US regulator of the SEChis moves, It divided the USA in two.
The crypto industry has been battling legal problems since FTX went bankrupt. The bankruptcy of FTX, which is shown as one of the largest crypto exchanges in the world, prompted US regulators. SECAnd CFTC has increased the dose of the raid considerably in recent months. The most recent agenda was the SEC suing Binance and Coinbase.
SEC The fact that Coinbase and Binance are on its radar has divided people into two. many names of the SECtheir actions TRUE while finding, crypto- to the ranks settlersThere is also a significant increase in the number of
SEC’s Steps Confused!
of the U.S. Securities and Exchange Commission ( SEC ), ignited the fuse with the lawsuit he filed against Binance on June 5. While crypto was trying to digest this situation, the Coinbase case that followed immediately created a bombshell effect. A US regulator has sued both crypto exchanges for the first time in years.
SEC The crypto steps taken by ‘s have divided the industry into two. Messages in support of the SEC are coming from the crypto-savvy sector. On the other hand, there are important names among those who support crypto.
SEC Supporters: “Oh Those Senators!”
US regulator SEC ‘s moves against crypto receive support from many quarters. These names often play an active role in legal processes.
For example, USAsenator Elizabeth Warren He said that Binance misled Congress. Warren argues that clear regulations in crypto are essential and therefore He expressed support for the SEC.. Warrenis known for its anti-crypto rhetoric.
WarrenHe said that Binance made false statements to lawmakers in legal proceedings, and therefore, the rhetoric used by Binance against lawmakers should be investigated. USA senatorlitigation against Binance He gave the message that he supports the SEC.
On the other hand, one of the most important names of the USA, USATreasury Minister Janet from Yellen explanations came. The leading name in the US economy Yellenstated that it supports the latest steps taken by the SEC. Yellen speaking on CNBCstated that there are various risks in the crypto industry and that regulations are necessary. USA Treasure Minister, gave the message that it is behind the steps taken by the regulatory institutions, especially the SEC.
Another name that sided with the SEC and has been harshly critical of crypto US Senator Chris Van Hollen it happened. Hollen had targeted Binance by taking the letter she prepared with Warren to the US court. In this letter, Binance has committed illegal transactions and It is stated that Binance US does not serve as a separate entity..
Hollenthinks that cryptocurrencies need fast and tough regulation. USA senatorgives the message that it stands behind the steps taken by the SEC.
Those who stand against crypto are often pro-government and economic actors. The current US government is known for its tough and conservative stance on crypto. Those who support crypto and stand against the SEC often have the US government on their radar.
SEC Fronts: “Why Pressure?”
The actors who took a stand against the steps taken by the US regulator SEC were predominantly from the crypto sector. Binance CEO Changpeng Zhao ( CZ), CEO of Coinbase Brian Armstrong, polygonActors like Gemini’s founding twins, the Winklevoss brothers, Ripple, Cardano, and founder Charles Hoskinson It opposes the SEC.
These actors, who stand out as the most important names in crypto, argue that these moves by the SEC are illogical and destroy the crypto atmosphere in the USA. Especially CZ, of the SECHe stated that his moves without any basis would eventually harm the SEC.
It is a reality that crypto actors are expected to defend the industry and stand by the industry. At this point, it was the approaches of US Senators and economists that drew attention.
USA senator Cynthia lummis , has attracted all the attention with the post he shared recently. Posting a statement on Twitter lummisstated that he has spent a lot of time on a study where there will be positive regulations for crypto. USA senator trying to find a middle ground about crypto and the legal dimension. The crypto community thanked Lummis for his rhetoric and offered their support.
lummis, “Hold on”in the statements he gave with his message, crypto- He stated that he concentrates on studies that will provide a better environment for The Senator, who is on the side of crypto, is getting a lot of attention now.
of LummisBesides, crypto support from another name in legal processes continues. USA Congress member of Tom Emmer thinks that Bitcoin is a terrific opportunity for the US and therefore regulators should be more positive towards crypto. Emmer believes the progress of cryptocurrencies He argues that it is a new technology.
Another SEC antithe name again It was from the US Congress . congressman Warren Davidson continues its pro-crypto stance. Davidson is working hard to get SEC Chairman Gary Gensler fired. Davidsonargues that crypto is an innovative technology that is forward-looking and that the SEC is getting ahead of this technology.
Besides all these, USA Representatives assemblymember and Financial Services committee head Patrick from McHenryIt also takes a stance against the SEC. McHenrySEC Chairman Gary Gensler He sweated with the Ethereum question.
Gary Gensler, the chair of the SEC, was interviewed in Congress today.
Here is a clip of him and Representative McHenry arguing on whether Ethereum, $ETH, is a commodity or a security, with Gary unable to answer the question. pic.twitter.com/QGJkqCwo6X
— unusual_whales (@unusual_whales) April 18, 2023
McHenry , was among the people who questioned Gensler in a session that took place in the past months. Asked Gensler “Is Ethereum a security?”conspicuous by the question McHenry He attracted a lot of attention with his tough demeanor. Although McHenry does not take a maximalist stance towards crypto, he thinks the steps taken by the SEC are inconsistent.
SECAnd crypto- In the middle of the tension between the names to be added to this list will go on and on. Because the SEC, which has a repressive attitude towards crypto, which is shown as one of the new technology of the future, has made a worldwide impact.
As a result, the SEC has attracted attention with its recent anti-crypto moves. These moves of the SEC are being put forward as a factor before the US elections next year. Crypto, democratsAnd Republicansemerges as an argument.
No matter how large the conflicts increase, crypto’s solid stance stands out. Although most of the cryptocurrencies will disappear, it is stated that a reality like Bitcoin will take place in our lives.
Still, it’s worth remembering, SEC, taking advantage of a legal loophole that does not yet exist making moves against crypto.
