‎🔮Released now in US -(US Dollar) 🌫 CPI excluding lunch and energy () 🔹 Previous: 0.2% 🔹 Estimate: 0.2% ♦️ Current: 0.3% 🔰Result: Positive for the US dollar

U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler recently testified at a Congressional hearing held by the Senate Committee on Banking, Housing, and Urban Affairs, where he expressed significant concerns about the state of the cryptocurrency industry. Gensler's remarks highlighted issues of non-compliance, fraud, abuse, and misconduct within the crypto space.

When asked about the SEC's capacity to enforce regulations in the crypto ecosystem, Senator Catherine Cortez Masto questioned whether the agency was adequately staffed, especially in terms of enforcement personnel. Gensler responded by stating that the SEC is far from being overstaffed, noting that the agency has only increased its staff count by 3% over the past seven years. He emphasized that during this time, the crypto markets have grown substantially in both activity and complexity, presenting new challenges for regulation.

Gensler, who has over four decades of experience in finance, expressed his astonishment at the level of misconduct he has witnessed within the crypto field, describing it as "daunting."

In October 2022, it was reported that the SEC's staff lacked the necessary expertise to draft regulatory rules for the crypto market, with over 20% of senior attorneys and officials lacking the required knowledge. This deficiency was attributed in part to Gensler's leadership.

There were also rumors of internal disagreements within the agency regarding rulemaking for digital assets.

In an attempt to address criticism directed at the SEC's stance on the crypto market, Gensler prefaced his remarks during the hearing by stating that his comments were personal and did not necessarily represent the agency's views or those of its staff. This approach was consistent with Gensler's recent practice of differentiating his personal opinions from official SEC positions.

Furthermore, Gensler declined to comment on ongoing litigation, stating, "While I'm happy to discuss the SEC's work, I will not be able to comment on any active, ongoing litigation." This refusal to comment extended to significant lawsuits in the crypto market, including the Grayscale Bitcoin ETF application and the XRP lawsuit.

Coinbase, a major U.S.-based crypto exchange, has called for a legislative approach to crypto regulation to ensure consumer protection. They argued that relying solely on enforcement without regulatory clarity puts 4 million jobs at risk by 2030.

Despite the concerns raised during Gensler's hearing, the Bitcoin price did not exhibit significant fluctuations, maintaining its 24-hour gains. It remains to be seen whether further questioning of the SEC Chair regarding crypto will have any impact on the industry.

Disclaimer: The content provided may reflect the author's personal opinions and is subject to market conditions. It is advisable to conduct thorough market research before making cryptocurrency investments. The author and the publication do not assume responsibility for any personal financial losses.

#Crypto #SEC #Regulation #Fraud #Enforcement

Following the highly publicized fraud trial, FTX co-founder Sam Bankman-Fried has been found guilty on all charges. Indeed, following deliberation, the juror issued a guilty verdict on seven charges, meaning the one-time crypto mogul is set to face more than 110 years in prison.The case followed the devastating collapse of FTX, which at one time was one of the strongest brands in the industry. Subsequently, Bankman-Fried and his defense attorneys were unable to prove, without a shadow of a doubt, that he defrauded investors through the exchange.Bankman-Fried Found Guilty on Fraud ChargesThe fall of FTX has been described as one of the largest financial crimes in American history. Indeed, it is certainly the greatest controversy to face the digital asset industry in its history. Now, the man who created and ran the exchange is set to face justice.Following a trial that dominated the news cycle, Sam Bankman-Fried has been found guilty on all seven charges issued against him. The jurors deliberated after closing arguments were issued by both sides on November 1st. Subsequently, they concluded that Bankman-Fried maintained culpability for the company’s downfall.Throughout the trial, Bankman-Fried attempted to convince jurors of his innocence. Specifically, he had continued a defense that began with a media tour following the exchange’s collapse. Bankman-Fried has consistently assured the public that the collapse was a result of his ignorance, not malice. Yet, the jurors seemingly did not believe the defense set forth.Many had predicted that Bankman-Fried would face conviction. Yet, there remained the belief that the overarching dysfunction of the platform as a whole would absolve him of sole responsibility. Conversely, jurors have instead agreed with the prosecution, finding Bankman-Fried guilty.Bankman-Fried sat motionless at the defense table in a grey suit. He was made to stand and face the jury for the reading. He showed no emotion.#FTX's #Fraud #CryptoNews🔒📰🚫