- Recent actions by the SEC have raised regulatory concerns.
- Gensler’s comments highlighted the growing uncertainty within the cryptocurrency space.
It is increasingly evident that the SEC is preparing to tighten regulations on cryptocurrencies.
Legal disputes with numerous crypto companies, from Kraken to consensus, and most recently Robinhood, underscore this trend. But don’t just rely on AMBCrypto’s perspective – see for yourself.
The SEC Chairman’s Bold Move
Recently, SEC Chairman Gary Gensler expressed frustration with the “outsized ratio” of inquiries related to cryptocurrencies compared to traditional finance.
Speaking on “Squawk Box,” he highlighted the overwhelming number of questions he receives about cryptocurrencies. He said,
“Cryptocurrencies are a small part of our overall markets. But it is a huge part of the scams, fraud and problems in the markets.”
Furthermore, Gensler’s comparison between the massive $110 trillion capital market regulated by the SEC and the relatively smaller $2.4 trillion crypto market highlights important concerns.
Ignorance is pleasant! It is?
Furthermore, this is not the first time that Chairman Gensler has tried to avoid questions related to cryptocurrencies. During a separate interview with CNBC on February 14, he avoided similar queries and said:
“You have a complete central bank and support for one currency, usually by economic region, which is not the case with Bitcoin.”
He even criticized bitcoin [BTC]affirming,
“Bitcoin has the leading market share in ransomware, and that is public knowledge. It is the token chosen by ransomware.”
All of these cases further confirm that the SEC might be trying to approach cryptocurrencies more harshly. Perhaps that’s why Jake Chervinsky, Variant’s chief legal officer, suggested in a recent broadcast of “Unchained,”
“I think it’s really time for Congress to step in and decide what the law should be instead of leaving us all in this sort of haze of regulatory uncertainty.”
Additionally, when President Gensler was pressed about the SEC’s Wells notice to Robinhood accusing its crypto services of violating securities laws, he said,
“I can’t talk to any company.”
Furthermore, he emphasized the lack of essential disclosures for cryptocurrency investors and added:
“Many of those tokens are securities under the law of the land, as interpreted by the United States Supreme Court.”
Is the SEC going too far?
In response to this https://twitter.com/iampaulgrewal/status/1787852258572661214Coinbase CLO took to X (formerly Twitter) and noted:
“Please stop misleading the market: tokens are NOT securities. “Despite his allegations, his own lawyers have admitted this to the court.”
Ultimately, these exchanges paint a disconcerting picture of the SEC. Ergo, as events unfold, people are eager to know who the SEC’s next target is.
Next: Will Shiba Inu’s 10% Price Increase Last? This is what the signs say…
This is an automatic translation of our English version.
