Once seen as a means of financial liberation for minorities, crypto now faces accusations of being racially biased.
An Investor Advisory Committee recently argued that nearly 44% of Americans who own and trade crypto are people of color, and recommended that the SEC pursues aggressive enforcement.
Twitter figures are calling out SEC for making crypto look like a racist propaganda when they are at fault.
This sparked backlash on Twitter, with many accusing the SEC of making crypto look like a racist propaganda tool.
The XRP Lawyer, John E Deaton, called out the SEC as a liar, quoting a study showing that African American ownership of crypto is much higher than whites.
Many believe that crypto offers a pathway to wealth creation for minorities and the unbanked, and that the SEC's actions are preventing adoption.
The agency has brought 30 enforcement actions against crypto asset market participants in 2022 alone.