š„CoinGape: XRP And LUNC Communities Scoff At Gary Genslerās Call For SEC Tip
š¢ Gary Gensler Faces Crypto Backlash
SEC Chair Gary Gensler urged individuals to report securities fraud or violations to the agency. His post on X received over 600 replies in an hour, with XRP and LUNC communities mocking him for perceived regulatory overreach.
š” Crypto Community's Disdain
Crypto enthusiasts, especially from XRP and LUNC communities, criticized Gensler for undermining the crypto market's integrity. They accused him of harming Binance and Paxos' BUSD stablecoin business, although the SEC later dropped the investigation against Paxos after a judge's ruling.
šļø Regulatory Overreach Concerns
Gensler faced backlash for his regulatory approach, with the crypto community and lawmakers claiming that the SEC's actions stifle the growth of the crypto industry in the U.S.
š XRP and LUNC Price Impact
The SEC's lawsuit against Ripple Labs stalled XRP's price momentum. Despite Judge Torresā ruling providing some clarity, XRP didn't see significant rallies and is currently trading at $0.463, down 1% in a year. Similarly, LUNC's price dropped over 10% in a year amid a lawsuit against Terraform Labs and Do Kwon. LUNC is currently trading above $0.000070.