•Cryptocurrency regulatory uncertainty in the US has caused almost all firms and exchanges to suffer, resulting in over 2,000 job cuts this year.
•SEC chair Gary Gensler’s recent statement that all digital assets aside from Bitcoin are unregulated securities has been met with criticism.
•John Deaton, Cryptolaw’s founder, believes there is a coordinated effort to bring down the crypto industry by US regulators and has initiated a class action lawsuit against the New York Attorney General.
Crypto Regulatory Uncertainty
The cryptocurrency regulatory uncertainty in the United States has impacted almost all firms and exchanges in this space over the past few months. Over 2,000 job cuts in the crypto industry have happened this year, with the recent culprit being Anchorage Digital, which just sent home 20 percent of its workforce.
SEC’s Careless Approach
The call for clear crypto asset regulations in the United States seems to fall on deaf ears as the Securities and Exchange Commission (SEC) continues speculating on which digital assets are securities or commodities. Recently, SEC Chair Gary Gensler indicated that all digital assets besides Bitcoin are unregulated securities. Additionally, the SEC slapped Kraken with a $30 million fine for ostensibly issuing unregistered securities through its staking program. They are repeatedly gaining criticism for focusing on the ‚wrong‘ things. As such, Coinbase Global Inc. has vowed to defend its staking program in a court of law if need be. Moreover, Coinbase provides a crypto staking program similar to Kraken’s.
A Crypto War In The United States
According to John Deaton, Cryptolaw’s founder, there is a coordinated effort to bring down the cryptocurrency industry by the United States regulators through judicial system. As a result, Deaton called on all crypto enthusiasts to take this period to fight back against U.S push to sink crypto industry .Notably , he initiated a class action lawsuit against New York Attorney General , claiming Ethereum is not security . Reportedly ,the class action movement by Deaton already has over 1k participants ,with 57 from New York .The XRP-affiliated lawyer indicated that he heard rumors about SEC plans to take up 200 enforcement actions on crypto market during next two years .As such ,Deaton urged whole crypto industry stand together and fight back against this move .
Coinbase’s Vow To Defend Its Staking Program
Coinbase Global Inc., one of many firms affected by SEC’s careless approach towards regulating cryptocurrencies stated they will be taking legal action if need be their staking program gets targeted by SEC as well like it did with Kraken’s staking program.. With four out of five Americans using digital payments now days ,Coinbase believes that U S should not miss out on innovation brought up by digital payments due to lack of clarity regarding regulations..
Class Action Lawsuit Against NY AG
John Deaton initiated class action lawsuit against New York Attorney General calling Ethereum not security after hearing rumors about SEC taking 200 enforcement actions during next two years targeting cryptocurrency sector . This class action movement started by him already had 1k participants including 57 from new york . He urged whole industry unite and stand together fighting back against these moves taken up by government agencies like SEC suggesting otherwise would lead them losing hold over world’s largest economy ..