Grayscale CEO: The US SEC adopts a one-by-one approach to regulate the encryption industry will stifle innovation

Odaily Planet Daily News Grayscale Investments (Grayscale) CEO Michael Sonnenshein emphasized that if the SEC continues to take a one-by-one approach to regulating the cryptocurrency industry, it will have a potential negative impact on the US economy. In a recent interview with Fox Business, Sonnenshein stated that the SEC can drive crypto companies out of the United States through ongoing enforcement actions against the industry. He said: "If every crypto issue needs to go to court, then as a country, we are suppressing the innovation that happens here." Clear regulatory guidelines. He believes this will prevent companies from relocating outside the United States. Sonnenshein remains optimistic about continued efforts by the U.S. Congress to provide regulatory transparency to the industry. “A lot of the legislation this Congress is likely to pass could provide the industry with the practical clarity it needs to move forward in a way that embraces encryption,” he said. (Cointelegraph)