Congress, SEC, and Bloomberg take action against crypto industry.

The SEC's recent lawsuits against Coinbase and Binance have sparked criticism from Congress and former regulators who believe that SEC Chairman Gary Gensler is undermining congressional efforts to regulate the digital asset industry. Gensler's growing displeasure with the industry has been evident in speeches, congressional hearings, and media appearances. Critics argue that Gensler's current stance is evidence of a radical revision of his views on the technology. The Coinbase lawsuit, which alleges no fraud and is instead focused on Coinbase's failure to register with the SEC as a securities exchange, is a waste of the SEC's enforcement resources, according to former senior counsel in the SEC's enforcement division, Philip Moustakis.