Regulation
Reading time: ~2 m
The editorial board of the CoinDesk portal, commenting on the recent actions of the federal government, suggests that behind them is a coordinated attempt by the authorities to harm the digital asset industry.
In its analysis of the situation around US crypto companies, the editors of the news portal CoinDesk suggest that the actions of the US government and regulators are aimed at ousting industry representatives abroad.
“Editorial management believes that the existential threats faced by the U.S. cryptocurrency industry due to recent government actions are sufficient to take a stance,” CoinDesk said.
The findings were fueled by a series of actions by the Securities and Exchange Commission (SEC) against regulated U.S. crypto companies, including the Kraken and Coinbase exchanges, as well as the commencement of litigation by the Commodity Futures Trading Commission (CFTC) against the Binance exchange.
To make matters worse, the Presidential Economic Report, a policy statement released last week by the US presidential administration, argues that cryptocurrencies are not a useful technology and have become a source for dangerous criminal machinations.
In March, Reuters reported that the Federal Deposit Insurance Corporation (FDIC) was requiring potential buyers of Signature Bank to abandon all crypto transactions, effectively denying banking services to large crypto companies. The FDIC denied this, but when the sale of the bank took place, users of crypto-currency services were indeed delisted.
The US government and regulators are pushing national crypto companies to think about moving abroad, because, journalists of an authoritative publication are sure, they should be afraid that at home they will not only lose business, but will also not be able to access their own bank accounts.
The editorial board of CoinDesk believes that most of the actions of the US government were more punitive than constructive. Therefore, without a significant change in course from the Joseph Biden administration and supervisory authorities, the notion that the US is determined to destroy the crypto industry will be firmly rooted in the minds of market participants and users.
On Thursday, March 30, the SEC filed charges against the Beaxy cryptocurrency platform for conducting brokerage and clearing activities without proper registration. The commission suspects Beaxy of illegally raising $8 million in the placement of unregistered securities. On its website, the exchange said it was suspending operations indefinitely.
#authorities #drown #cryptocurrency #industry
