Tuesday, October 3, 2023
HomeEthereum‘Too Good To Be True’—Crypto Now Braced For An SEC Earthquake As...

‘Too Good To Be True’—Crypto Now Braced For An SEC Earthquake As The Price Of Bitcoin, Ethereum, BNB, XRP, Solana, Cardano And Dogecoin Surge

And cryptocurrencies have been under the scrutiny of new regulations since Collapse of two major cryptocurrencies Sparks scattered earlier this year Trillions of dollars crypto crisis..

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However, Bitcoin prices are managed to return above $ 20,000 per Bitcoin —Even after a serious JP Morgan price warning— Ethereum supports BNB prices
Solana, Cardano and Dogecoin are recovering from their recent lows.

Currently, Wall Street’s Supreme Regulatory Chairman said the Securities and Exchange Commission (SEC) will consider exempting crypto companies from some regulatory requirements in order to tame the crypto “Wild West”. I am.

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SEC Chairman Gary Gensler Yahoo Finance In a comment pointing out how the SEC can work with the crypto industry in the future, adding an agency has the authority to give an exemption to certain regulatory and disclosure requirements. “I entered the industry, lending platform, trading platform and said,’Enter and talk to us.’ “

Gensler, who previously branded the Bitcoin and crypto markets as “Wild West” and repeatedly warned this week that many crypto companies are “non-compliant,” said the SEC “to use the exemption authorities we can. Has strong authorities from Congress. ” “

Earlier this year, the SEC noticed that cryptocurrency lender BlockFi was an unregistered investment company and reached a $ 100 million settlement.

In May, the SEC announced that it has doubled the number of staff for crypto assets and cyber units. This has been past due to the collapse of the terraUSD stablecoin along with the increasingly hawkish stance of the Federal Reserve and its supporting cryptocurrency Luna, since it swelled to a spectacular $ 3 trillion value last year. Several months.

“Compliance in this area has given little protection to the public,” Gensler said. “By knowing complete and fair disclosure and knowing that no one is lying to them, the public benefits. You know, the basic protection.”

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More from ForbesCryptographic Price Alert: JP Morgan Reveals $ 160 Billion Bitcoin Bomb

Due to the plunge in Bitcoin, Ethereum and cryptocurrency prices, multiple lending platforms have filed for bankruptcy and users have been struggling to curb the flow of withdrawals, so they have been locked out of their accounts in the last few weeks.

“If that’s too good to be true, it’s probably the case,” Gensler said, with ultra-high yields of up to 20% that crypto lenders offer to depositors and market as secure. Mentioned. “There can be many risks embedded in it.”


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