- The SEC isn’t professional, according to many financial giants. So, they are speaking up about it, asking the US regulator to operate transparently.
- The US regulator has a meeting with the Fed on September 12th. There are huge expectations.
How the SEC operates is often detrimental to their image. Sometimes, they take and execute decisions without providing clarity. So, many financial organizations are speaking about the irregularities from the SEC.
The SEC Fallout With Many Industries
- The Securities and Exchange Commission currently lacks trust among many financial institutions. It first started with the crypto industry fighting with the US regulator concerning the issue of regulatory clarity. So, due to the heightened interest of many financial firms like Blackrock, WisdomTree, and the rest, the reputation of the SEC is at risk.
- These financial firms can now confirm that what crypto firms say about the SEC is true. The US regulator failed to clarify how the crypto industry should operate in the country. So, many of them, such as Blackrock, who are applying for spot Bitcoin ETFs, are getting rejections.
Analyst Says the SEC has One Last Chance to Save their Reputation
- Michael Anderson of Framework Ventures made some statements concerning the current state of the SEC. According to him, major financial titans on Wall Street are now paying full attention to the activities of the US regulator. So, they are now among those launching the cacophony of criticism against the US regulator. Many big financial industry players believe that the SEC is abusing their power. In fact, some of the things they fought about with crypto firms didn’t warrant such fights in court.
- But the US regulator has a chance. They have a chance of changing the negative perception the whole financial landscape of the US is growing to have on them. So, Michael Anderson says he expects a seismic shift in the SEC’s communication tactics. He says the SEC has a good chance of changing from their cat and rat method of fighting firms. Nevertheless, the financial world in the United States is now fully awake and aware of the SEC’s stance.
Outlook of the Financial Sector in the Coming Days
- All eyes are on the Securities and Exchange Commission for their meeting slated on September 12th. SEC chair Gary Gensler will appear before the influential Senate Banking and House Financial Services committees in this meeting. So this is where the whole financial sector will get to know new strategies from the SEC.
- Vivek Ramaswamy, a presidential candidate for the 2024 elections, already pointed out some major blunders by the SEC. In fact, this further highlights the attention to the SEC’s activities.
Conclusion
Over the past years, many prominent firms and personalities in the financial space are now seeing some of the things orchestrated by the SEC. So, they are speaking up about it. Many aren’t against the US regulator doing their job. However, how they go about this is often seen as unprofessional by them
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