• Cryptocurrency regulatory uncertainty in the US has caused job cuts in the crypto industry.
• SEC Chair Gary Gensler has indicated that all digital assets besides Bitcoin are unregulated securities.
• John Deaton, Cryptolaw’s founder, is initiating a class action lawsuit against the New York Attorney General, claiming Ethereum is not a security.
Crypto Regulations Uncertainty in The US
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 the Kraken.
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 the judicial system. As a result, Deaton called on all crypto enthusiasts to take this period to fight back against U.S push to sink his industry sector of choice. Notabley he initiated a class action lawsuit against NY Attorney General claiming Ethereum is not security and already it gained more than 1k participants including 57 from New York state alone..
SEC’s Plans To Take Up 200 Enforcement Actions On Crypto Market
Deaton further claimed that he heard rumors about SEC plans to take up 200 enforcement actions on crypto market within next two years time frame and urged people involved in this field of activity to act now rather than later .He also mentioned that four out of five americans using digital payments puts U S at risk from driving staking operators offshore .
No Sign Of Clarity Till 2025
Overall ,Deaton concluded his statement by saying there will be no clarity regarding regulations till 2025 . He believes only then goverment will start taking decisions based upon beneficial laws for cryptospace .