Offensive SEC against crypto: Even Peter Schiff is outraged and takes a stand.

Peter Schiff, a notoriously crypto-skeptical economist, has now come to their defense. He is outraged by the new rules adopted by the Securities and Exchange Commission (SEC) to regulate the sector.

Peter Schiff Defends Crypto Against the SEC

This is a turnaround that’s quite unexpected. Peter Schiff, who has spent the last few years predicting the collapse of Bitcoin, is now stepping up to defend cryptos against the SEC.

The SEC recently adopted rules requiring certain market participants in the crypto space to register with it and comply with securities regulations. Specifically, anyone trading more than 50 million dollars of crypto or traditional assets must join a self-regulatory organization (SRO) and abide by federal securities laws.

According to the SEC, this decision aims to better frame an opaque and non-compliant crypto market. It will also help combat price manipulation and insider trading. Arguments that do not convince Peter Schiff.

This renowned economist emphasizes that these measures have no clear legal basis. In his opinion, the SEC is overstepping its authority and attempting to abusively control an innovative sector.

A Complicated Application That Causes Dissension

Even within the SEC, this regulatory tightening is far from unanimous. Commissioner Hester Peirce has publicly questioned the complexity of its practical application.

In tense exchanges, she has asked her colleagues about the exact number of people ultimately affected.

“If you develop smart contracts and also use them to trade, are you affected?” she asked. “Impossible to say, this sector is not yet transparent enough,” she was told in response.

These evasive answers have reinforced her doubts: the application of these measures seems complex and confused. For her, the SEC is heading towards a “titanic challenge” and endless procedures. Even its chairman acknowledged that the asset threshold of 50 million dollars is quite arbitrary.

It reinforces the position of Peter Schiff and other skeptics! For them, these hesitations prove the lack of legal foundation for the new rules. The SEC would only be trying to slow down this promising sector.

It remains to be seen who will emerge victorious from this regulatory battle full of twists and turns. But the fact that even the fiercest crypto opponents are now coming to their defense proves that the situation is changing. To be continued!