The exclusive Commissioner of the Democratic Securities and the United States Commission said that the “Jenga regulatory” agency with an approach to the cryptocurrency industry and market regulation within the Trump administration.

May 19 comments During the SEC event, Commissioner Caroline Crenshaw warned about what she described as a hazardous dismantling of “discreet but related rules” about cryptography and a wider market.

It compared the market stability to the “Jeng Tower”, which the principles of the agency “have developed carefully for years”, which could overthrow if some rules were removed.

In addition to the pathetic loss of staff, Crenshaw said that SEC used staff guidelines to effectively reverse the rules without proper analysis or public commentary, especially around cryptography

“Our statements regarding these cryptographic problems are the equivalent of the blink and nod, which is aimed at saying that we do not plan to strictly use our provisions in specific, specific situations.”

She added that the regulator abandoned enforcement activities, especially in cryptographic markets, creating something that he calls “regulation by non-extinguishing.”

“I am deeply concerned about the abandonment of the swaths committee of our enforcement program,” she said.

Crenshaw, the last remaining Commissioner of Democrats, said that “about the face of the agency” is problematic for many reasons, such as corroding his reputation in court, undermining his credibility and calling doubts as to the state of “long -term and fundamental cases”.

Related: SEC reduces its cryptocurrency enforcement unit: Report

Crenshaw, who also opposed the SEC from Ripple, said in her latest remarks that the collapse of FTX 2022 was an example of what a “large -scale crisis” could look like.

“This risk has not disappeared, but calls for serious regulatory control are now much quieter,” she said.

“Undertaking and underestimating these threats and complexity allocates us to repeat hard lessons with high rates, because the crypto is becoming more and more entangled in traditional finances.”

For comparison, the comments of Republican Commissioners of SEC were satisfied with the embrace of the cryptographic sector agency.

Crypto “is wasted in Sec Limbo”

Paul Atkins, chairman of SEC, said at the event SEC says that “cryptographic markets have been decreasing in Sec Limbo for years”, adding that the agency should not deal with the soul innovation of cryptographic companies.

Commissioner Hester Peirce, who manages the SEC task group, he said In the remarks that the agency’s approach as part of the Biden administration “avoided reasonable regulatory practice and must be improved.”

She also claimed that Crypto was not under the provisions on securities, because “most of the currently existing cryptographic assets on the market” are not securities.

“Even if the wide swath of cryptographic trade assets in secondary markets were initially offered and sold with the investment agreement, they are apparently no longer bought and sold in securities transactions. Many of these cryptographic assets are functional.”

Commissioner Mark Uyeda repeated the sentiment of his peers, statement that SEC should “make efforts to ensure that the regulation by enforcing the law will not be a tool used for future policy shaping.”

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