It is almost clear that the officials of the regulatory bodies of the governments are themselves harvesting funds by supporting some preferred big cryptocurrencies!

• The current Chair of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, openly supported blockchain and cryptocurrencies in 2018 when he was a professor at MIT.

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Gary Gensler doesn't clarify if Ether is a security or commodity!

When the U.S. House Financial Services Committee Chair Patrick McHenry repeatedly asked the U.S. SEC Chair Gary Gensler on whether Ether is a security or commodity.

• Gary Gensler said many sentences but didn't clarify whether Ether is a security or commodity. Gary avoided the answer several times with fumbled, haphazard statements like bad students often do in oral examinations in high schools!

But, so many rules and regulatory juggleries were choreographed under the direction of the same SEC Chair, Gary Gensler, against Ripples Lab's XRP and LBRY Foundation's LBRY Credit (LBC).

• The Chair of the US SEC, Gary Gensler, has been exposed in the live testimony by the U.S. House Financial Services Committee comprising a group of U.S. Congress.

Video Source

Coinbase filed a legal suit against the US SEC in the U.S. Circuit Court.

The US SEC formulated plenty of unclear guidelines and mistreated several cryptocurrency startups without clear rules for regulating cryptocurrencies.

• Earlier, the crypto world saw the US SEC as a "hunter" unfairly "hunting" (regulating) new crypto startups but didn't do anything against the big cryptos.

• Coinbase sues the US SEC to get clarity over U.S. crypto regulation.

The US SEC has to answer clear-cut "yes or no" answers about the government's crypto regulatory actions.

• The other crypto startups, who were victims of the unclear crypto regulation, may also join Coinbase in filing multiple legal suits against the US SEC.

The crypto world must urge governments to develop appropriate crypto rules.

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<> Originally published on ReadCash

Cheers!

Debesh Choudhury  (Unity at ReadCash).

Text Copyright © 2023 Debesh Choudhury — All Rights Reserved

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April 27, 2023