers' money is One It's not being spent on the real mission Congress created the SEC to pursue,” Chervinsky said.
under Leadership of Chairman Gary Gensler; The SEC is actively pursuing legal actions against various prominent individuals and organizations within the industry.
The SEC continues to expand its scope following lawsuits against three major crypto exchanges: Coinbase, Kraken, and Binance. new Crypto-related entities such as Consensys, Uniswap Labs, and Robinhood.
Although Ripple Labs was a previous primary target of the SEC, achieve a partial victory against the agency.
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