Further dissatisfaction with the SEC in America – and it appears to be putting people off doing crypto business in the USA…
America’s Securities & Exchange Commission continues to win itself Christmas cards, over its dithering and negative approach to cryptocurrency and crypto technology. The SEC has either rejected or stalled proposals put before it for a cryptocurrency exchange traded fund (ETF), and has come under fire for its lack of clarity and oppositional stance.
Now, one person at least has had enough.
Michael Arrington, the co-founder of TechCrunch, has taken to Twitter to announce that he’s planning to move his own digital asset management trades outside of America. He’s doing so in protest at a new subpoena that’s been issued by the SEC and sent in his direction, one that’s seeking to gather yet more data. It would be fair to say that Arrington isn’t best pleased with this, and he’s called for a clarification in the SEC’s token rules. At least to get some kind of playing field that he and his business can work with.
Until he gets that? He’s lifted some of his business out of the US, and will move his investments to Asia. Here’s his Tweet where he registers his protest and confirms his intentions…
We received a second subpeona from the SEC, again collecting information from us as investors in a U.S. company. The legal costs of dealing with these are not insignificant. We will not invest in any further U.S. deals until the SEC clarifies token rules. Pivot to Asia.
— Michael Arrington (@arrington) September 28, 2018
Further down the replies chain, he states his belief that the US “has already been left behind”, presumably in his view as a consequence of the SEC’s actions or inactions. The SEC for its part, as you might expect, hasn’t commented on the matter.
As always, we await further developments with interest.