As a seasoned crypto investor with over a decade of experience navigating the digital asset landscape, I find myself both encouraged and concerned by recent developments in the regulatory arena. On one hand, it’s heartening to see states taking a stand against what they perceive as overreach by the SEC, particularly when it comes to the crypto space. This could potentially pave the way for a more balanced approach to regulation, fostering innovation while ensuring consumer protection.
18 U.S. states have initiated a legal action against the Securities and Exchange Commission (SEC) and its chair, Gary Gensler, accusing the agency of excessive government intervention in the cryptocurrency sector, which they claim is unjustified.
In their lawsuit, the plaintiffs argued that the Securities and Exchange Commission (SEC) overstepped its bounds by attempting to seize regulatory control from the states. This was evident in the SEC’s efforts to take action against cryptocurrency companies.
Among the parties bringing the lawsuit are Kentucky, West Virginia, Iowa, Texas, Mississippi, Ohio, Montana, Nebraska, Tennessee, Wyoming, and additional states.
NY Supreme Court allows Greenidge to keep mining, but challenges remain
In simpler terms, the New York State Supreme Court decision gave Greenidge Generation authorization to carry on both Bitcoin mining and power production at their New York site. Additionally, this verdict enables the company to resubmit and renew its Clean Air Act Title V Air Permit, which was rejected by the Department of Environmental Conservation (DEC) in June 2022.
In simpler terms, the court supported the Department of Environmental Conservation’s (DEC) right to reject the company’s permit based on state climate regulations. Additionally, the court acknowledged that the DEC may have acted arbitrarily but did not find sufficient evidence that the DEC made unlawful decisions in its policymaking regarding the company (Greenidge).
SEC crypto cases will be “dismissed or settled” under Trump: Consensys CEO
According to ConsenSys CEO Joe Lubin, it’s expected that the ongoing disputes between the SEC and cryptocurrency businesses may diminish under the new presidency of President-elect Donald Trump. He predicts that those involved in these cases will find means to either dismiss them or reach a settlement.
Lubin stated that, although not every case may be dropped, the sector stands to save hundreds of millions due to its progress. Moreover, he emphasized that the Trump administration is actively advancing in this area. In his words, Trump, being a skilled politician, has a knack for sensing the times and capitalizing on them effectively.
NY prosecutor suggests office will scale back crypto cases
At the Practicing Law Institute’s 56th Annual Institute on Securities Regulation, Scott Hartman, a US prosecutor based in New York, mentioned that there is a decrease in the allocation of resources towards investigating and prosecuting cases involving cryptocurrencies.
In his talk, Hartman indicated that fewer cryptocurrency-related cases might emerge from the Southern District of New York in the future. He explained that while there are numerous significant instances of fraud, other regulatory bodies seem to be more engaged in this particular field.
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2024-11-18 22:31