Friday, December 2, 2022

SEC Chair Predicted More Cryptos Will Follow Terra’s Downfall

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The SEC chair predicted more cryptocurrencies will follow Terra’s downfall and will collapse and harm investors ultimately so let’s read more today in our latest crypto news today.

Gary Gensler, the SEC chair predicted more crypto projects can suffer in the near future but also they can bring more harm to the investors after Terra’s fiasco. He predicted most will fail and will harm investors’ funds. The crypto marekt declined in the past few weeks. BTC is down by over 25% in the past two weeks but all eyes were set on LUNA which crashed from $80 to less than a cent in a few days. The UST stablecoin lost its peg against the dollar and it is now trading at $0.08 which most think was the original source of the crisis.

According to the SEC chair, Gary Gensler think that the traders should be prepared to see other coins falling to zero and people could lose their funds while their confidence in the digital asset industry gets undermined:

“I think a lot of these tokens will fail. I fear that in crypto… there’s going to be a lot of people hurt.”

US SEC Urges Companies, risks, users,

Gensler reiterated the SEC’s plans to put crypto platforms under strict monitoring. The agency insisted that all trading venues should get registered with the financial watchdog and this way the investors will have maximum protection when dealing with crypto:

“They should move towards getting registered or, you know, we’re going to be the cop on the beat, and we’re going to bring the enforcement actions.”

America’s top monetary regulator vowed to double the size of its Crypto Asset and Cyber Unit and it will be topped with 20 experts and a total number surging to 50 with the additional positions including staff attorneys, fraud analysts, and trial counsels. The main reason for such expansion is to provide furhter protection for investors:

“By nearly doubling the size of this key unit, the SEC will be better equipped to police wrongdoing in the crypto markets while continuing to identify disclosure and controls issues with respect to cybersecurity.”

The agency outlined that the division resolved over 80 enforcement cases involving fraudulent crypto activities up to date and these scams skimmed more than $2 billion from investors.

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