According to BlockBeats, on October 23, DRW Venture Capital founder Don Wilson expressed in an interview with Coindesk that some legislators and regulators, such as Senator Elizabeth Warren, hold a hostile attitude towards cryptocurrency because they 'truly believe in the power of the state,' and cryptocurrency undermines this power.
Wilson stated, 'If their worldview is that more government control makes the world a better place, then they will feel that any effort to slow down the development of cryptocurrency will make the world better, even if it means doing so in a somewhat unfair manner to market participants.'
Chelsea Pizzola, legal counsel for DRW, also mentioned that the company's attempt to register its crypto brokerage Cumberland Securities LLC with FINRA, which also regulates the U.S. market, was rejected. She noted that DRW is not the only firm that has tried to register and acquire a brokerage, sincerely attempting to engage with SEC trading and market staff over the years.
Earlier this month, the SEC announced a lawsuit against Cumberland DRW, accusing it of operating as an unregistered securities broker.
Joy
