The U.S. Securities and Exchange Commission (SEC) chair, Gary Gensler has been under the constant scrutiny of Congress for its approach towards the digital asset industry. The crypto market has witnessed the collapse of major tokens, exchanges and lending firms throughout the year.
In order to get things in line, Tom Emmer, United States Representative has stated that they are more concerned now over SEC chair strategy.
Congressman highlighted that the representatives were worried over Gensler’s “indiscriminate and inconsistent” approach towards the crypto community in March 2022. Since then the digital asset market has seen the collapse of Celsius, Voyager, Terra Luna and now FTX crash.
SEC Chair’s made up regulations have been missed by a long margin. The cumulative crypto market cap which touched its all time high of almost $3 trillion in November 2021 now stands at $840 billion. More than $2 trillion has vanished from the market.
The Terra LUNA crash was sort of an alarm bell for the SEC to wake up and make clear yet tough regulations around the market. However, the SEC chair has failed to do so. As the result, the crypto community saw another major crash in 2022.
The collapse of the FTX crypto exchange has put on a much bigger dent in the crypto market. While it has also raised uncertainty among investors.
Tom Emmer mentioned that Congress doesn’t rely on planted stories in progressive publications to gain details on SEC’s oversight agenda. They are looking forward to Gary Gensler’s public testimony before Financial Services GOP.
However, experts have claimed that the SEC and several other watchdog groups might help SBF to get away from the crisis he made. It is alleged that SBF donated money to members while lobbying for Digital Commodity Consumer Protection Act (DCCPA).
Bitcoin traders are turning their attention to this week’s Federal Open Market Committee (FOMC) meeting.…
White House crypto czar David Sacks has shown his support for Donald Trump's nomination of…
Crypto firm Ripple has revealed that it is exploring new ways to use XRP within…
Kyrgyzstan has made a significant move in the adoption of digital finance. It has now…
Ripple-backed Evernorth's XRP treasury has grown to $1 billion just days after the company announced…
In fresh developments, the United States and China’s trade teams have commenced negotiations on the…