$Grayscale Bitcoin Cash Trust (BCHG.US)$ The crypto industry...
The crypto industry has mounted a legal counteroffensive against U.S. regulators to fight what it sees as a government-wide attempt by the Biden administration to quash the $2 trillion digital asset industry, FOX Business has learned.
The pushback, in the form of lawsuits, lobbying Congress and challenging enforcement actions by the Securities and Exchange Commission (SEC) and other federal agencies, is not being coordinated by any one entity, sources familiar with the matter say. Yet as many as half a dozen crypto-related companies have mounted challenges to the White House’s effort to reign in the industry in recent months and the momentum is building, these people add.
Wall Street’s top cop, the SEC, and its crypto-skeptic chair, Gary Gensler, have brought a myriad of lawsuits against various players in the sector for what Gensler says is mass noncompliance with various securities laws, including crypto companies refusing to register their businesses with the SEC. Crypto players say existing registration procedures are not compatible with blockchain technology, the foundation of their business, and thus they are not in violation.
The pushback, in the form of lawsuits, lobbying Congress and challenging enforcement actions by the Securities and Exchange Commission (SEC) and other federal agencies, is not being coordinated by any one entity, sources familiar with the matter say. Yet as many as half a dozen crypto-related companies have mounted challenges to the White House’s effort to reign in the industry in recent months and the momentum is building, these people add.
Wall Street’s top cop, the SEC, and its crypto-skeptic chair, Gary Gensler, have brought a myriad of lawsuits against various players in the sector for what Gensler says is mass noncompliance with various securities laws, including crypto companies refusing to register their businesses with the SEC. Crypto players say existing registration procedures are not compatible with blockchain technology, the foundation of their business, and thus they are not in violation.
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