In a press release dated June 6, 2023, Kristin Smith, the CEO of the Blockchain Association, released a statement regarding recent actions taken by the Securities and Exchange Commission (SEC) in relation to digital assets. She criticized the SEC's approach to blockchain technology and voiced confidence that future court rulings would counter SEC Chair Gary Gensler's stance.
Smith stated, “The SEC doesn’t make the law – it only makes accusations – and we’re confident the courts will prove Chair Gensler wrong in due time." Her comments reflect a growing frustration within the crypto industry about what is perceived as an overly aggressive and misguided approach by the SEC towards digital assets.
The Blockchain Association's CEO contradicted Gensler's claims of regulatory clarity in the digital asset sector. She highlighted the recent circulation of a comprehensive regulatory proposal by two House committee chairs as evidence of the existing regulatory confusion. This draft, known as the Digital Asset Market Structure discussion draft, represents an effort to construct effective regulation for digital assets.
In her statement, Smith also referred to Gensler's actions as a "relentless crusade against American innovation." Her criticism echoes concerns within the crypto community that the SEC's approach is overly punitive and may stifle technological advancement.
Smith affirmed the Blockchain Association's commitment to advocate for its members and the broader crypto industry in response to the SEC's actions. She concluded her statement by vowing to "fight back in Congress and the courts."
The ongoing disagreement between the SEC and the blockchain community underscores the complexities of regulating this rapidly evolving technology. As these discussions continue, the Blockchain Association has positioned itself as a leading advocate for the industry, ready to challenge regulatory measures it deems detrimental.
