Adam Cochran, the Vice President of Operations at the service provider SBT Partners, addressing the American lawmakers, exclaimed that the current pace of the SEC’s regulations is an “embarrassment” to the United States. He also pointed out that it is a “real and present danger” to the country.
Referring to the SEC Chair Gary Gensler’s assertions on the acceptance of 10-20 year rulemakings, Cochran shared a series of Twitter threads on May 16:
Tag your representatives and ask them to take action in compelling the SEC to provide formal guidance, or for Congress to step in and protect the US' interests in financial technology.
— Adam Cochran (adamscochran.eth) (@adamscochran) May 16, 2023
Cochran reminded the degrading condition of the nation, pointing out that “innovation in America is under attack”. He quoted:
Meanwhile innovation in America is under attack. Regulation is being used as a cudgel to stamp out neobanks, payment apps, non-bank money lenders and digital asset providers on the grounds of “safety” All the while OCC regulated banks crumble with user deposits.
Significantly, Cochran commented that the though other regulatory departments invented guidance almost a decade ago, the SEC hasn’t yet taken any initiative to propose comprehensive guidelines. He listed out the other regulatory bodies including FinCen, IRS, FEC, EBA, GAO, and CFTC which have released their well-defined instructions.
He criticized the SEC’s reluctance in figuring out guidance, stating that if the regulators could only create such rules after “another decade”, the nation would completely collapse. He stated:
While other departments figured out where they stand, Gensler refuses to provide guidance. If the SEC wishes yet *ANOTHER* decade for formal rule-making on digital asset transactions – that’s fine. But, we can expect those transactions done in the Yuan and not the dollar.
As a conclusion to his tweet chain, Cochran requested Congress to step forward to protect the country’s interest in financial technology. The business enthusiast has also asked the authority to compel the SEC to provide “formal guidance”.
