SEC Crypto Crackdown Provokes Debate
The public, particularly Ripple’s Chief Legal Officer Stuart Alderoty, has taken note of the recent moves taken by the U.S. financial authority against crypto powerhouses Paxos and Kraken. Alderoty expressed his worry on Twitter that the Biden administration and the Democratic party as a whole may suffer as a result of the SEC’s crypto-focused investigation.
Young Crypto Investors Might Affect the Biden Presidency
Over 40 million Americans, most of whom are young voters between the ages of 18 and 34 and come from a variety of racial and cultural backgrounds, possess cryptocurrencies, according to Alderoty. If this sizable segment of the public is unhappy with the most recent changes in the crypto industry, it might be harmful to the Biden administration. The mood of the market appears to suggest that many individuals are definitely dissatisfied with the circumstances.
Cryptocurrency Investors: A Changing Population
Data back up Alderoty’s assertions. According to a recent research, 46 million adult Americans, or 22% of the country’s adult population, are Bitcoin investors. In addition, NBC’s study from March 2022 revealed that men between the ages of 18 and 49 make up the bulk of cryptocurrency fans.
Accused of Political Liability by SEC Chair
Given these conclusions and the fact that President Biden chose Gary Gensler to the SEC Chair post, Alderoty described Gensler as a “political liability.” This makes it more likely that the crypto community, which is presently dealing with the SEC’s fury, won’t continue to back the government. The recent termination of Kraken’s cryptocurrency staking program for its retail clients was a serious setback for local cryptocurrency investors.
Legal Battle Between Ripple and SEC
The SEC and Ripple have been engaged in a protracted legal dispute over claims that the selling of its XRP tokens violated securities laws. The XRP coin has seen a rollercoaster ride as a result, and, according to CoinGape’s cryptocurrency market tracker, it is presently trading at $0.37.