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However, the Bitcoin price managed to recover over $ 20,000 per bitcoin, even after a serious price warning from JPMorgan, which helped the Ethereum award, BNB
Now, the chairman of Wall Street’s top regulator has said the Securities and Exchange Commission (SEC) will consider exempting crypto firms from certain regulatory requirements in an attempt to tame “Wild West” crypto.
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“There’s a way forward,” SEC President Gary Gensler said in an interview with Yahoo Finance in comments outlining how the SEC may work with the crypto industry in the future, adding that the agency has the authority to grant exemptions from certain regulatory and disclosure requirements. “I said to the industry, to the lending platforms, to the trading platforms: ‘Come in, talk to us’.”
Gensler, who previously called the bitcoin and crypto market the “Wild West” and this week reiterated a warning that many cryptocurrencies are “incompatible,” said the SEC has “strong powers in Congress to use our exemption authorities, which we can tailor investor protection. “
Earlier this year, the SEC found that crypto lender BlockFi was an unregistered investment firm that reached a $ 100 million settlement.
In May, the SEC announced that it had doubled the number of employees in its Crypto Assets and Cyber unit as it tried to curb the hot crypto market that exploded last year to a value that tempted $ 3 trillion before depleting air. in recent months due to the Federal Reserve’s increasingly hawkish stance and the collapse of stablecoin terraUSD as well as its supporting 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. ”
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Falling bitcoin, ethereum and crypto prices have forced several lending platforms to file for bankruptcy and exclude users from their accounts in recent weeks as they struggle to curb a wave of withdrawals.
“If it’s too good to be true, then maybe it is,” Gensler said, referring to the staggering returns of up to 20% that crypto lenders offer depositors and marketing as safe. “There can be many risks inherent in it.”