Known for predicting the 2007-08 subprime mortgage crisis in the US and the ensuing global financial crisis, Nouriel Roubini shocked the community by backing the SEC’s crackdown on the altcoin market.
Nouriel Roubini criticizes altcoin whales and supports SEC
The famous economist recently attacked Ethereum (ETH) whales, supporting SEC Chairman Gary Gensler, who supported his ambiguous stance on Ethereum’s classification as a security.
In a tweet, Roubini defended Ethereum’s securities despite self-serving claims made by ETH billionaires, calling his views “utterly ridiculous”. Shortly before that, SEC Chairman Gensler said that Ethereum could be classified as a security because cryptocurrencies are floating in waters that are not yet fully understood.
SEC Chairman Gary Gensler insists on ‘securities’
Gensler argues that cryptocurrencies other than Bitcoin are mostly created by a group of entrepreneurs who aim to profit from the efforts of intermediaries. The classification of cryptocurrencies as a security will depend on increased regulatory oversight and compliance requirements.
Gensler hinted at the last SEC meeting that stakeholder PoS networks like Ethereum should be regulated as securities. This view contradicts the ideas of CFTC Chairman Rostin Behnam. The CFTC sees Ethereum as a commodity, as in its recent legal dispute with Binance. Roubini’s endorsement of Gensler’s views on Ethereum’s classification as a security highlights the ongoing contention over the cryptocurrency’s status.
‘Strict regulations’ gain momentum with Binance lawsuit
Leading cryptocurrency exchange Binance has recently been investigated by regulators from many countries around the world and is facing legal problems in some countries. An exchange operating company in the Netherlands has reportedly filed a complaint against Binance, and a subsidiary of Binance in the UK has reportedly had its license revoked. It is also among the news that investigations against Binance are continuing in Malaysia and Germany. To the latest Binance investigation in China cryptocoin.comWe have included it in this article.
Binance CEO Changpeng Zhao stated that the company operates in accordance with the law and has many licenses around the world. Despite Binance’s statements that it is operating in accordance with strict regulations, Binance’s encounter with these legal problems creates a call for stricter measures to regulate cryptocurrency exchanges.
Binance’s legal problems also raise concerns about the stability of the cryptocurrency markets. Because Binance is one of the largest cryptocurrency exchanges worldwide and has a significant impact on the volume of cryptocurrency markets. Economist Nouriel Roubini sided with the SEC on regulations. He supported the regulator’s pressure on securities status.
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