The news of the threats of lawsuit filed by the United States Securities and Exchange Commission against Coinbase looks set to mark a new era in the cryptocurrency. If space crypto has been characterized for years by evident misunderstandings and divisions, in recent days the attack by the SEC against theexchange has forced more than one actor to a deep reflection. In fact, it seems quite evident that the authority responsible for supervising the financial markets has entered the perspective of one collision inspired by a specific part of the political world. The one who had made his intentions clear at the beginning of the year.
Is politics preparing to take the field against cryptocurrencies?
When Gary Gensler took the helm of the SEC, large parts of the crypto world openly applauded its advent. Clearly considering him a friend of the industry.
What was this perception due to? In particular to the fact that Gensler had previously taught a course on blockchain at MIT. Indeed, it seemed the prelude to a more relaxed relationship between institutions and the world of financial innovation.
Unfortunately, that doesn't seem to be the case. Indeed, in the months that separate us from his debut, the number one of the SEC has stood out for a series of hostile acts against some of the most well-known companies in the industry. So much so that many think that he has bowed to the inputs coming from politics.
Politics and cryptocurrencies
The relationship between stars and stripes politics and cryptocurrencies looks like right now very unbalanced. With the contrary voices which are clearly taking over. As is amply testified by the statements made at the beginning of the year by Janet Yellen, the new Secretary of the Treasury. Which had taken up old theses such as those relating to the use of digital assets by the criminal economy. Which were then joined by other characters, starting from old acquaintances such as Maxine Waters, chairman of the House Financial Services Committee. For some time now engaged in a real battle against Facebook's cryptocurrency.
Against which the cryptofans can count on a few and isolated rumors, such as that of Cynthia Lummis, a Wyoming senator who has long campaigned for financial innovation. Until now, however, with little success.
Old enemies unite
Faced with an increasingly hostile attitude on the part of the SEC, now some characters of the crypto space that have always been at odds seem ready to leave the old hostility behind. To demonstrate the new phase is in particular the strong support expressed by Jesse Powell, CEO of Creak, to Brian Armstrong, Coinbase's number one. Which could act as an accelerator in the formation of a united front in which other leading companies could participate.
From Ripple Labs, since the beginning of the year struggling with the lawsuit filed by the SEC for the sale of unauthorized securities. It is no coincidence that its CEO, Brad Garlinghouse, after reading Armstrong's statements, posted a tweet welcoming him to the party arranged by the SEC.
And from Uniswap, another company that has long since come under the magnifying glass of the supervisory body. Giving way to Jake Chervinsky, lawyer and well-known cryptofan, to highlight the contradictions of which the commission has been the protagonist, for some time now.