{"id":552317,"date":"2023-09-21T15:00:21","date_gmt":"2023-09-21T15:00:21","guid":{"rendered":"https:\/\/www.ktsl888.com\/?p=552317"},"modified":"2024-06-11T07:09:20","modified_gmt":"2024-06-11T07:09:20","slug":"sec-announcement-crypto","status":"publish","type":"post","link":"https:\/\/www.ktsl888.com\/news\/sec-announcement-crypto\/","title":{"rendered":"What The SEC\u2019s Latest Announcement Means For The Crypto Industry"},"content":{"rendered":"

A recent announcement by the US Securities and Exchange Commission (SEC) suggests that the crypto industry may be in for more pain as it continues to endure the far-reaching consequences that the Commission\u2019s enforcement actions have had on it.\u00a0<\/span><\/p>\n

More Pain Incoming For Crypto?<\/h2>\n

During the <\/span>Securities Enforcement Forum Central 2023<\/span><\/a>, David Hirsch stated that his office plans to bring action against other crypto companies that were breaking the law. Hirsch heads the agency\u2019s unit (Crypto Assets and Cyber Unit) that handles crypto enforcement, including the lawsuits against the biggest crypto exchanges in the world, <\/span>Binance<\/span><\/a> and <\/span>Coinbase<\/span><\/a>, and another against <\/span>Ripple<\/span><\/a>.<\/span><\/p>\n

Related Reading: Grayscale Takes New Approach As It Files For Another Ethereum Futures ETF<\/a><\/div>\n

These actions are already negatively impacting these companies and, by extension, the crypto industry. As such, any further action could dampen the mood in the crypto market further. For instance, Binance US, the American arm of Binance, has seen <\/span>a significant drop in its trading volumes<\/span><\/a> since it began to face regulatory scrutiny.\u00a0<\/span><\/p>\n

In June, the <\/span>SEC sued Binance US<\/span><\/a> for a range of infractions, including misrepresentation of trading controls and oversight on the platform. This forced the company to suspend trading for more than 100 token pairs, causing a significant drop in trading activity and investor confidence.<\/span><\/p>\n

Also, despite securing a <\/span>major victory<\/span><\/a> against the SEC, Ripple\u2019s XRP has lost most of its gains that resulted from the judgment. The <\/span>XRP price<\/span><\/a> has remained tepid overall, and one of the reasons for this could be that the Commission\u2019s regulatory stance on Ripple has cast doubts in the <\/span>minds of potential investors<\/span><\/a>, especially with the SEC contesting <\/span>Judge Analisa Torres\u2019 ruling<\/span><\/a>.\u00a0\u00a0<\/span><\/p>\n

The SEC\u2019s continued clampdown on companies in the industry evidently influences how outsiders interact with stakeholders in the industry as they may be looking to avoid the SEC\u2019s wrath. Ripple\u2019s CTO, David Schwartz, also recently revealed how the SEC\u2019s lawsuit made the company lose a <\/span>deal with a stablecoin issuer<\/span><\/a>.\u00a0<\/span><\/p>\n

Meanwhile, others in the industry may be forced to leave the market or shut down certain parts of their operations, as in the case of crypto exchange Bittrex, which had to<\/span> shut down its US operations<\/span><\/a> earlier this year.<\/span><\/p>\n

DeFi Not Exempted From SEC\u2019s Wrath<\/h2>\n

So far, the SEC has been known to have largely gone after crypto projects that are more centralized. However, Hirsch stated that Decentralized Finance (DeFi) projects, which could be a direct reference to decentralized exchanges (DEXs), would not be exempted from his unit\u2019s enforcement actions as the \u201clabel of DeFi\u201d will not deter them from conducting investigations and doing their job.\u00a0<\/span><\/p>\n

Related Reading: Bearish Signal? Bitcoin Whale Wakes Up From 6-Year Slumber And Transfers $56 Million<\/a><\/div>\n

