SNEAK PEEK
- Ben Armstrong has condemned Gary Gensler’s opinion of the crypto market lacking regulatory compliance.
- The U.S. Securities and Exchange Commission charged crypto trading platform Bittrex Inc. and William Shihara on April 17.
- Reportedly, Gensler is likely to be fired amid the chaos surrounding the FTX crash.
It looks like crypto enthusiast and author Ben Armstrong isn’t impressed with Gary Gensler’s recent statement regarding the crypto market’s lack of regulatory compliance. Taking the matter to his Twitter account, he expressed his displeasure and said that Gensler will be out as soon as the FTX case comes to an end.
Gary can suck it. Once $XRP case is over he will never work again https://t.co/Gm2nqZhTe4
— Ben Armstrong (@Bitboy_Crypto) April 18, 2023
He even went a step ahead to frame nicknames mocking Gary and others. This isn’t the first time Armstrong has criticized Gensler, as previously he openly said exposing Gensler’s bad record and what makes him a failure.
But what’s the reason behind Armstrong’s strong reactions? The story unfolds below.
On April 17, the U.S. Securities and Exchange Commission charged Bittrex Inc. as well as its former CEO, William Shihara, owing to their running an unregistered securities broker, exchange, and clearing agency.
The complaint was filed in a U.S. district court in Washington and alleged that Shihara coordinated with crypto asset issuers who were looking forward to making their tokens available on the Bittrex platform for trading as well as to delete public statements that Shihara assumed would make regulators investigate such token offerings in the form of securities.
Bittrex Global GmbH, Bittrex’s foreign affiliate, was also charged due to its inability to register as a national securities exchange and its operation of one shared order book with Bittrex.
In a statement, Bittrex Inc. said that securities were not traded or offered on its platform, and it didn’t offer products that were investment contracts.
— Bittrex (@BittrexExchange) April 17, 2023
The company further said that Bittrex Global was founded based on the fundamentals of security and compliance, and they are proud of their worldwide reputation for being among the longest-standing as well as most compliant exchanges across the globe.
Meanwhile, the SEC’s complaint also accused Bittrex of earning a minimum of $1.3 billion in revenues from 2017 to 2022, all from transaction fees from investors and other things, without registering the activities with the SEC.
Highlighting the matter, SEC Chair Gary Gensler took to Twitter to share that crypto markets lack regular compliance.
Today’s action, yet again, makes plain that the crypto markets suffer from a lack of regulatory compliance, not a lack of regulatory clarity. https://t.co/JurmBacpXw
— Gary Gensler (@GaryGensler) April 17, 2023
Previously, he said that companies that facilitate transactions in the crypto market should register with the SEC, similar to other market intermediaries.
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- Source: https://investorbites.com/gary-gansler-to-be-out-once-xrp-case-is-over-says-ben-armstrong/
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