It has come to the attention of Michael Sonnenshein that every issue concerned with crypto always ends up in a court of law. This has been noted especially with SEC and therefore the Grayscale CEO said that this could lead to the loss of innovation. Details of the story are captured below.
Michael Sonnensheins Thoughts On Cryptocurrency Issues Resolvement Through Court Litigation
Michael stated in an interview with Fox Business that if every case were to be taken to court, it would lead to a large number of crypto organizations deserting the country. He greatly emphasized the need for the cryptocurrency industry to have clear outlines for all products including stablecoins as well. Through this, the investors can remain in the country without feeling threatened.
Senator Cynthia Lummis noted that the SEC was going beyond its jurisdiction as it strived to crown itself as the main cryptocurrency regulator. This was during the case between it and Coinbase.
The Brazilian Congress is currently on the job of making clear-cut definitions and regulations for cryptocurrencies. Sonnensheins stated that this move was likely to build a more conducive environment for cryptocurrency investors as well as propel the industry in a positive direction.