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The new rule is a loss for cryptocurrency adoption and exposes another aspect that could lead to increased selling pressure. This will be true if more countries implement similar anti-crypto legislation.
The crypto community is especially interested in the regulatory path that the SEC is willing to customize to accommodate the unique nature of the crypto market. However, Gary Gensler of the SEC’s latest statements may reduce new concerns about unfavorable regulatory pressure and its impact on the crypto market.
SEC intends to exclude the cryptocurrency market from…
The SEC head acknowledged that the US is eager to accommodate crypto firms in a recent interview. However, as part of its attempts to protect the public, the SEC seeks to guarantee that they operate under clearly defined laws.
The most notable aspect of the interview, though, is that Gensler stated that the SEC intends to exclude the cryptocurrency market from certain securities restrictions. The exemption, according to the SEC chair, is intended to encourage crypto firms to pursue regulatory compliance.
However, the SEC’s intentions for the crypto industry remain unknown. Some critics feel that the SEC has been inconsistent in its regulation and protection of the public’s interests. Despite Gensler’s hopeful statements, it remains uncertain whether the SEC’s planned crypto regulations will benefit the market.
The revival of governmental pressure, on the other hand, may put the crypto markets on edge as investors wait to see how things play out. If the SEC follows through on the proposals mentioned by Gensler, the crypto market could experience another huge selloff.
A good regulatory conclusion, on the other hand, may encourage other countries to follow suit. This prospect may boost investor morale and maybe spark another rally. Although regulatory pressure is currently a threat to the cryptocurrency business, the correct type of legislation may foster healthy growth.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
