SEC Causes Controversy Around Cryptocurrency’s Future
SEC or the US Security and Exchange Commission has been showing great interest into regulating the cryptocurrency market to make it more secure. They also aim to see how they could make the best out of the crypto-related investments at hand.
The SEC’s actions, however, are causing some people to appreciate their efforts, and others to doubt their true intentions towards their project. There are several reasons why people are starting to distrust the SEC.
Delaying the Fate of ETH
ETH prices have declined more than 150 percent lower due to a single statement by the SEC referring to their decision of denying BTC as a security.
Although the statement was not direct and was merely an implication, it caused investors and stakeholders in the ETH community to panic and disrupt the business, and then they came out to say that ETH is not a security. Only after losses have already occurred.
Delaying the Fate of BTC ETF’s Applications
With the BTC ETF being very crucial to the whole cryptocurrency business, not just for BTC, the application had to get the approval or disapproval of the SEC as soon as possible as people have already started investing.
More than one application has been issued and requested approval, and the SEO either rejected some of them while justifying their decisions. Otherwise, the rest of the applications were either “scheduled” for approval, or with the decision that the SEC needs more time to “study” the applications. Soon after the Winklevoss twins’ application was announced to be disapproved, BTC has fallen down below the earnings it has been making for 2 weeks.
Finally, people are becoming more skeptical of the SEC’s motives, for the most part, because of the fact that most of the coins that were of more value than the US dollar now have values far less than it, with the exception of BTC and a few other cryptocurrencies.
With the awareness of the SEO around the high demand on cryptocurrencies with a higher market cap, the SEO’s involvement with these changes is becoming more questionable at the moment.