A lawyer from a16z Crypto, a major venture capital firm, has questioned the US Securities and Exchange Commission’s (SEC) approach to cryptocurrencycurrency regulation.
Miles Jennings, the SEC’s chief counsel, continued to outline the allegations leveled against the division’s attorneys, describing them as “incompetent” and accusing them of “abusing power.”
According to Jennings, the SEC’s legal measures against DebtBox are merely the tip of the iceberg. He believes A16z would no longer allow legal practices that use former SEC attorneys for cryptocurrencycurrency enforcement.
This criticism originates from the SEC’s lawsuit against DebtBox, a blockchain business. Despite the fact that DebtBox lost the litigation, the SEC accused them with fraud. The judge concluded that the SEC “abused power” and made “misleading statements.”
Though sentiments on Jennings’ words remain varied, some people completely agree with him and believe it is overly harsh. The SEC has not responded to the criticism as of yet.
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