The US Securities and Exchange Commission (SEC) chief, Gary Gensler, claims that since cryptocurrency companies are flouting the regulations his organization works to enforce, the “investing public around the globe has lost too much money.”
It happens at a time when the business is trying to sway the results of the US elections in November with millions of dollars in political contributions in the hopes of passing more advantageous laws down the road.
Apart from the contest for president between Donald Trump and Kamala Harris, there are 435 House of Representatives districts and 33 Senate seats that are up for reelection.
One of the most contentious technological issues in the world, the future of cryptocurrencies, seems to be a topic where Donald Trump and the departing Biden administration disagree sharply.
By vowing to establish America as “the crypto capital of the planet” and a “strategic national bitcoin stockpile” akin to the US government’s gold reserves, Trump has been trying to win over cryptocurrency aficionados with his campaign promises.
He announced the opening of a new cryptocurrency company, World Liberty Financial, last week. “I think crypto is one of those things we have to do,” he stated, despite the lack of specifics.
