The cryptocurrency regulatory uncertainty in the United States has impacted almost all firms and exchanges in this space over the past few months. Over 2,000 job cuts in the crypto industry have happened this year, with the recent culprit being Anchorage Digital, which just sent home 20 percent of its workforce.
The call for clear crypto asset regulations in the United States seems to fall on deaf ears as the Securities and Exchange Commission (SEC) continues speculating on which digital assets are securities or commodities.
SEC’s Careless Approach
Recently, SEC Chair Gary Gensler indicated that all digital assets besides Bitcoin are unregulated securities. Additionally, the SEC slapped Kraken with a $30 million fine for ostensibly issuing unregistered securities through its staking program. They are repeatedly gaining criticism for focusing on the ‘wrong’ things.
As such, Coinbase Global Inc. has vowed to defend its staking program in a court of law if need be. Moreover, Coinbase provides a crypto staking program similar to the Kraken.
A Crypto War In The United States
According to John Deaton, Cryptolaw’s founder, there is a coordinated effort to bring down the cryptocurrency industry by the United States regulators through the judicial system. As a result, Deaton called on all crypto enthusiasts to take this period to fight back against the U.S push to sink the crypto industry.
Notably, he initiated a class action lawsuit against the New York Attorney General, claiming Ethereum is not a security. Reportedly, the class action movement by Deaton already has over 1k participants, with 57 from New York.
The XRP-affiliated lawyer indicated that he heard rumors about the SEC’s plans to take up 200 enforcement actions on the crypto market in the next two years. As such, Deaton urged the crypto industry to unite against the regulatory crypto crackdowns. Furthermore, the lawyer believes crypto regulations will not enter the market until late 2025.
Source: https://coinpedia.org/news/no-sign-of-clarity-of-crypto-regulations-till-2025-claims-john-deaton/