Recently, the Bitcoin and altcoin scene in the US has been heating up. The latest move by the US Securities and Exchange Commission has been to sue websites that scammed several assets, including cryptocurrencies. Besides, a new stablecoin bill seems to be coming in the House of Representatives. It was decided in Congress that the new meeting on cryptocurrencies will be held on May 18. Here are the details…
Sue these platforms from the US SEC
The U.S. Securities and Exchange Commission (SEC) has launched a lawsuit against several fraudulent website operators offering exorbitant returns on investments in securities, including cryptocurrencies. In a lawsuit filed in US Massachusetts District Court on Thursday, the SEC targeted operators of dozens of fraudulent websites, including GA-Investors (GAI). The operators of these websites are accused of promising returns of up to 61.9% within 24 hours, with a daily return of between 2% and 4.5%.
Lawyer Pollet commented on the situation, saying that regulators should eliminate bad actors and allow good actors to operate. However, he believes that the current strategy of the SEC is not achieving this goal and expects the SEC’s pressure on the crypto industry to continue. The SEC’s action against fraudulent websites follows a new policy announcement that requires cryptocurrency exchanges to register with the regulator. This is a move aimed at providing greater surveillance and consumer protection in the industry.
Democrats are considering a new altcoin bill: there is a hearing on May 18
Meanwhile, House Democrats are considering their own version of a stablecoin bill, a successor to the version spearheaded by the Representatives. But the Democrats’ proposal marks a significant departure from a parallel effort by the Republicans. The Democrats’ version of the bill focuses more on consumer protection issues and does not allow non-bank stablecoin issuers to benefit from Fed programs. It will also give the Fed preliminary veto power over the registration of stablecoin issuers. On the other hand, the Republican effort gives states a strong mandate to continue regulating stablecoin issuers.
A stablecoin is a type of crypto asset that is tied to a fixed asset such as the US dollar and is widely used in crypto markets for trading more volatile coins. The bill addressing stablecoins has been a top priority for US lawmakers looking to address crypto oversight. Last year, House committee leaders approached a compromise version of the bill, but failed to present it. The committee will hold another hearing on stablecoin legislation on May 18, making it the fourth crypto hearing for the panel in a month. Among the altcoin projects that are expected to be affected by this situation, there may be cryptocurrencies such as USDT, USDC, TUSD.
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