Blockchain Association Joins Coinbase In Pushback Against SEC

The Blockchain Association, a prominent lobbyist group for the cryptocurrency industry in the United States, has called on SEC Chair Gary Gensler to recuse himself from enforcing rules on the crypto space.

The United States Securities and Exchange Commission under Gensler has taken a hostile approach to crypto, filing lawsuits against several prominent crypto firms.

Blockchain Association Pens Open Letter

The call for the Securities and Exchange Commission Chair to remove himself from crypto-related matters was issued in the form of a statement released by the Blockchain Association. It comes after cryptocurrency exchange Coinbase filed a notice of intent on Wednesday, requesting a court to dismiss the regulator’s lawsuit against the exchange. In the letter, the Blockchain Association contends that Gensler has repeatedly asserted that everything other than Bitcoin is a security and that his statement gives the appearance that he cannot approach the issue with an open mind. The letter alleged that repeatedly expressing the same view meant that the SEC chair had prejudiced the central issue regarding digital asset-related enforcement proceedings.

As a result, the letter alleged that Gensler’s vote on whether or not to proceed with filing an action was biased. The Blockchain Association also stated that any SEC enforcement action must follow the “Wells Process,” which would give the target of the enforcement action enough time to present evidence and arguments for their case. However, thanks to Gensler’s unbiased perspective, core questions related to the crypto industry would not receive a fair assessment from the SEC. Chief Policy Officer at the Blockchain Association, Jake Chervinksy, stated,

“It’s clear that the digital assets industry cannot expect a fair assessment from Chair Gensler. His steadfast view that all digital assets except bitcoin are securities means that he cannot approach enforcement decisions with a fair and impartial mind, as required by the SEC’s Wells process and federal law. The time has come for Chair Gensler to recuse himself from all decisions related to digital asset-related enforcement matters. If he refuses, then I expect enforcement targets will begin raising the matter of his recusal in SEC proceedings and in federal district courts.”

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Author: Amara Khatri

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