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The battle between the Senate and the U.S. stock market regulator is heating up. Indeed, senators have openly questioned the SEC's repressive approach to cryptocurrencies. In this entrenchment regulation war, the Senate seems determined to fully defend the rise of this emerging universe.
Senate rebuke to SEC
By repealing accounting directive SAB 121, the Senate dealt a crushing blow to the SEC. The vote leads senators to condemn Gary Gensler's regulations. He wanted to slow down crypto players at all costs by imposing severe restrictions on them. However, contrary to all expectations, his attempts to suppress cryptocurrencies from the beginning turned out to be counterproductive.
In fact, the SEC’s tough approach has only excited crypto enthusiasts. Far from cleaning up the industry, the controversial directive is fueling greed. Lawmakers, institutional investors and even banks are uniting against Mr. Gensler and Mr. Biden. They reject this regulatory grip on the world, which they see as the future of decentralized finance.
Senate commits to crypto cause
With this rebuke to the SEC, the Senate showed its firm acceptance of the crypto cause. Determined to create a favorable framework, senators appear to want to take the opposite view from Gensler. They want to give investors easy access to this new asset class. At the same time, they want to give cryptocurrency companies the freedom to innovate.
In the face of this rebellion, the SEC Commissioner is putting on a brave face. Gary Gensler continues his anti-cryptocurrency movement. Despite his setback in the Senate, there's a good chance he'll put some new coin into the machine.
Whatever the SEC's machinations, this fight now appears to be a lost cause for Gensler. The Senate vote marks a major turning point. This paves the way for large-scale adoption of cryptocurrencies at the core of financial institutions. Regulators will play an important role in this ongoing revolution, but they will likely have to come to terms with this new decentralized world.
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Disclaimer
The views, ideas and opinions expressed in this article are solely those of the author and should not be construed as investment advice. Please do your own research before making any investment decisions.
