Billionaire Chamath Palihapitiya Says SEC Covering Its Faults in Regulator’s Current Assault on Crypto Firms
Billionaire Chamath Palihapitiya says that the U.S. Securities and Trade Fee’s (SEC) latest enforcement actions towards the crypto trade are an try to cowl its earlier errors.
In a brand new episode of the All-In Podcast, the enterprise magnate says that the SEC’s newest assault on the crypto trade is partly as a result of the regulator did not do its job when it allowed crypto-focused companies to go public.
Palihapitiya additionally says that the SEC is hostile towards crypto as a result of it seems that the company had “cozy” ties with FTX, a controversial digital asset trade that imploded final 12 months.
“There may be one a part of the SEC that frankly didn’t do the job that they had been presupposed to by both permitting a number of of those crypto corporations or crypto companies to go public both as standalone companies or as a part of different companies, [such as] Coinbase, Robinhood, and many others.
After which there’s this a part of the enforcement motion after [the] FTX Fiasco, which is a whole lot of CYA, ‘masking your ass,’ by the SEC, particularly as a result of it regarded like they’d some cozy relationships with them, and they also’re coming down onerous they usually’re going to go and systematically dismantle the biggest actors.”
The billionaire goes on to say that he believes the SEC will proceed to take motion towards the digital asset trade, concentrating on different companies provided by crypto companies.
“The plain place that they’re wanting now’s the exchanges. They’ll have a look at the custodial companies. They won’t approve any (exchange-traded funds).
After which ultimately, I do suppose it trickles into the entire staking companies and ultimately, I feel it’ll contact the enterprise neighborhood and all of these companies and funds that had an enormous sturdy enterprise in staking these crypto initiatives as a way to get cash like founding cash after which having the ability to promote them.”
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