‘Crypto Ban’ Talk To Rise Amid Bank Crisis

After offering to assemble like minded people fighting legally against the U.S. Securities and Exchange Commission, XRP lawyer John Deaton is warning of yet another regulatory concern for the crypto market. He said the ongoing bank crisis news could trigger regulators to come out stronger in calling for a crypto ban. Regulators across the world have in recent times raised demands for crypto ban. However, the ongoing crisis in the US financial sector could intensify talk about the demand.

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As recent as the last week of February 2023, members of the G20 called for a comprehensive ban on the cryptocurrency ecosystem. They indicated that a consensus on international architecture on crypto regulations could be reached by September 2023.

XRP Lawyer On Crypto Ban News

Deaton had in recent weeks intensified his criticism of the US SEC’s actions pertaining to the crypto industry. It stemmed from the regulator’s recent enforcement actions on Paxos BUSD supply and Kraken’s crypto staking program. He had even revealed that the SEC could unveil numerous other enforcement actions on the industry in the next two years. The lawyer said in a latest comment in response to a European lawmaker’s warning of crypto ban,

“They are starting to panic. We will hear “Crypto Ban” more and more as each week passes.”

Talk of such a ban on crypto assets could come as a natural reaction from regulators and lawmakers around the world, considering past experiences like the aftermath of Terra collapse and FTX downfall. However, placing a ban and enforcing it could mean two different things as crypto firms could chose to migrate to other regulator friendly nations. A proposal for a ban, after all, may not be overruled in major economies, considering the havoc created by the failure of Silicon Valley Bank and Signature Bank in the United States.

Also Read: SVB Financial Group Files For Chapter 11 Bankruptcy; Bitcoin Spikes By 8%

Meanwhile, the crypto prices are showing bullish signs as Bitcoin price is currently trading strongly around the $26,000 mark, the highest in about nine months.

Anvesh reports major developments around crypto adoption and trading opportunities. Having been associated with the industry since 2016, he is now a strong advocate of decentralized technologies. Anvesh is currently based in India. Reach out to him at [email protected]

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