SEC’s Crypto Moves Split USA In Two!

The moves made by the US regulator SEC divided the US in two.

The crypto industry has been battling legal problems since FTX went bankrupt. The bankruptcy of FTX, which is shown as one of the largest crypto exchanges in the world, prompted US regulators. The SEC and CFTC have increased the dose of the raid quite a bit in recent months. The most recent agenda was the SEC suing Binance and Coinbase.

The fact that the SEC has Coinbase and Binance on its radar has divided people. While many names find the SEC’s actions correct, there is a serious increase in the number of those who settle in the crypto ranks.

SEC’s Steps Confused!

The US Securities and Exchange Commission (SEC) ignited the fuse with the lawsuit filed against Binance on June 5. While crypto was trying to digest this situation, the Coinbase case that followed immediately created a bombshell effect. A US regulator has sued both crypto exchanges for the first time in years.

The crypto steps taken by the SEC have divided the industry into two. Messages in support of the SEC are coming from the crypto-savvy sector. On the other hand, there are important names among those who support crypto.

SEC Supporters: “Oh Those Senators!”

The moves made by the US regulator SEC against crypto attract support from many quarters. These names often play an active role in legal processes.

To take an example, US Senator Elizabeth Warren said that Binance misled Congress. Warren stated that clear regulations in crypto are a necessity, and that is why he supports the SEC. Warren is known for his anti-crypto rhetoric.

Warren said that Binance made false statements to lawmakers in legal processes, and therefore, the rhetoric used by Binance against lawmakers should be investigated. The US Senator gave the message that he supports the SEC in the lawsuits filed against Binance.

On the other hand, statements came from Janet Yellen, one of the most important names in the USA, the US Treasury Secretary. Yellen, a prominent name in the US economy, stated that she supports the latest steps taken by the SEC. Speaking on CNBC, Yellen stated that there are various risks in the crypto industry and that regulations are needed. The US Treasury Secretary gave the message that he stands behind the steps taken by the regulatory agencies, especially the SEC.

Another name that has sided with the SEC and has been harshly critical of crypto is US Senator Chris Van Hollen. Hollen had targeted Binance by taking the letter she prepared with Warren to the US court. In this letter, it was stated that Binance engaged in illegal transactions and Binance US does not serve as a separate entity.

Hollen thinks cryptocurrencies need fast and tough regulation. The US Senator gives the message that he stands behind the steps taken by the SEC.

Those who stand against crypto are often pro-government and economic actors. The current US government is known for its tough and conservative stance on crypto. Those who support crypto and stand against the SEC often have the US government on their radar.

SEC Fronts: “Why Pressure?”

The actors who took a stand against the steps taken by the US regulator SEC were predominantly from the crypto sector. Actors such as Binance CEO Changpeng Zhao (CZ), Coinbase CEO Brian Armstrong, Polygon, Gemini’s founding twins, the Winklevoss brothers, Ripple, Cardano, and founder Charles Hoskinson are opposing the SEC.

These actors, who stand out as the most important names in crypto, argue that these moves by the SEC are illogical and destroy the crypto atmosphere in the USA. In particular, CZ stated that the moves made by the SEC without any basis would eventually harm the SEC.

It is a reality that crypto actors are expected to defend the industry and stand by the industry. At this point, it was the approaches of US Senators and economists that drew attention.

US Senator Cynthia Lummis has attracted all the attention with her recent post. Publishing a statement on Twitter, Lummis stated that he spent a lot of time on a study that will have positive regulations for crypto. The US Senator is trying to find a middle ground about crypto and the legal dimension. The crypto community thanked Lummis for his rhetoric and offered their support.

In his statements with the message “Hold on”, Lummis stated that he is focusing on studies that will provide a better environment for crypto. The Senator, who is on the side of crypto, is getting a lot of attention now.

Apart from Lummis, crypto support continues from another name involved in legal processes. US Congressman Tom Emmer thinks Bitcoin is a terrific opportunity for the US and therefore regulators should be more positive towards crypto. Emmer argues that the advancement of cryptocurrencies is a new technology.

Another anti-SEC name was also from the US Congress. Congressman Warren Davidson maintains his pro-crypto stance. Davidson is working hard to get SEC Chairman Gary Gensler fired. Davidson argues that crypto is a forward-looking innovative technology and the SEC is getting ahead of it.

In addition to all this, Patrick McHenry, a member of the US House of Representatives and Chairman of the Financial Services Committee, is also taking a stance against the SEC. McHenry had SEC Chairman Gary Gensler sweaty with his Ethereum question.

McHenry was among those who questioned Gensler in a session that took place in recent months. “Is Ethereum a security?” he asked Gensler. Attracting attention with his question, McHenry attracted intense attention with his tough attitude. Although McHenry does not take a maximalist stance towards crypto, he thinks the steps taken by the SEC are inconsistent.

Amid the tension between the SEC and crypto, the names to add to this list will go on and on. Because the SEC, which has a repressive attitude against crypto, which is shown as one of the new technology of the future, has made a global impact.

As a result, the SEC has attracted attention with its recent anti-crypto moves. These moves of the SEC are being put forward as a factor before the US elections next year. Crypto comes across as an argument between Democrats and Republicans.

No matter how large the conflicts increase, crypto’s solid stance stands out. Although most of the cryptocurrencies will disappear, it is stated that a reality like Bitcoin will take place in our lives.

It’s worth remembering, though, that the SEC is making moves against crypto, taking advantage of a loophole that isn’t there yet.