“It’s too good to be real” – Crypto Now Preparing for SEC Earthquake as Bitcoin, Ethereum, BNB, XRP, Solana, Cardano, Dogecoin Surge Price

Bitcoin BTC and cryptocurrencies have come under renewed regulatory scrutiny since the collapse of two major cryptocurrencies earlier this year triggered a multi-billion dollar crypto crisis.

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Although the price of bitcoin was affected to make its way above $20,000 per bitcoin – even after a serious warning about JPMorgan’s price – helping the price of ethereum, BNB, XRP, solana, cardano and dogecoin rally from recent lows.

Now, the head of Wall Street’s largest regulator has said the Securities and Exchange Commission (SEC) will consider exempting crypto firms from some regulatory requirements in an effort to tame the “Wild West” cryptocurrency.

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More FORBES ‘A Massive Opportunity’ – When Bitcoin, Ethereum, and the $2 Trillion Cryptocurrency Crash Could End

SEC President Gary Gensler warns that many crypto firms are offering unregistered securities… [+] Without naming bitcoin, ethereum, solana, cardano, BNB, XRP or dogecoin.

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“There is a potential way forward,” SEC President Gary Gensler said during an interview with Yahoo Finance in comments indicating how the SEC is working with the crypto industry moving forward, adding that the agency has the authority to grant waivers for certain regulations and disclosures. requirements. “I said to the industry, to the lending platforms, to the trading platforms: Come on, talk to us.”

Gensler, who previously described the bitcoin and cryptocurrency market as the “wild west” and this week repeated a warning that many crypto companies are “incompatible,” said the Securities and Exchange Commission has “strong powers from Congress to use our exempt powers that we can protect the determined investor.” .

Earlier this year, the SEC found crypto lender BlockFi to be an unregistered investment firm, and reached a $100 million settlement.

In May, the Securities and Exchange Commission (SEC) announced that it had doubled the number of employees in its crypto-asset and electronic unit as it tries to tackle a hot crypto market that swelled last year to $3 trillion before contracting in the past few months. Due to the increasingly hawkish stance of the Federal Reserve and the collapse of the stablecoin terraUSD along with support for the cryptocurrency Luna.

“The public is largely unprotected due to non-compliance in this area,” Gensler said. “The public benefits knowing full and fair disclosure and that someone isn’t lying to them. You know, basic protection.”

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More Forbes Crypto Price Alert: JPMorgan Unveils $160 Billion Bitcoin Bomb

Bitcoin price jumped to nearly $70,000 per bitcoin late last year before plummeting and… [+] Leading to a decline in the prices of the other ten cryptocurrencies such as Ethereum, BNB, XRP, solana, cardano and dogecoin.

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The collapse in bitcoin, ethereum and cryptocurrency prices has forced several lending platforms to file for bankruptcy and closed user accounts in recent weeks as they struggle to curb a wave of withdrawals.

“If it’s too good to be true, maybe it is,” Gensler said, pointing to the high returns of up to 20% that cryptocurrency lenders offer to depositors and market them as safe. “There may be a lot of risks inherent in that.”

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