US Authorities Tighten Crypto Regulations
U.S. officials are looking more closely and considering tighter controls as the crypto business expands. Gary Gensler, the chairman of the Securities and Exchange Commission (SEC), spoke about the regulator’s approach to the sector in a recent interview with CNBC’s Squawk Box.
SEC Chairman Defends Crypto Crackdown
Gensler refuted claims that the crypto business is being targeted and asserted that the SEC is utilizing all tools at its disposal to make sure market participants are following the law. He referred to some trading platforms as “casinos” and described the sector as functioning in a “Wild Wild West” style with a “rife with conflict” business model.
Accepting Time-Tested Rules
The SEC Chairman urged cryptocurrency businesses to support laws that safeguard consumers, noting the compliance of significant businesses like Apple and the auto sector as examples. He continued by saying that the window for compliance was closing and the SEC would not hesitate to carry out its plan of regulating through regulations and enforcement.
Various Views on Cryptocurrency Regulations
Nic Carter, the founder of Castle Island Ventures, provided a different viewpoint on the U.S. government’s current approach to cryptocurrency rules. He thinks the Biden administration is carrying out “Operation Choke Point” on the sector, which would result in a regulatory barrage against banks involved in cryptocurrency-related operations. According to Carter, this operation was sparked by the failure of the cryptocurrency exchange FTX and might have the opposite result, isolating the nation from highly adopted technologies and products.