In a recent video shared on blockchain and cryptocurrency sectors.
Vance, who is expected to take office alongside President-elect Donald Trump, highlighted two main problems with Gensler’s regulatory stance. First, he accused Gensler of injecting politics into securities regulation.
“He wants to inject way too much politics into the securities business in the United States of America,” Vance said. This criticism reflects a broader concern among members of the crypto industry, who believe that regulatory decisions should be driven by technical and economic considerations rather than political agendas.
The second, perhaps most important, point of contention for Vance is Gensler’s approach to blockchain and cryptocurrency regulation. According to Vance, Gensler’s strategy is fundamentally flawed and counterproductive.
“Gary’s approach to regulating blockchain and crypto appears to be almost the exact opposite of what it should be,” he said. Vance explained that the SEC appears to be targeting useful tokens while ignoring those that don’t, a position he believes is misguided and one that explains the SEC’s pursuit of Ripple and XRP while leaving Ethereum intact.
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The need for proper crypto regulation
Vance’s concerns about the SEC’s focus on the utility of tokens are rooted in a broader apprehension about the financialization of the crypto sector. He expressed concerns about the authenticity and viability of many crypto projects, suggesting that tokens with real utility should be subject to regulation. Vance emphasized the need to carefully regulate these tokens to ensure consumer protection without stifling innovation.
One of the points highlighted is the importance of blockchain technology for emerging businesses, particularly those looking to challenge established social media giants. He noted that many of the most exciting new communications companies rely on tokens that are very useful for functions like verification.
“Many of the new challengers to social media incumbents in 2024 will need some blockchain technology to run their businesses,” Vance explained. He warned that if the regulatory environment made it difficult to use these tokens, it could hinder the growth of these innovative companies and consolidate existing incumbents.
The crypto community, particularly XRP supporters, reacted positively to Vance’s remarks. WallStreetBulls believes that Vance’s stance could benefit XRP, which has come under scrutiny by the SEC. Anticipation of Gensler’s dismissal, as promised by President-elect Trump, has further fueled optimism within the community.
Disclaimer: This content is intended to be informative and should not be considered financial advice. The views expressed in this article may include the personal views of the author and do not represent the views of the Times Tabloid. Readers are advised to conduct thorough research before making any investment decisions. Any action taken by the reader is strictly at the reader’s own risk. Times Tabloid is not responsible for any financial losses.
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