He, however, admitted that the Commission might not have enough resources to go after all these projects as they are already burdened with several lawsuits. This is in line with <\/span>pro-XRP legal expert Fred Rispoli\u2019s<\/span><\/a> reasoning that the Commission may be looking to avoid any further legal battle as they do not have enough manpower to handle any additional lawsuit.\u00a0<\/span><\/p>\n

\"Crypto<\/p>\n

Total market cap trailing at $1.039 trillion | Source: Crypto Total Market Cap on Tradingview.com<\/a><\/pre>\n
Featured image from The Street, chart from Tradingview.com<\/div>\n","protected":false},"excerpt":{"rendered":"
A recent announcement by the US Securities and Exchange Commission (SEC) suggests that the crypto industry may be in for more pain as it continues to endure the far-reaching consequences that the Commission\u2019s enforcement actions have had on it.\u00a0 More Pain Incoming For Crypto? During the Securities Enforcement Forum Central 2023, David Hirsch stated that his office plans to bring action against other crypto companies that were breaking the law. Hirsch heads the agency\u2019s unit (Crypto Assets and Cyber Unit) that handles crypto enforcement, including the lawsuits against the biggest crypto exchanges in the world, Binance and Coinbase, and another against Ripple. Related Reading: Grayscale Takes New Approach As It Files For Another Ethereum Futures ETF These actions are already negatively impacting these companies and, by extension, the crypto industry. As such, any further action could dampen the mood in the crypto market further. For instance, Binance US, the American arm of Binance, has seen a significant drop in its trading volumes since it began to face regulatory scrutiny.\u00a0 In June, the SEC sued Binance US for a range of infractions, including misrepresentation of trading controls and oversight on the platform. This forced the company to suspend trading for more than 100 token pairs, causing a significant drop in trading activity and investor confidence. Also, despite securing a major victory against the SEC, Ripple\u2019s XRP has lost most of its gains that resulted from the judgment. The XRP price has remained tepid overall, and one of the reasons for this could be that the Commission\u2019s regulatory stance on Ripple has cast doubts in the minds of potential investors, especially with the SEC contesting Judge Analisa Torres\u2019 ruling.\u00a0\u00a0 The SEC\u2019s continued clampdown on companies in the industry evidently influences how outsiders interact with stakeholders in the industry as they may be looking to avoid the SEC\u2019s wrath. Ripple\u2019s CTO, David Schwartz, also recently revealed how the SEC\u2019s lawsuit made the company lose a deal with a stablecoin issuer.\u00a0 Meanwhile, others in the industry may be forced to leave the market or shut down certain parts of their operations, as in the case of crypto exchange Bittrex, which had to shut down its US operations earlier this year. DeFi Not Exempted From SEC\u2019s Wrath So far, the SEC has been known to have largely gone after crypto projects that are more centralized. However, Hirsch stated that Decentralized Finance (DeFi) projects, which could be a direct reference to decentralized exchanges (DEXs), would not be exempted from his unit\u2019s enforcement actions as the \u201clabel of DeFi\u201d will not deter them from conducting investigations and doing their job.\u00a0 Related Reading: Bearish Signal? Bitcoin Whale Wakes Up From 6-Year Slumber And Transfers $56 Million He, however, admitted that the Commission might not have enough resources to go after all these projects as they are already burdened with several lawsuits. This is in line with pro-XRP legal expert Fred Rispoli\u2019s reasoning that the Commission may be looking to avoid any further legal battle as they do not have enough manpower to handle any additional lawsuit.\u00a0 Total market cap trailing at $1.039 trillion | Source: Crypto Total Market Cap on Tradingview.com Featured image from The Street, chart from Tradingview.com<\/p>\n","protected":false},"author":594,"featured_media":552325,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[83386,3],"tags":[428,656,6664,14690,54512,89420,3799,89194,89374],"class_list":["post-552317","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto","category-news","tag-bitcoin","tag-bitcoin-news","tag-crypto","tag-crypto-news","tag-defi","tag-defi-news","tag-sec","tag-sec-news","tag-sec-vs-crypto"],"acf":[],"yoast_head":"\nWhat The SEC\u2019s Latest Announcement Means For The Crypto Industry<\/title>\n<meta name=\"description\" content=\"A recent announcement by the US Securities and Exchange Commission (SEC) suggests that the crypto industry may be in for more pain.