• The cryptocurrency regulatory uncertainty in the United States has impacted many crypto firms and exchanges.
• SEC Chair Gary Gensler has indicated that all digital assets besides Bitcoin are unregulated securities.
• John Deaton, Cryptolaw’s founder, initiated a class action lawsuit against the New York Attorney General, claiming Ethereum is not a security.
Crypto Regulatory Uncertainty
The cryptocurrency regulatory uncertainty in the United States has impacted almost all firms and exchanges in this space over the past few months. Over 2,000 job cuts in the crypto industry have happened this year due to an unclear regulation landscape.
SEC’s Careless Approach
Recently, SEC Chair Gary Gensler indicated that all digital assets besides Bitcoin are unregulated securities. Additionally, the SEC slapped Kraken with a $30 million fine for ostensibly issuing unregistered securities through its staking program. Coinbase Global Inc., however, vowed to defend its staking program in a court of law if need be.
A Crypto War In The United States
John Deaton, Cryptolaw’s founder, believes there is a coordinated effort to bring down the cryptocurrency industry by U.S regulators through the judicial system. As such, he called on all crypto enthusiasts to take this period to fight back against the U.S push to sink the crypto industry by initiating a class action lawsuit against the New York Attorney General claiming Ethereum is not a security which already has over 1k participants including 57 from New York.
SEC Plans To Take Up 200 Enforcement Actions
Deaton heard rumors about the SEC’s plans to take up 200 enforcement actions on the crypto market in next two years and urged crypto industry players to stay alert and prepare for what could be coming their way soon!
The lack of clarity when it comes to crypto regulations in US is plaguing everyone involved in this space but it looks like things won’t become clearer until at least 2025 according to John Deaton so people should stay vigilant and ready while they await more clarity as well as regulations on cryptocurrencies!