Crypto giants slammed regulators at the annual Futures Industry Association conference on Tuesday for failing to provide an adept regulatory framework for a nascent asset class.
Over the last few weeks, regulators like the Securities and Exchange Commissions (SEC) have come full force at crypto companies by announcing a whole host of actions that industry stalwarts view as a direct attack on innovation and the space.
At least that’s what Andreessen Horowitz (a16z) head of policy at Brian Quintenz, believes as he went on to call the SEC “completely out of control” and “going rogue.”
The A16z Head of Policy also added that the “The United States has to make a decision about whether or not it will embrace and support innovators in this country.” Another panelist, CoinFund’s President Chris Perkins, added that “Hong Kong, Singapore, and the UK are ahead of the United States in terms of progress.”
Related: How crypto regulation is being done in Hong Kong, Singapore, and Japan
Examples of SEC’s actions against crypto include a lawsuit filed by New York Attorney Leiticia James against cryptocurrency exchange KuCoin for listing ETH, an alleged security. If proven in court, the second largest cryptocurrency by market cap will be in the direct firing line of the SEC.
As a result, industry players are turning towards a potential legislative solution with support from both parties: Democrats and Republicans. Julia Hueckel, associate general counsel at Coinbase, believes it’s the only way crypto will gain clarity on how it’s regulated and that she sees “bipartisan interest,” which gives her hope.