SEC’s Approach Hinders Crypto Innovation’s Full Potential: Quinten By CoinEdition
SEC’s Approach Hinders Crypto Innovation’s Full Potential: Quinten- Former CFTC Commissioner Explains Why The Crypto Industry Is Not Happy With The SEC.
- Quinten believes the crypto industry needs rules that suit the technology and promote reaching its full potential.
- No regulation is bad for crypto, the right legislation will promote integrity, Quinten said.
Speaking in an interview at Mainnet 2022, Brian Quinten, former Commodity Futures Trading Commission (CFTC) Commissioner, outlined reasons why the crypto industry is not happy with the regulations set by the Security Exchange Commission (SEC).
The commissioner who now works as an advisory partner on the crypto team at venture capital firm Andreessen Horowitz revealed that the regulations created by the SEC are not serving their purpose.
Quinten elaborated on this further, saying:
I think what the crypto ecosystem wants are rules that fit their technology, that are fit for purpose, that allow the innovation to actually reach its full potential. You don’t get that out of the SEC
Remarkably, Quinten compared his contribution to the industry as a commissioner with what is happening now.
During Quinten’s tenure at the CFTC, he said he oversaw the listing of U.S. futures contracts and the creation of tokenized commodities, among other crypto-specific developments, while now raising concerns about calling cryptosecurity.
According to Quinten, what worries him the most is that when crypto falls into the category of security, it will mean that there is a central issuer, which will be required to send proxy statements to everyone who holds a given token.
Furthermore, he stated:
If the SEC was serious, it could do things that would enable some sort of securities-like regulatory structure, without threatening the entire ecosystem.
Focusing on the rigidity of the SEC in how it handled the crypto industry, Quinten said the only way to fix the problem is to educate elected officials about the potential benefits of a better regulated crypto space since Congress is in power. to create a new framework.
However, he rejected the notion held by many; any kind of regulation was bad for crypto. Furthermore, he said that if they have well-tailored, appropriately calibrated legislation, the end result could be profitable liquid markets with very strong integrity.
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