CoinRoutes CEO Dave Weisberger joins politicians and industry figures in criticizing the SEC’s regulatory approach to the crypto industry as overreaching.
The regulatory approach of the US Securities and Exchange Commission (SEC) to the crypto industry has been the subject of significant criticism. The US watchdog has been criticized by politicians and industry leaders for its “overreach” in the sector.
Dave Weisberger, the co-founder and co-CEO of CoinRoutes, recently expressed his opinion on the SEC’s posture and the members of Congress who endorse it.
On Wednesday, the crypto industry criticized the US regulator and the legislators who assert that the SEC is “effectively safeguarding” investors. The comments were made in response to US Representative Maxine Waters’ opposition to the Republican-led measure that sought to prevent the SEC’s Staff Accounting Bulletin (SAB) 121 from being implemented.
According to Representative Waters, the resolution is an attempt to “erase protections for investors” and is “part of a lengthy list of efforts” by the industry to “attack the good work” of the US regulator. “
The US congress member, in the statement, confirmed that the SEC has “made significant progress in protecting investors, maintaining fair, orderly, and efficient markets, and facilitating capital formation.”
Additionally, the Democratic Representative is of the opinion that the SEC’s ability to safeguard investors and the US market is imperative at this time, as it has been “undermined” in recent times.
The industry responded with criticism to Representative Waters’ statement. Some investors and crypto devotees refuted her statements, asserting that they would prefer to “take their chances” without the SEC’s protection.
Other X users believe that the US legislators are attempting to deceive crypto investors into believing that there is no issue with what they refer to as a “state of full regulatory capture” from the SEC.
The Chair of CoinRoutes expressed his dissatisfaction with Representative Waters’ remarks. Weisberger finds the notion that the US regulator is dedicated to safeguarding investors and the US market to be “so backward.” The CEO believes that individuals who concur with the SEC’s crypto position should be branded as “anti-investors.”
Additionally, Weisberger defended the Republican-led bill that aimed to obstruct SAB 121. The bill would permit regulated entities to custody assets that have been blocked by the SEC without “going through a normal process required by the APA.”
