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COINTURK NEWS > Cryptocurrency Law > US Attorney General Files Charges Against Cryptocurrency Manipulation
Cryptocurrency Law

US Attorney General Files Charges Against Cryptocurrency Manipulation

In Brief

  • The US Department of Justice charged 18 individuals and companies with cryptocurrency manipulation.

  • SEC Chairman Gensler faced questions on regulatory practices related to cryptocurrency.

  • Unclear guidance leaves companies uncertain about compliance with SEC regulations.

Ömer Ergin
Ömer Ergin 7 months ago
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Cryptocurrencies continue to face turbulent times as the US Department of Justice has filed charges against 18 individuals and companies for manipulation. The Bitfinex exchange is involved in billions of dollars in claims, and the Federal Reserve’s minutes indicate cautious easing warnings. We can briefly review the recent dizzying headlines, including questions posed to SEC Chairman Gensler today.

Contents
SEC Chairman and Cryptocurrency InquiryCryptocurrency Stars in Jail

SEC Chairman and Cryptocurrency Inquiry

On October 9, the SEC Chairman met with law students. During a discussion at NYU’s Institute for Corporate Governance and Finance with former SEC Democratic Commissioner Robert Jackson Jr., Gensler was questioned about rules that have been in effect for over 80 years, including those pertinent to cryptocurrency.

The SEC relies on the Howey test from a 1946 US Supreme Court ruling to determine whether an asset qualifies as an investment contract or a security. Gensler was asked,

“Should we regulate cryptocurrency by applying a Supreme Court ruling from the 1940s?”

Gensler responded,

“This is our country’s law, and I swore to enforce it, but it also protects investors. At the core of securities law is a fundamental concept – you all decide what you want to invest in.”

Cryptocurrency Stars in Jail

For years, Gensler and his team have been urging cryptocurrency companies to register with the agency. However, due to a lack of necessary guidance, companies remain uncertain about how to proceed. The SEC requests that they hire lawyers, but even lawyers are unsure of the process because there is no clear regulatory framework for cryptocurrency companies, and the only way to comply is often to refrain from engaging in cryptocurrency business.

In response to all these criticisms, the SEC Chairman stated,

“I sincerely say that prominent figures in this field are either in prison or awaiting extradition. Just because people dislike the law doesn’t mean there isn’t a law. It’s unlikely these things will be a currency. They need to demonstrate their value (by generating utility) through exposure and use.”

You can follow our news on Telegram, Facebook, Twitter & Coinmarketcap
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.

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Ömer Ergin 9 October, 2024 - 11:21 pm 9 October, 2024 - 11:21 pm
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