Coin Edition -
- John Reed Stark took to his newsletter to talk about how crypto lobbyists.
- The former SEC chief called their catchphrase, i.e., RBE, “misguided”.
- Stark pointed out that securities regulations are rarely prescriptive but are a “principle-based regulatory framework”.
John Reed Stark, President of John Reed Stark Consulting and former SEC Chief, took to his newsletter to lash out at ‘Big Crypto’, the well-funded and organized group of crypto lobbyists, for their remark on SEC’s ‘Regulation by Enforcement’ (RBE).
Big Crypto the now popular epithet for the extraordinarily well-funded and well-organized group of cryptocurrency lobbyists, educational groups, and other crypto, DeFi, NFT, and Web3 supporting organizations, have been carping about RBE ad nauseam. But that does not make them right.
Stark called the repetitive chorus of RBE not only a misguided, deflective effort designed to tap into sympathetic libertarian and anti-regulatory mores but also “utter nonsense.”
The former SEC chief further pointed out that not only crypto-firms are complaining about the overused and dated RBE tagline, but regulators have also become involved in the RBE debate.
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