Since Sam Bankman-FTX Fried’s exchange crashed recently, the cryptocurrency market has suffered greatly. On the other hand, it has been assumed that the US SEC and its Chair Gary Gensler engaged in questionable market protection actions. On the contrary, the attorney for Ripple predicted that the cryptocurrency market may have greater difficulty in the days to come.
In several Twitter threads, John Deaton, the attorney for XRP holders, provided some insight into the SEC’s upcoming course of action. He stated that the SEC has increased the amount of its personnel specifically committed to the cryptocurrency industry and is prepared to pursue it in the coming years.
The SEC chair supports promoting laws even in non-fraud scenarios like Dragon, Ripple, BlockFi, LBRY, and others examples. The SEC is the biggest creditor in the BlockFi bankruptcy, according to Deaton. The attorney previously foresaw that the SEC might pursue all exchanges for handling unauthorized securities.
But it all turned out to be true since the authority sued Coinbase for having sold securities and because they believed it would occur again and result in a 50% crash shortly. This may also enable institutional shareholders and whales to acquire a sizeable part of the market shortly.
Ken Emmanuel is a Blockchain Content writer, a Web3 Enthusiast and a Social Media Management Strategist, he likes writing educative contents to help people gain more knowledge and get inspired. The growth of any organization he work with is always his priority. He is a Geographer by profession and loves reading.