‘Too good to be true’ — Crypto is now gearing up for an SEC earthquake as the price of Bitcoin, Ethereum, BNB, XRP, Solana, Cardano and Dogecoin rise
Bitcoin
Subscribe now to Forbes’ CryptoAsset & Blockchain Advisor and succeed in navigating the bitcoin and crypto market crash
The Bitcoin price has managed to recover over 20,000 dollars per bitcoin – even after a serious price warning from JPMorgan – and helps the price of ethereum, BNB
Now the chairman of the board of Wall Street’s top regulator has said that the Securities and Exchange Commission (SEC) will consider exempting crypto companies from some regulatory requirements in an attempt to tame the crypto “Wild West”.
Do you want to be at the forefront of the market and understand the latest cryptocurrency news? Register for free now CryptoCodex–A daily newsletter for traders, investors and crypto-curious
SEC Chairman Gary Gensler has warned many crypto companies offering unregistered securities … [+]
“There is a potential way forward,” SEC leader Gary Gensler said in an interview with Yahoo Finance in comments pointing out how the SEC can work with the crypto industry going forward and adding that the agency has the authority to grant exemptions from certain regulatory and disclosure requirements. “I have said to the industry, to the lending platforms, to the trading platforms: ‘Come in, talk to us.’
Gensler, who has previously branded the bitcoin and crypto market a “wild west” and this week reiterated a warning that many crypto companies are “incompatible,” said the SEC has “robust congressional authorities to use our exceptional powers that we can tailor.” investor protection. “
Earlier this year, the SEC found that cryptocurrency lender BlockFi was an unregistered investment company, reaching a settlement of $ 100 million.
In May, the SEC announced that it had doubled the number of employees in its crypto assets and cyber unit while trying to gain control of the glowing crypto market, which last year rose to a whopping $ 3 trillion before depleting in recent months due to Federal Reserves increasingly hawkish stance and the collapse of terraUSD stablecoin along with support for cryptocurrency luna.
“The public is largely unprotected due to non-compliance in this area,” Gensler said. “The public benefits from knowing full and fair disclosure and that someone is not lying to them. You know, basic protection.”
Sign up now for CryptoCodex—A free daily newsletter for crypto-curious people
The Bitcoin price rose to almost $ 70,000 per bitcoin late last year before it crashed back and … [+]
The bitcoin, ethereum and cryptocurrency crash has forced several lending platforms to file for bankruptcy and lock users out of their accounts in recent weeks as they struggle to hold back a wave of withdrawals.
“If it’s too good to be true, then maybe it is,” Gensler said, referring to sky-high returns of up to 20% that cryptocurrencies offer to depositors and marketers as safe. “There can be a lot of risk inherent in that.”
