Just In: Gary Gensler Lobbied In UK, Canada For Tightening Crypto Rules

Anvesh Reddy
March 24, 2023 Updated July 16, 2024
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The U.S. Securities and Exchange Commission (SEC) appears to be adamant about making it tougher for crypto companies to operate not just in the United States but also elsewhere in the world. SEC chair Gary Gensler is known for his anti crypto market stance and in his leadership, US based crypto businesses faced the wrath of enforcement actions in recent weeks. Recently, Gensler attracted the ire of the crypto community by saying all cryptocurrencies except Bitcoin are securities. At the core of the conflict between the industry and the SEC is the lack of clarity on crypto regulation.

Also Read: Coinbase VP Hints At Other Countries Filling ‘Crypto’ Vacuum Left By US

In a latest development, Gensler is said to have lobbied with his counterparts in the United Kingdom and Canada about replicating a US like environment for crypto businesses. These discussions were said to be successful as the UK regulatory authorities are preparing an announcement about tightening crypto restrictions in coming weeks.

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SEC Influenced UK, Canada Regulators

According to Fox Business journalist Eleanor Terrett, Gary Gensler and his SEC team have successfully lobbied in Canada and the UK about tougher crypto rules in these jurisdictions. Accordingly, the Financial Conduct Authority (FCA), which regulates the financial markets in the UK, is ready with an announcement to that measure.

“Gary Gensler (and the SEC) have been lobbying their UK and Canadian counterparts to pinch the crypto industry in the same way as the U.S. The FCA is preparing an announcement about tightening restrictions in the coming weeks, while Canada has already announced sweeping crackdowns against the industry.”

This news comes the same week as the SEC issued a Well notice to top US based crypto exchange Coinbase over doubts about the listed digital assets, their staking services.

Also Read: Nasdaq To Offer Crypto Custody Services Soon Despite Regulatory Burden

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Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
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Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
Anvesh reports major crypto updates around U.S. regulation and market moving trends. Published over 1400 articles so far on crypto and blockchain. A proud dropout of University of Massachusetts, Lowell. Can be reached at [email protected] or x.com/BitcoinReddy or linkedin.com/in/anveshreddybtc/
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.