Pro-XRP Attorney Sarcastically Trolls Gary Gensler Amid SEC’s Recent Enforcement Actions.
Attorney Hogan takes a subtle swipe at Gensler.
In a tweet, attorney Jeremy Hogan, a Partner at Hogan & Hogan, took a subtle jab at the SEC following Gary Gensler’s claim that crypto companies can easily access a “simple” registration form at the agency’s website.
Hogan noted that he has not been lucky in his search for this “simple form” despite spending several days searching for it. Notably, according to Gensler, the form would allow cryptocurrency firms to register with the securities regulator.
Per Hogan, securities lawyers who charge crypto companies $500 per hour will be taken out of business once he finds the form.
“I’ve spent a couple of days looking for this simple form on the SEC website with no luck. Once I find it, all those $500/hr. Securities lawyers are going to be out of business!”
Gensler Explains Steps to Register With SEC
His comments come in response to Gensler’s remark on the agency’s recent charge against leading cryptocurrency exchange Kraken. In a seven-second video snippet shared by Hogan, Gensler asserted that crypto companies, including Kraken, know how to register with the securities regulators.
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The SEC boss highlighted the steps crypto companies can follow to register with the agency, which includes filling out a form on the SEC website. He also urged crypto companies to discuss with some SEC officials who will review their online applications.
“These firms Kraken knew how to register. Others know how to register. There is a form on our website… They can come in, talk to our talented people and disclosure review teams,” Gensler said.
Hogan’s tweet is seen as a subtle shade at the SEC for claiming that crypto firms can easily access an online registration form on its website. While Gensler claims accessing the form on the SEC’s website is easier, Hogan and other crypto community members still have difficulty searching for it.
SEC Comes Under Heavy Backlash
Recall that Kraken recently settled with the Securities and Exchange Commission by accepting to end its staking program and pay a $30 million fine for offering an unregistered security. The development has brought the SEC under widespread criticism.
Many believed that the situation could have been avoided if there had been clear regulations for the United States cryptocurrency industry. Yesterday, Ripple’s General Counsel Stuart Alderoty reacted to the SEC’s recent enforcement actions in the crypto space. Alderoty said Gensler might eventually become president Joe Biden’s political liability due to his stringent regulatory decisions in the crypto space.
Despite the widespread criticism, Gensler has maintained that existing laws are clear to help crypto companies determine what constitutes a security.
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