The US continues imposing restrictions on the crypto sphere. Recently, the local authorities have issued several bills that prove their firm intention to regulate the crypto exchanges. Securities and Exchange Commission (SEC) Chair Gary Gensler said that he did not “see much long-term viability for cryptocurrencies.'' It is quite possible that Gary Gensler is the one who leads the so-called war against the crypto world.
"Currently, we just don’t have enough investor protection in crypto finance, issuance, trading, or lending," Gensler said in prepared remarks. "Frankly, at this time, it’s more like the Wild West or the old world of ‘buyer beware’ that existed before the securities laws were enacted," he added. The speech of Gary Gensler has been divided into quotes, each of them sounds like an accusation. "Many platforms have dozens or hundreds of tokens on them. To the extent that there are securities on these trading platforms, under our laws, they have to register with the Commission unless they qualify for an exemption," the SEC Chair said. He also supposes that only a "small number" of cryptocurrencies currently trading in crypto markets are not securities. "Very many are," Gensler noted. The absolute majority of congressmen and senators supported the SEC Chair. "Last week's crypto price plunge and subsequent crypto exchange failures illustrate the need for the SEC to regulate crypto exchanges," Senator Elizabeth Warren said. She brought up a hypothetical retail investor who lost all his money invested just before the slump. If such an investor decided to withdraw money, he would have found out that crypto exchanges were temporarily down.
"There will be no warning shots or 'clarification' first. The glove was thrown, and now... the Gauntlet," attorney Jeremy Hogan said.
