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Grayscale CEO Says Utilizing Courts for All Crypto Matters Will Stop Innovation

Grayscale CEO discussed the importance of a balanced crypto regulation to prevent stifling innovation in the US.

ShahZaib Ahmed



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Michael Sonnenshein (the CEO of Grayscale Investments) pointed out a likely negative result for the economy in the United States if the US SEC keeps on following a one-by-one approach for the regulation of crypto assets. In a recent interview conducted by Fox Business, the CEO brought to the front that the Securities and Exchange Commission could expel crypto entities from the jurisdiction by consistently taking enforcement actions.

Grayscale’s Sonnenshein Points Toward the Bad Consequences of SEC’s Approach to Take Each Crypto Matter to Court

The chief executive officer of Grayscale stated that if each of the crypto-related matters has to face a court, then the United States is stopping the innovation that is occurring in its jurisdiction. The executive added that the market requires distinct definitions concerning crypto securities and crypto commodities along with clearer regulatory guidelines related to stablecoins.

Also Read: A Couple of Crypto Legislations Proposed in the United States

He is of the view that such an approach will keep business platforms from migrating outside the US. Sonnenshein mentioned that the addition of more clarity in this respect would guarantee that individuals and companies dealing with crypto do not quit the country’s jurisdiction. In addition to this, Brad Garlinghouse (the CEO of a well-known crypto exchange Ripple) echoed analogous remarks.

Ripple’s CEO Says Several Legal Cases Will Begin after the company’s Lawsuit

His comments came before the partial victory of the crypto exchange against the SEC on the 13th of July. Before that, on the 17th of June, Garlinghouse asserted that the SEC is making a strategy to eradicate innovation and the crypto sector within the US. As per the Ripple CEO, the lawsuit of the company against the SEC is only the beginning of several other cases. Nevertheless, Sonnenshein is still optimistic regarding the current endeavors of Congress for the provision of regulatory clarity regarding the industry.

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