‘Going Rogue—Major Crypto Investor Issues Serious SEC Warning After Wild Bitcoin And Ethereum Price Swings

Tensions are heating up in the bitcoin and crypto markets after the shock collapse of three major banks last week, signaling a possible bombardment from the Federal Reserve.

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The price of Bitcoin has risen nearly 20% in the past month, boosting the value of Ethereum and other major cryptocurrencies despite fears of a "catastrophic investor bleed."

Now, as the U.S. Securities and Exchange Commission (SEC) ends enforcement actions against cryptocurrency companies following the fall in cryptocurrency prices, venture capital policy chief Andreessen Horowitz (a16z) has accused the SEC of going after cryptocurrencies.

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"The SEC is completely out of control. They're getting out of hand," a16z's Brian Quintenz, commissioner of the Commodity Futures Trading Commission (CFTC), said at a financial conference this week, according to Coindesk . Quintenz went on to warn that the United States risks being left behind. in the race to develop crypto-technology.

“The United States must decide whether it wants to welcome and support creative professionals in this country. There are judgments that accept this. This is not what we see in America and time is running out. "

The Securities and Exchange Commission, led by Chairman Gary Gensler, has filed several lawsuits against crypto companies over the past year. In early 2021, the SEC accused XRP developer Ripple of selling unregistered securities, triggering a long legal battle that is still ongoing.

After FTX's sudden collapse last year, Gensler stepped up the agency's campaign, telling New York Magazine last month that he considers all cryptocurrencies "except bitcoin" to be securities.

"It really looks like a time of crypto rag bombs," Christine Smith, executive director of the crypto lobby group Blockchain Association, told Time . "As lawyers analyze this space, they are seriously considering whether the United States is the right place to base some of these cryptocurrencies."

American exchange Coinbase leads the Crypto industry A piece of money , criticized the SEC's approach and forced it to create certain crypto regulations.

"We see this regulation as an application because it sets a new legal precedent in its application, but it would be much better for the whole sector if we had clear rules of conduct. - Perian Boring, Founder and CEO, Digital Business Council, Reuters reported.

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More Crypto tycoons from Forbes fueled speculation that a Silicon Valley bank could be bought amid Bitcoin price turmoil.

Last week, a former SEC online law enforcement official predicted that FTX's rival, Binance, the world's largest cryptocurrency exchange, could face a deposit rush that could cause "a devastating mass killing of investors".

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