The Securities and Exchange Commission of the United States has shown a positive outlook toward crypto with the change in the powers of the nation from Biden to Trump, especially after Gary Gensler left the commission.
In a most recent speech, Mark Uyeda, the acting chairman of the SEC, said he directed the staff of the commission to potentially retreat from the prior plan of implementing a harsh and tough registration policy.
SEC planning to scrape the harsh crypto regulating policy
During a speech at the Institute of International Bankers, Mark showed an inclination towards crypto, with many remarks favoring the wider digital assets and banking sector. He also indirectly criticized the decision made by the commission under Gary’s leadership.
The press release quotes Mark’s statement, “ Effectively, the vastly expanded definition of an ‘exchange’ would have picked up various protocols used with respect to crypto assets.” Adding, “ In my view, it was a mistake for the Commission to link together regulation of the Treasury markets with a heavy-handed attempt to tamp down the crypto market.”
With the speeches and claims of moguls and the staff of government agencies at the Annual Washington Conference, the market has shown a slight change with a signal of tight bulls pressure in the next coming sessions.
Back-to-back SEC favoring moves have indicated that the commission is changing its stance over cryptocurrencies and digital assets, especially after Mr. Gary’s departure; it is worth noting that under his leadership, the commission has collected the highest penalties since its establishment.
At the beginning of 2024, the SEC, under Mark’s interim leadership, launched a crypto task force to develop a clear set of rules for the crypto sector.
Experts say that the launch of a dedicated enforcement agency for cryptocurrency will help the digital asset market to get an improved infrastructure, which is also expected to help the market reach a new milestone
Bears trapped the market at lower lows
Until publishing, the crypto market cap was $2.62 trillion with a loss of 3.06% in the past 24 hours, and the fear and greed index was at 15, indicating extreme fear in the wider market.
Also, Bitcoin has continued to fall, and when writing, it was trading below $82k at $80,307. Its prices are down by 2.43% intraday, and a weekly decline has also been observed.
In several months, it’s the 1st time when Ethereum fell below $2,000, with a loss of 8.43% in the past 24 hours; it is currently exchanging hands at $1,890.
The surging bears’ pressure has trapped the market cap and volume, including the prices of some known cryptocurrencies; the intraday loser list has been topped by Artificial Superintelligence Alliance, Lido DAO, UniSwap, Ethena, Jasmy Coin, and Theta Network.
