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While cryptocurrency prices have shown periodic signs of significant recovery since the beginning of 2023, US regulatory scrutiny led by the US Securities and Exchange Commission (SEC) seems to have increased in intensity. Even the biggest crypto market players such as Coinbase, Binance and Kraken have not escaped the scrutiny and have faced investigations in recent months.
What is the SEC Trying to Do?
At every opportunity, the SEC has stated that it is committed to enforcement, contradicting market demand for regulatory clarity. In a new development, the SEC announced that it may take years to complete crypto rulemaking and that it will go for implementation until then.
In this context, SEC Chairman Gary Gensler was heavily criticized for his “come, register and comply” policy. Things got even more intense after Gensler failed to answer whether the current laws were sufficient to manage the crypto asset market.
In addition, when the eyes turn from the US to Europe, regulatory practices have started to take place there as well. With MiCA, Europe seems to aim to create clear regulations in the field of cryptocurrency. Unlike the SEC and the US, these regulations in Europe seem to have had a positive impact on cryptocurrency investors.
Time for Change in the Crypto Market?
In light of increased enforcement actions against crypto businesses and the US regional banking crisis, the Bitcoin price has been hosting sideways movements associated with some depreciation over the past few weeks. Meanwhile, crypto market sentiment has been dominated by the frenzy created by memecoins like PEPE Coin, which has captured investors’ attention since its spectacular debut in April 2023.
Accordingly, crypto tracker Ran Neuner believes that the ongoing regulatory scrutiny may soon ease as we approach the US election year. He also predicted that the SEC may not initiate too many enforcement actions starting around Memorial Day on May 29, 2023.
Neuner added that Gary Gensler could be removed from the SEC’s top job if Republicans prevail in the upcoming US elections.
