The SEC's Recent Actions Brought A Glimmer Of Hope To The Crypto Community

09/07/2023

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Not long ago, the SEC filed a lawsuit against Impact Theory, which had sold NFT as an unregistered security. The verdict attracted the attention of the crypto community, as it hints at the regulator's softening policy towards the crypto space.

The court ordered Impact Theory to pay $5 million, which is pretty low considering NFT's $30 million in sales. Many described the SEC's approach as lenient. Considering that in previous similar cases, the regulator's demands were high.

In addition, Chris Larsen, Ripple's executive chairman, was positive about the regulator's policy change, a fact that also made a difference.

I sincerely hope we’re seeing the beginning of the end of the SEC’s policy of regulation by enforcement. The Courts are rejecting it, and now it’s time for Congress to take the lead on crypto policy.

Thanks @EdLudlow @technology for the chat! https://t.co/3gZOR4lq5J
— Chris Larsen (@chrislarsensf) September 6, 2023

In his tweet, he pointed out that the regulator's aggressive policy was losing relevance. Many agreed that the SEC's regulatory approach has led to uncertainty and slowed innovation. For example, San Francisco, predicted to become the blockchain capital of the world, quickly lost that status because of the U.S. government's tough stance.

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Chris Larsen