Congress has inched toward new rules for crypto, often with support from the industry. Sens. Kirsten Gillibrand and Cynthia Lummis have indicated their bipartisan crypto bill is unlikely to pass this year, but could have sections approved through committee. Sens. Debbie Stabenow and John Boozman introduced a separate bipartisan bill on Wednesday that would give the CFTC oversight of bitcoin and ether and require exchanges to register with the agency.
But in the meantime, the battles will continue in court. Before the insider case, the SEC was reportedly probing Coinbase itself for alleged securities laws violations. (Coinbase denies it lists securities.) Crypto companies likewise press their argument for how they should be regulated in court, as seen in both the ongoing Ripple fight and Grayscale’s lawsuit over the SEC’s rejection of its bitcoin ETF.
Source: What is regulation by enforcement — and is it bad? – Protocol
