‘Gensler Will Cost US Its World Leader Position in Finance,’ Says Deaton

  • Deaton mentioned that the arrogance of Gensler could cost the US its position as the world leader in finance.
  • The crypto lawyer also quoted examples of nations like the UK, Singapore, and UAE embracing cryptocurrencies.

CryptoLaw founder and cryptocurrency lawyer John E Deaton has recently taken to Twitter to express his agitation against the arrogance of US regulators. He expressed the view that regulators like Gary Gensler will cost the United States its position as the world’s leader in global trade and finance.

Deaton’s comment on the whole SEC thing comes after foreign regulators, including the UK, Singapore, UAE, Japan, and Switzerland, embrace the cryptocurrency industry. He mentioned that these “regulators are eating our lunch when it comes to crypto.”

The recent legal action against Binance intensifies the regulatory oversight of the top players in the cryptocurrency market. According to Bloomberg, the Internal Revenue Service and Securities and Exchange Commission are additionally conducting their own investigations into Binance.

Furthermore, Coinbase, the leading US-based cryptocurrency exchange, received a Wells notice from the SEC last week, which typically serves as a warning of potential enforcement action due to potential violations of securities laws.

Adding to the industry’s woes, earlier this month, two of the most significant connections between mainstream finance and the cryptocurrency world, Silvergate and Signature Bank, collapsed.

Analysts believe that the actions by the US regulators are part of sending an anti-crypto message. The regulators are reportedly launching an attack on the cryptocurrency industry tagged “Operation Choke Point 2.0.”

However, the community asserts that what the regulators fail to realize is that even if the cryptocurrency industry doesn’t receive the warmest welcome in the country, other global nations will provide the infrastructure for it to flourish.

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