Marc Fitapelli urges the creation of sensible regulations for the cryptocurrency industry and calls out Chairperson Gensler for not acting quickly enough.
— Marc D. Fitapelli, Esq.
NEW YORK, NEW YORK, USA, September 13, 2022 /EINPresswire.com/ — Attorney Marc Fitapelli, a New York based investment and crypto attorney, urges congress to create sensible regulations for crypto currency, including the creating of a crypto SRO. Attorney Fitapelli recently released a letter to Congresman Krishnamoorthi in response to his congressional inquiries regarding Coinbase and other exchanges. The full letter is attached to this release and is summarized below.
Existing law already requires most cryptocurrency exchanges, including Coinbase, to register with the Securities and Exchange Commission and join an approved SRO. Chairperson Gensler agrees with this statement. Attached to this press release is a video that Chairperson Gensler released several weeks ago. In the video he discusses why exchanges need to be registered with the Commission. To date, and despite publicly declaring that crypto exchanges are basically illegal, the Chairman of the Securities and Exchange Commission has done nothing to enforce the law. His statements are like the IRS Commissioner merely “inviting” taxpayers to file taxes. This is unacceptable and the SEC must act now to protect investors.
Coinbase, of all the exchanges targeted by the Congressional inquiry, has particularly exploited our legal system to harm investors. The company recently boasted publicly about funding a litigation involving Tornado Cash. Tornado Cash is a “mixer” and its services are used by individuals who want to make their transactions on the blockchain anonymous. The photo attached to this press release was re-Tweeted by Brian Armstrong, the CEO of Coinbase. The photo purportedly shows him smoking marijuana with the phrase “earns money as a CEFI company – pays to defend your DEFI rights.” CeFI refer to centralized finance and DeFI refers to decentralized finance.
Marc Fitapelli
MDF Law
+1 212-203-9300
email us here
SEC Chairman Gensler Releases Video Arguing that Exchanges Should be Registered
https://www.youtube.com/watch?v=aWl55tTZ50Q?feature=oembed&rel=0
