The Securities and Exchange Commission (SEC) is not particularly pro-crypto. Through their numerous policies and regulations, the commission has tried to suppress cryptocurrency innovations in the country for a long time. It has come in conflict with both crypto entrepreneurs and government officials for this reason. Many pro-crypto politicians have spoken against the SEC and the United States Department of Justice. Now a former member of the official setup has criticized the SEC for not allowing cryptocurrency innovations and developments in the country.
Brian Brooks was the former chief of the United States Office of the Comptroller of Currency. He is presently appointed as the CEO of cryptocurrency exchange BitFury.
Citing instances of crypto firms having to move out of the United States to continue operations, Brooks criticized the SEC for blatantly disregarding the scope for the sector. He said that the SEC operates with very little understanding of what cryptocurrency is and what it can do. Instead, the basis of its decisions and moves is fear of an implausible economic destabilization. Brooks also talked about how the SEC is failing to give private firms the chance to grow stablecoins.
Brooks is one of the many experts who have criticized the Gary Gensler-led SEC. The SEC has always stood against cryptocurrency, with Gary Gensler comparing them to poker tokens. While there are attempts from pro-crypto politicians to counter the actions of the Securities and Exchange Commission, they have largely been unsuccessful until now.