Former Securities and Exchange Commission (SEC) official John Reed Stark, in response to a Bloomberg article describing the US’s increasingly aggressive regulatory stance towards the industry cryptocurrency urged its investors to “leave the sector immediately”.
John Reed Stark: “Cryptocurrency Sector Under Siege, Get Out Now”
Stark, who currently runs a cyber consulting firm, tweeted that the “crypto-ecosystem is under siege” as a result of “brutal” regulatory actions, which could see the industry “push to the limits of finance”.
The Bloomberg article quoted by Stark claims that the driving force behind the continued crackdowns is the collapse of FTX and the potential for the next “crypto disaster” to have even more serious consequences. In response to regulatory action, investors are said to have exited the crypto space and Bitcoin has been down for two weeks in a row.
US financial regulators are said to be closing the doors to the traditional financial system by making it harder for crypto companies to secure their banking partners. Reports suggest that they have created a wall between crypto trading and the securities and banking markets to avoid another financial crisis.
SEC’s Kraken followed by Binance USD altcoin With the FUD wave after the decision about the Bitcoin price, the price of Bitcoin decreased for two weeks in a row.
Following the developments, the mint operations of BUSD, the stablecoin of the world’s largest cryptocurrency exchange Binance, were stopped.
Despite these concerns, US officials have denied that they are trying to crash the industry, stating that responsible innovation will be promoted.
*Not investment advice.
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