Bitcoin’s price lost steam after a failed retest of the $27,400 resistance on June 6, signaling that investors became less confident after the recent regulatory actions by the United States Securities and Exchange Commission (SEC) against Binance and Coinbase. Both exchanges are being sued on multiple counts, including failure to register as licensed brokers and offering unregistered securities. 

The SEC might have a difficult case ahead

According to Blockchain Association CEO Kristin Smith, the SEC is trying to circumvent formal rulemaking processes and deny public engagement. Meanwhile, Insider Intelligence crypto analyst Will Paige said the SEC’s intent is to police the space through enforcement in the absence of a regulatory framework.

Those criticisms explain why investors may be clinging to their hopes in the U.S. Financial Services Committee hearing scheduled for June 13.

The potential overreach of the SEC has caused ripples multiple times, including in the U.S. legislature. Sen. Bill Hagerty, for instance, stated that regulators at the SEC are “weaponizing their role” and publicly called out SEC Chairman Gary Gensler.

Cointelegraph

Cointelegraph

BTC NewswireAuthor posts

BTC Newswire Crypto News at your Fingertips

Related Posts ...

Comments are disabled.