The recent news from the United States says that the US SEC is about to launch an all-out war against cryptocurrency. This has made most of the industry stakeholders question most of their decisions. In the recent development, most industry players have come out to examine the commission’s regulation on crypto. They have termed this regulation “overreached” and may be consequential to the crypto market.
Meanwhile, suggestions have started coming from every angle as regards this most recent development. The most interesting one came from the SEC, who, according to a source, said the commission is looking to ban cryptocurrency staking.
SEC Moves Against the Cryptocurrency
In reaction to the XRP suit, John Deaton commented on the rumor making rounds that the SEC is waging war against the cryptocurrency staking. In his statement, he claimed that the story is actually true: that Gary Gensler, the United States SEC boss, has declared an all-out war against the cryptocurrency.
Meanwhile, the CEO of Coinbase, Brain Armstrong said he has also heard rumors about that effect. He said that the government, through some underground organizations, is working towards getting rid of cryptocurrency staking. Armstrong went ahead to advise top crypto multinationals to move their operations offshore, claiming that the government may use enforced regulations to frustrate their operations.
Armstrong also has reasons to believe that the government was responsible for what happened to FTX and might try to repeat the process on others. He also reported saying that the enforcement technique won’t work because it even compels most crypto firms to consider moving their business offshore.
On the other hand, Sam Bankman: the lawyer representing XRP holders, has also come out to expose the people behind the FTX liquidation. He says he had several meetings with Gary Gensler and SEC on the issue, yet they did nothing to prevent the devastating collapse of the company.
Meanwhile, Charles Hoskinson the Co-founder of Output Global and the Cardano token, has referred to the ETH staking system as problematic. According to the ADA co-founder, the idea of holders staking their digital assets just to get returns afterward makes the whole process look like a product regulated by some authority.
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