Bitcoin (BTC) price reclaimed the $30,000 support on April 18 after briefly testing $29,130 on the previous day. However, traders question whether the recovery is sustainable given the increased regulatory scrutiny, especially in the United States. 

Rostin Behnam, the chairman of the Commodity Futures Trading Commission (CFTC), said on April 14 that Binance intentionally broke U.S. rules concerning futures and commodities trading. For example, he said it knowingly allowed U.S. citizens to trade on the exchange through the use of obfuscation tools. The comments stem from the CFTC’s March 27 lawsuit against Binance and its CEO, Changpeng “CZ” Zhao, for alleged trading violations.

Also on April 14, in an open meeting with U.S. Securities and Exchange commissioners and staff, SEC Chair Gary Gensler said the agency will be revisiting the proposed redefinition of an “exchange.” The SEC intends to bring certain brokers under additional regulatory scrutiny, and explicitly include decentralized applications.

On April 17, the U.S. Securities and Exchange Commission charged crypto asset trading platform Bittrex and former CEO William Shihara with allegedly operating an unregistered securities exchange, broker and clearing agency. Separately, Bittrex Global is being charged witoperating a shared order book with Bittrex.

Bittrex had already announced its intention of closing down U.S. operations on April 30 after reportedly receiving a Wells notice in March warning about the impending regulatory action.

Other countries are taking different approaches

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Author: Marcel Pechman

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