The US is going anti-crypto! Will Asia take the throne?
The US crypto community is facing turbulence as authorities continue to crack down on the industry. Recent events suggest that the US government has been secretly targeting crypto companies and top crypto exchanges with false claims in an attempt to move crypto out of the country.
The Securities and Exchange Commission (SEC) has been particularly active, targeting many crypto firms for selling unregistered securities on exchanges, but has not clearly stated which cryptos are securities and which are not. Now it seems the SEC and other regulatory bodies are trying to take down crypto firms and move them out of the US.
The anti-crypto movement
Binance.US and Voyager had an agreement opposed by the SEC and DOJ. Several crypto-related banks such as Silvergate, Silicon Valley Bank, Signature Bank have gone bankrupt one after the other. Coinbase has also received a “Wells Notice” from the SEC. Binance is now being sued by the Commodity Futures Trading Commission (CFTC) for money laundering and insider trading. If these leading crypto firms fall in the US, other crypto companies are likely to follow suit and move outside the US. It remains to be seen how the situation will develop in the coming weeks and months.
Related: Binance May Lose US Market Amid Crypto Regulation: Report – Coinpedia Fintech News
Is ether a commodity?
The US Commodity Futures Trading Commission (CFTC) has reiterated that it considers ether to be a commodity, rather than a value. This announcement comes after CFTC Chairman Rostin Behnam testified before Congress and stated that ether falls under the CFTC’s regulatory authority. In response, ether and other tokens in its orbit have seen significant gains.
CFTC’s Binance Crackdown: Will Asia Benefit?
The CFTC’s recent action against Binance has raised concerns among traders and crypto enthusiasts who are calling for a comprehensive framework for crypto in the US. for cryptocurrencies.
Pro-crypto congressman Emmer’s comments offer hope
US Representative Tom Emmer (R – Minnesota) introduced the Securities Clarity Act of 2020, which proposed a new legal category called “investment contract assets” to create a framework for crypto. “We’re obviously going to focus on legislation, and I think that’s going to be putting key guardrails around the industry,” Emmer said. “Market structure railings. Stablecoin railing. Things like that.”
Will Asia emerge as a possible destination for crypto businesses?
Amid this uncertainty, Asia is emerging as a possible destination for crypto businesses looking to thrive without being burdened by excessive regulation.
