The Blockchain Association says that according to federal law, #SEC Chair Gary Gensler has to step back from digital assets.
In an open letter published Thursday, the #crypto advocacy firm claims that Gensler is stepping outside his congressionally-granted bounds.
The SEC has failed under Genslerâs leadership, the Blockchain Association says, by refusing to create rules and guidance that âallow investors, entrepreneurs, and the public to know whether the securities laws apply to their products or services.â
Itâs not the first time a crypto industry player has requested Gensler take a step back.
In March, #Ripple and #LBRY , two token issuers who have gone head-to-head with the SEC over cryptoâs classification, said Genslerâs public comments should disqualify him from participating in future legal proceedings.