- The SEC’s proposal for rulemaking is set to harm the crypto industry.
- In response, Polygon Labs makes a submission to challenge the SEC’s proposal.
- Other entities are also fighting to reach a fair solution with the SEC.
The SEC just released its proposal for rulemaking where it redefines the term ‘exchange’. This new proposed rule makes it clear that the SEC is on a path to only bring harm to the crypto and DeFi industry.
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In particular, the proposal for rulemaking towards the crypto sector proves to be extra harmful to DeFi. Specifically, the redefinition of the term ‘exchange’ would not only bring harm to DeFi, but it also threatens the very existence of permissionless blockchain networks in the USA.
Looks like the US crypto community is right when it calls the SEC an embarrassment and a disgrace. So far many regulators in the United States have found a way to allow crypto assets to function within its borders. However, it seems that the SEC is still being extremely difficult with the situation at hand.
In response to the rulemaking proposal, Polygon Labs made its own submission to the entity. If the SEC’s continued lack of cooperation with crypto companies goes on unchallenged, it could spell doom to the entire US crypto community.
At the moment, Polygon Labs isn’t the only entity to be fighting the SEC. Over the last few months the SEC has picked fights with both Binance and Coinbase.
As we see from the tweet above, Coinbase is going back and forth with the SEC to figure out a fair solution. Instead, the SEC has proven time and time again that it is not here to cooperate. Coinbase’s CLO shows how the SEC refuses to commit to a fair legal deadline despite orders from the court.
Presently, the SEC is about to wrap up its long-fought battle with Ripple Labs and their native crypto asset XRP. The Ripple team and collective crypto community is expecting a positive outcome. If it achieves this then there is nothing but bright hope for the other entities as well.
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