Grayscale CEO Michael Sonnenshein emphasized the need for a balanced regulatory approach to cryptocurrency to avoid hindering innovation in the United States.

Grayscale Investments CEO Michael Sonnenshein highlighted a potential negative outcome for the United States economy if the Securities and Exchange Commission (SEC) continues to take a one-by-one approach to regulating the cryptocurrency industry.

During a recent interview with Fox Business, Sonnenshein expressed that the SEC could drive crypto firms out of the country by constantly resorting to enforcement action.

“If every crypto issue needs to go to a court of law, then as a country, we are squashing the innovation taking place here,” Sonnenshein stated.

Sonnenshein reiterated that the industry needs distinct definitions for crypto commodities and crypto securities, as well as clearer regulatory guidelines for stablecoins.

Ripple CEO Brad Garlinghouse made similar comments prior to Ripple’s partial victory over the SEC on July 13.

On June 17, Garlinghouse expressed that the SEC is “looking to kill” innovation and the cryptocurrency industry in the United States. He added that Ripple’s lawsuit is just the start of many other cases.

“Ultimately as our lawsuit comes to a close, for so many others it’s just starting, so the fight for clarity has to continue,“ Garlinghouse stated.

https://cointelegraph.com/news/court-crypto-issuance-innovation-grayscale-ceo

Grayscale CEO Michael Sonnenshein emphasized the need for a balanced regulatory approach to cryptocurrency to avoid hindering innovation in the United States.

Grayscale Investments CEO Michael Sonnenshein highlighted a potential negative outcome for the United States economy if the Securities and Exchange Commission (SEC) continues to take a one-by-one approach to regulating the cryptocurrency industry.

During a recent interview with Fox Business, Sonnenshein expressed that the SEC could drive crypto firms out of the country by constantly resorting to enforcement action.

“If every crypto issue needs to go to a court of law, then as a country, we are squashing the innovation taking place here,” Sonnenshein stated.

Sonnenshein reiterated that the industry needs distinct definitions for crypto commodities and crypto securities, as well as clearer regulatory guidelines for stablecoins.

Ripple CEO Brad Garlinghouse made similar comments prior to Ripple’s partial victory over the SEC on July 13.

On June 17, Garlinghouse expressed that the SEC is “looking to kill” innovation and the cryptocurrency industry in the United States. He added that Ripple’s lawsuit is just the start of many other cases.

“Ultimately as our lawsuit comes to a close, for so many others it’s just starting, so the fight for clarity has to continue,“ Garlinghouse stated.

https://cointelegraph.com/news/court-crypto-issuance-innovation-grayscale-ceo