SEC’s Cryptocurrency Crackdown Soars 183% in 6 Months Following FTX’s Collapse
Actions taken by the SEC in relation to cryptocurrencies have significantly increased over the past 6 months following the collapse of FTX.
In the 6 months since FTX’s bankruptcy on November 11, 2022, SEC’s enforcement actions related to cryptocurrencies have risen by at least 17%, estimated to be a 183% increase compared to the previous period.
This analysis does not account for the two recent lawsuits that the SEC filed against Binance on June 5 and Coinbase a day later.
The increased actions include recent measures taken against two leading cryptocurrency exchanges in the current market, leading some analysts to believe that the SEC is attempting to make amends for its failure to regulate FTX effectively.
Ripple’s CEO, Brad Garlinghouse, has echoed this sentiment, stating in a tweet on June 6 that the SEC’s actions following FTX’s collapse are excessive, and he hopes they will divert their attention from FTX’s failure.
In the context of strengthened enforcement actions related to cryptocurrencies, the cryptocurrency market is experiencing significant changes and fluctuations. Cryptocurrency investors and users need to pay special attention to the new regulations and enforcement measures being implemented by the SEC.
Read more:
- Binance Accuses SEC Of Regulatory Overreach And Lack Of Clarity In Cryptocurrency Laws
- Gary Gensler: SEC “Very Confident” In Enforcement Cases Targeting Coinbase And Binance
- SEC Chair Gary Gensler Allegedly Offered Advisory Role To Binance In 2019