Gary Gensler, the Chairperson of the U.S. Securities and Exchange Commission (SEC) is one of the most controversial figures in the <a href="https://news.todayq.com/us-sec-replies-to-show-cause-in-debt-box-crypto-case/" target="_blank" rel="noreferrer noopener">crypto space</a>. In the developing event, Gary’s recent post on social media platform X (formerly Twitter) received a community note. SEC Chair maintains its stance over crypto 
US SEC chair took to X to issue a warning regarding the prevalence of noncompliance in the crypto space. In a video posted on the platform, Gensler mentioned concern about the detrimental impact of noncompliance on investor confidence. 
Gensler highlighted the negative consequences for individuals who have suffered financial losses. This includes individuals seeking recourse in bankruptcy courts. He argued that such instances of noncompliance create an uneven playing field. Thus making it difficult for law-abiding participants to compete effectively. 
However, US SEC chair Gensler’s post received immediate community notes as many users pointed out the irony of the commission’s stance. It particularly highlighted the lack of clear guidance for compliance in the digital assets industry.&nbsp; 
It is important to note that companies like Coinbase (COIN), a publicly traded entity overseen by the SEC during its listing, asked for clarification on compliance guidelines from the commission for several years. Meanwhile, the regulatory body has yet to provide a clear stance, relying instead on a form of regulation by enforcement. Coinbase asks for clear rules 
This development came in when the SEC recently denied a petition by Coinbase Global seeking new rules for the digital asset sector. The commission in a 3-2 vote rejected the proposal to introduce new regulations. It asserted that existing regulations are not “unworkable” for the crypto sphere which stood contrary to Coinbase’s argument. However, the crypto exchange announced that it had filed a petition for a court review of the SEC’s decision. 
The denial of Coinbase’s petition is part of an ongoing conflict between the crypto sector and the top U.S. markets regulator. The US SEC led by Gary Gensler had constaintly maintained that most crypto tokens are securities. It also argues that it falls under its regulatory purview. This move has resulted in legal actions against various crypto companies accused of listing and trading tokens that the SEC alleges should be registered as securities. 
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US SEC Chair Gensler’s X post gets community note

Todayq News

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