The Supreme Court may have recently struck down overreach by the Environmental Protection Agency, but at the Securities and Exchange Commission, chairman Gary Gensler remains undeterred in expanding the agency’s power beyond its constitutional boundaries.
For proof, you need no better example than his all-out assault on the cryptocurrency space.
It doesn’t take a constitutional law expert to understand that the SEC has limited jurisdiction over the crypto industry; barring congressional action, front line regulation of digital assets belongs with the Commodity Futures Trading Commission – the main regulator of investments that are not deemed traditional securities.
Yet Gensler, President Biden’s pick to run an agency intended to focus on stock scammers ripping off the unsuspecting, has dived headfirst into crypto like Eliot Ness going after Al Capone. If successful, almost 80 years of U.S. securities laws will be upended within Gensler’s first two years as Chair.
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INN caught up with cryptocurrency investment expert Dan Hoover to review the current landscape and where the market may be heading. The cryptocurrency investment marketplace has gone through severa...