{"id":551984,"date":"2023-02-15T04:19:58","date_gmt":"2023-02-15T01:19:58","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/crypto-regulation-decided-by-congress-not-the-sec-blockchain-association\/"},"modified":"2023-02-15T04:19:58","modified_gmt":"2023-02-15T01:19:58","slug":"crypto-regulation-decided-by-congress-not-the-sec-blockchain-association","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/crypto-regulation-decided-by-congress-not-the-sec-blockchain-association\/","title":{"rendered":"# Crypto regulation decided by Congress, not the SEC: Blockchain Association"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_84 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a28a8ba6d5ce\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a28a8ba6d5ce\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/crypto-regulation-decided-by-congress-not-the-sec-blockchain-association\/#%E2%80%9D_Crypto_regulation_decided_by_Congress_not_the_SEC_Blockchain_Association_%E2%80%9C\" >&#8221; Crypto regulation decided by Congress, not the SEC: Blockchain Association &#8220;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_Crypto_regulation_decided_by_Congress_not_the_SEC_Blockchain_Association_%E2%80%9C\"><\/span>&#8221; Crypto regulation decided by Congress, not the SEC: Blockchain Association &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p><img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjMtMDIvZmFhOGVkY2ItZGExNS00ZGEyLWFjN2EtNTk3ZTM5ZTMwMzQyLmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-4bbf85c5>Despite attempts to police cryptocurrency through enforcement actions, United States financial regulators \u201care bound by legal reality\u201d and Congress will ultimately decide crypto regulations the policy expert for the crypto advocacy group Blockchain Association has suggested.<\/p>\n<p>The association&#8217;s chief policy officer, Jake Chervinsky, shared his views in an extensive Feb. 14 <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">Twitter<\/a> <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/jchervinsky\/status\/1625568626462887945\">thread<\/a> on the state of crypto policy.<\/p>\n<p>He noted neither the Securities and Exchange Commission (SEC) nor the Commodity Futures Trading Commission (CFTC) \u201chas the authority to comprehensively regulate crypto.\u201d<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">14\/ No matter how many enforcement actions the SEC and CFTC bring, they are bound by legal reality:<\/p>\n<p>Neither has the authority to comprehensively regulate crypto, neither can obtain it through any amount of enforcement, and neither will ever have it without an act of Congress.<\/p>\n<p>\u2014 Jake Chervinsky (@jchervinsky) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/jchervinsky\/status\/1625568647233081348?ref_src=twsrc%5Etfw\">February 14, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>Chervinsky believed a deal on crypto legislation seems \u201cunlikely, given the ideological gap between House Republicans and Senate Democrats.\u201d He accused the SEC and CFTC of overstepping their authority in an attempt to \u201cget things done\u201d without Congress.<\/p>\n<p>Chervinsky called for the industry to remain calm following the recent flurry of activity from \u201ccrypto\u2019s chief antagonist,\u201d the SEC, and pointed to its crackdown on staking services as an example.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">13\/ The SEC&#8217;s main tactic is regulation by enforcement, and it struck again last week by labeling Kraken\u2019s staking service a security.<\/p>\n<p>That&#8217;s frustrating, but it doesn&#8217;t change much for anyone else. Settlements aren&#8217;t the law, and every set of facts is unique. Others will fight.<\/p>\n<p>\u2014 Jake Chervinsky (@jchervinsky) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/jchervinsky\/status\/1625568645836378120?ref_src=twsrc%5Etfw\">February 14, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>The SEC\u2019s Feb. 9 settlement with crypto exchange Kraken, that banned the exchange from ever offering staking services to U.S. customers, was publicly rebuked by SEC Commissioner Hester Peirce.<\/p>\n<p>In a Feb. 9 dissenting statement, Peirce argued that regulation by enforcement \u201cis not an efficient or fair way of regulating\u201d an emerging industry.<\/p>\n<p><strong>Related: <\/strong><strong><em>US lawmakers and experts debate SEC&#8217;s role in crypto regulation<\/em><\/strong><\/p>\n<p>Chervinsky suggested litigation is one way the crypto industry can push for good policy, noting the judiciary plays an important role in dictating policy that has been \u201cignored.\u201d <\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">20\/ FIFTH, we can litigate.<\/p>\n<p>Policy is made in all three branches of government, and we\u2019ve ignored the judiciary for too long.<\/p>\n<p>At the core of crypto is a fight for civil liberty, a fight that calls for impact litigation.<\/p>\n<p>Our best allies may be in the courts. Let&#8217;s go find them.<\/p>\n<p>\u2014 Jake Chervinsky (@jchervinsky) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/jchervinsky\/status\/1625568656036925463?ref_src=twsrc%5Etfw\">February 14, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Crypto exchange Coinbase also faces an SEC probe similar to what resulted in Kraken\u2019s settlement.<\/p>\n<p>Coinbase CEO and co-founder, Brian Armstrong, has taken a more resolute stance, claiming that getting rid of crypto staking would be terrible for the U.S.<\/p>\n<p>Armstrong argued in a Feb. 12 Twitter post that Coinbase\u2019s staking services are not securities and would \u201ch<a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>ily defend this in court if needed.\u201d<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Coinbase&#8217;s staking services are not securities. We will happily defend this in court if needed.<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/GtTOz77YV3\">https:\/\/t.co\/GtTOz77YV3<\/a><\/p>\n<p>\u2014 Brian Armstrong (@brian_armstrong) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/brian_armstrong\/status\/1624829368915890176?ref_src=twsrc%5Etfw\">February 12, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Judge\u2019s rulings in landmark cases create a legal precedent. If such a case were brought to court and a judge decided Coinbase\u2019s staking services did not classify as securities, other crypto companies in a similar position could use the precedent as part of their defense.<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/crypto-regulation-decided-by-congress-not-the-sec-blockchain-association\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; Crypto regulation decided by Congress, not the SEC: Blockchain Association &#8220; Despite attempts to police cryptocurrency through enforcement actions, United States financial regulators \u201care bound by legal reality\u201d and Congress will ultimately decide crypto regulations the policy expert for the crypto advocacy group Blockchain Association has suggested. The association&#8217;s chief policy officer, Jake Chervinsky,&#8230;<\/p>\n","protected":false},"author":1,"featured_media":551985,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/s3.cointelegraph.com\/uploads\/2023-02\/faa8edcb-da15-4da2-ac7a-597e39e30342.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74957,75422,74956,74860,75540,74898,133582,52214,71433,70934,10401],"class_list":["post-551984","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-brian-armstrong","tag-cftc","tag-coinbase","tag-cryptocurrency-exchange","tag-kraken","tag-sec","tag-staking","tag-congress","tag-court","tag-regulation","tag-twitter"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/551984","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=551984"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/551984\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/551985"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=551984"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=551984"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=551984"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}