Altcoin News by Thebittimes.Com

Tesla CEO Elon Musk and Dallas Mavericks owner Mark Cuban have teamed up to voice their opposition against Securities and Exchange Commission (SEC) Chair Gary Gensler. Crypto YouTube channel Crypto Banter explained in an Oct. 19 livestream that, in an amicus brief filed this week, Musk and Cuban supported an overhaul of the SEC’s current use of administrative law judges in enforcement actions. The existing system allows the SEC to both bring cases and preside over them, denying defendants the right to a jury trial. Musk has a contentious history with the SEC. In 2018, he settled a lawsuit brought by the agency over his tweet about potentially taking Tesla private. As part of the settlement, Musk agreed to have his Tesla-related tweets pre-approved by the company. You might also like: SEC chairman Gensler confirms ongoing review of Bitcoin ETFs Earlier this year, Musk criticized the SEC, saying “I do not respect the SEC. I do not respect them.” Cuban als...

Also Read: Bitcoin Can Quickly Rally To $70000 After Fed Decision, Says BitMEX Arthur Hayes advertisement Gary Gensler Maintains Crypto Tokens As Securities Stance In his testimony, the SEC official maintained that a majority of crypto tokens likely meet the investment contract test, which means they should be treated as securities. Surprisingly, Gensler is continuing to continue the securities law superimposition despite the SEC’s recent loss in the XRP lawsuit, in which the judge denied the agency’s argument that retail sale of tokens are securities transactions. “Given that most crypto tokens are subject to the securities laws, it follows that most crypto intermediaries have to comply with securities laws as well. Given this industry’s wide-ranging non-compliance with the securities laws, it’s not surprising that we’ve seen many problems in these markets.” The US Senate Committee’s full committee hearing on th...

Gensler made the statement while speaking at the National Press Club Headliners Luncheon, where he was asked about the implications of the recent court ruling on the crypto industry.  advertisement Gary Gensler Joins National Press Club Headliners Luncheon" width="678" height="509" src="about:blank" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen data-rocket-lazyload="fitvidscompatible" data-lazy-src="https://www.youtube.com/embed/LigI8_E9JXM?feature=oembed"> Gary Gensler Joins National Press Club Headliners Luncheon" width="678" height="509" src="https://www.youtube.com/embed/LigI8_E9JXM?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscree...

Four congressmen have accused the U.S. Securities and Exchange Commission (SEC) under Chairman Gary Gensler of “ regulatory hypocrisy and inconsistency.” They added: “While the SEC is failing to comply with federal transparency and record-keeping laws, the SEC is aggressively enforcing record-keeping laws on private businesses.” Gensler’s Regime at SEC ‘Has Been Characterized by Regulatory Hypocrisy and Inconsistency’ Four lawmakers sent a letter to the chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, on Tuesday “denouncing the Biden administration’s inconsistency and hypocrisy of enforcing record-keeping laws, this time at the SEC.” The letter was signed by U.S. Representatives Tom Emmer (R-MN), Patrick McHenry (R-NC), Jim Jordan (R-OH), and James Comer (R-KY). They wrote: Recent reports suggest that SEC officials are using ‘off-channel’ communications platforms, such as Signal, Wh...