- The ongoing actions taken by the SEC to slow down cryptocurrency staking in the U.S. is perceived by onlookers as a planned attack.
- How will the cryptocurrency staking market be affected by the SEC in the near future?
The cryptocurrency market is facing pushback from the U.S. regulatory bodies. Particularly in regard to cryptocurrency staking in the country. The U.S. Securities and Exchange Commission (SEC) has taken a line of action that doesn’t sit well with many industry experts.
Nic Carter has come out to speak on the ongoing pushback from the Feds. The venture capitalist and founder of Coinmeetrics is giving some insightful information on what he thinks. He maintains that the reactions of the SEC are all a part of a bigger mission.
According to Carter policymakers and traditional banks in the country are launching a war against the cryptocurrency industry. He also claims that the actions of the Feds in recent times go to show the intent of their plans. Nic Carter said in a tweet.
I don’t want to alarm, but since the turn of the year, a new Operation Choke Point type operation began targeting the crypto space in the US. it is a well-coordinated effort to marginalize the industry and cut of its connectivity to the banking system – and it’s working.
Carter has put together a summary piece to back up his claims. Right now, he believes that a few cryptocurrency products and digital assets might pull through. Tether, offshore havens and other pro/crypto jurisdictions will emerge victorious. “US will consider to be a loser.” He added.
it’s a coordinated pattern of activity between Fed, Fed regional banks, other bank regulators, and the white house, all designed to stifle the crypto space and starve it of banking access.
He said as he referred to Binance’s SWIFT partner Signature bank reducing its exposure to
crypto.
Nic Carter speaks on what the market has experienced as a result of the Fed’s plans
In his summary piece, he said the U.S. government has launched what he called “Operation Choke Point 2.0”. He said that the Fed and the Federal Deposit Insurance Corporation FDIC are part of the operations. The department of justice and the Office of the Comptroller of the Currency are also not excluded.
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He talks about U.S. senators poking at Silvergate in a letter sent in December for offering services to FTX and Alameda. In the same manner, the joint statement from the OCC, FDIC, and the Fed made about the dangers of partaking in crypto to the national economic council is another striking example.
He believes that these actions have caused metropolitan commercial banks to halt the crypto vertical. The recent probe into Silvergate and the cut down of crypto clients by the Signature are also a result.
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