Crypto News: Amid heightened enforcement action and lack of regulatory clarity around the crypto market in the United States, it is often discussed why the regulators are unfavorable to the web 3.0 ecosystem. Since January 2023, the US Securities and Exchange Commission (SEC) has launched multiple enforcement actions against crypto companies. The agency went after big names like Coinbase, Binance, and Kraken, with the primary allegation being the unrecorded sale of digital assets, while it’s an entirely different discussion of whether certain cryptocurrencies should be called securities or commodities. Meanwhile, it has long been argued that it is Wall Street’s big banks that want to gain market share in the crypto ecosystem before the laws are streamlined.
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“Crypto Panic”
Attorney John Deaton, who is representing more than 76,000 XRP token holders in the ongoing Ripple lawsuit against the SEC, has long argued that the big Wall Street banks want to get their hands on a piece of the crypto market, which is why companies like SEC are dragging the regulatory part. In a final, he shared a 2018 video of US investor Tim Draper telling SEC Chairman Gary Gensler that the banks were freaking out over the rise of the cryptocurrency market.
“You hear the bankers freaking out now (2018) and unite to say we won’t let this happen.”
The panic, in Draper’s words, is about crypto’s disruptive potential, and that incumbents would sue, media pressure, and use government regulators to slow progress. Deaton believed it’s all about protecting incumbents (banks).
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Anvesh reports major developments around crypto adoption and trading opportunities. He has been associated with the industry since 2016 and is now a strong advocate for decentralized technologies. Anvesh is currently based in India. Contact him at [email protected]
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