From the famous businessman Mark Cuban, owner of the Dallas Mavericks, one of the NBA teams, to Brian Armstrong, the CEO of Coinbase, support came to the stance of the US Securities and Exchange Commission (SEC).
“Just people who don’t want new technology…”
Replying to Brian Armstrong’s tweet from his 8.5 million followers account, Cuban used the following statements:
“As we saw with Brian on ‘regulation by litigation’, they are not capable of handling these things themselves and are afraid of making mistakes. They left all the work to the lawyers. These are just people you don’t want to touch the new technology. You must attack too.”
As it will be remembered, the tension between the SEC and Coinbase was created over the exchange’s product, Lend, which creates crypto returns. Biran Armstrong, in his statement on Twitter the other day, stated that they went to the SEC side for the Lend product, but that even a meeting could not be held, and the institution asked for many detailed information from them.
Securities comment again from SEC
Stating that they provided all of this information to the SEC, Armstrong said, “This type of product exists in the entire cryptocurrency industry. Everyone does. If you don’t want this situation, apply it to the whole industry.” he had reacted. Armstrong also stated that he went to Washington to meet with SEC officials, but the institution replied, “We do not meet with crypto money companies.”
The SEC reportedly views Lend as a security, but when asked why, the agency doesn’t respond, according to Armstrong.
Instant support from Ripple
Brad Garlinghouse, CEO of Ripple, another crypto money company that has been sued with the SEC after all these events, said, “These are familiar from somewhere. welcome to the party” commented.
Gensler’s reaction is also curious
Gary Gensler, who has made many statements about cryptocurrencies, especially DeFi products, is still silent on this issue. Considering that Gensler recently opened a Twitter account, it is almost impossible not to see all these messages. It remains to be seen what stance the SEC chairman will take on this issue. Gensler recently said that crypto companies should consult regulators before launching their products.
Coinbase, on the other hand, claims that despite doing so, it did not receive any response.
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