Jake Chervinsky, Chief Policy Officer of the Blockchain Association, stated that he believes that the US Congress will ultimately set the rules for the digital currency industry, not the Securities and Exchange Commission (SEC). which is known for its anti-crypto policies.
“Neither the SEC nor the Commodity Futures Trading Commission (CFTC) have the authority to enact comprehensive rules regarding digital currencies,” Chervinsky said in a tweet on Tuesday regarding digital currency legislation, according to Wallex and quoted by Forkast.
Chervinsky called 2022 the “worst year in crypto history” due to the collapse of cryptocurrency exchange FTX, which caused “huge damage” to the industry’s reputation and prompted naysayers to rush to regulate and restrict it.
Chervinsky said the ideological divide between House Republicans and Democrats has stalled debate over digital asset regulations, leading to agencies “expanding their authority to do things without congressional input, whether the law allows it or not.” give”.
Chervinsky called the Securities and Exchange Commission “the main opponent of digital currencies” and criticized the agency’s recent actions, calling it “supervision through pressure.”
On Thursday, the Kraken exchange suspended its cryptocurrency staking program for US customers and paid a $30 million fine to the SEC for violating securities laws. Shortly after this, Pexos Trust Inc. stopped minting the BUSD stablecoin at the behest of the New York Department of Financial Services.
Chervinsky’s solution is to ask Congress to do more and educate it more about the cryptocurrency industry. He also called for taking regulatory agencies to court to help define existing laws more precisely and to help establish precedents.
Explaining his reason for encouraging the matter to be brought to court, he said: “Politics is done in all three branches, and we have ignored the judiciary for a long time.”
Finally, he added that he is optimistic about the future of crypto in the United States.
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