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, 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Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott's dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers. Scott\u2019s experience spans a number of industries outside of crypto including banking and investment. He has brought his vast experience from these industries into crypto, which allows him to understand even the most complex topics and break them down in a way that is easy for readers from all works of life to understand. Scott\u2019s pieces have helped to break down cryptocurrency processes and how they work, as well as the underlying groundbreaking technology that makes them so important to everyday life. With years of experience in the crypto market, Scott began to focus on his true passion: writing. During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others. Scott\u2019s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott\u2019s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry. Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors. In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else. Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies. Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.","sameAs":["https:\/\/x.com\/https:\/\/twitter.com\/MathersonScott"],"url":"https:\/\/www.ktsl888.com\/author\/mathersonscott1\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"What The SEC\u2019s Latest Announcement Means For The Crypto Industry","url":"http:\/\/www.ktsl888.com\/news\/sec-announcement-crypto\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/www.ktsl888.com\/news\/sec-announcement-crypto\/"},"thumbnailUrl":"https:\/\/www.ktsl888.com\/wp-content\/uploads\/2023\/09\/Crypto-SEC.jpeg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/www.ktsl888.com\/wp-content\/uploads\/2023\/09\/Crypto-SEC.jpeg?fit=620%2C349"},"articleSection":"Crypto","author":[{"@type":"Person","name":"Scott Matherson"}],"creator":["Scott Matherson"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/www.ktsl888.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin news","crypto","crypto news","defi","defi news","sec","sec news","sec vs crypto"],"dateCreated":"2023-09-21T15:00:21Z","datePublished":"2023-09-21T15:00:21Z","dateModified":"2024-06-11T07:09:20Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"What The SEC\\u2019s Latest Announcement Means For The Crypto Industry\",\"url\":\"http:\\\/\\\/www.ktsl888.com\\\/news\\\/sec-announcement-crypto\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/www.ktsl888.com\\\/news\\\/sec-announcement-crypto\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/www.ktsl888.com\\\/wp-content\\\/uploads\\\/2023\\\/09\\\/Crypto-SEC.jpeg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/www.ktsl888.com\\\/wp-content\\\/uploads\\\/2023\\\/09\\\/Crypto-SEC.jpeg?fit=620%2C349\"},\"articleSection\":\"Crypto\",\"author\":[{\"@type\":\"Person\",\"name\":\"Scott Matherson\"}],\"creator\":[\"Scott Matherson\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/www.ktsl888.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin news\",\"crypto\",\"crypto news\",\"defi\",\"defi news\",\"sec\",\"sec news\",\"sec vs crypto\"],\"dateCreated\":\"2023-09-21T15:00:21Z\",\"datePublished\":\"2023-09-21T15:00:21Z\",\"dateModified\":\"2024-06-11T07:09:20Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/ktsl888.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/www.ktsl888.com\/wp-content\/uploads\/2023\/09\/Crypto-SEC.jpeg?fit=620%2C349","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/www.ktsl888.com\/wp-json\/wp\/v2\/posts\/552317"}],"collection":[{"href":"https:\/\/www.ktsl888.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.ktsl888.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.ktsl888.com\/wp-json\/wp\/v2\/users\/594"}],"replies":[{"embeddable":true,"href":"https:\/\/www.ktsl888.com\/wp-json\/wp\/v2\/comments?post=552317"}],"version-history":[{"count":0,"href":"https:\/\/www.ktsl888.com\/wp-json\/wp\/v2\/posts\/552317\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.ktsl888.com\/wp-json\/wp\/v2\/media\/552325"}],"wp:attachment":[{"href":"https:\/\/www.ktsl888.com\/wp-json\/wp\/v2\/media?parent=552317"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.ktsl888.com\/wp-json\/wp\/v2\/categories?post=552317"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.ktsl888.com\/wp-json\/wp\/v2\/tags?post=552317"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}