Crypto Regulations Remain Unclear Till 2025: John Deaton
• The U.S is facing a lot of regulatory uncertainty in the cryptocurrency space, leading to job cuts and fines for exchanges like Kraken.
• SEC Chair Gary Gensler stated that all digital assets are unregulated securities, except for Bitcoin.
• John Deaton, Cryptolaw’s founder, initiated a class action lawsuit against the New York Attorney General claiming Ethereum is not a security.
Cryptocurrency Regulatory Uncertainty In The US
The United States is currently facing high levels of regulatory uncertainty in the cryptocurrency space, leading to job cuts and hefty fines for exchanges like Kraken. Recently, SEC Chair Gary Gensler commented that all digital assets other than Bitcoin are considered unregistered securities by the agency.
John Deaton’s Class Action Lawsuit
John Deaton, founder of Cryptolaw, has started a class action lawsuit against the New York Attorney General with more than 1000 participants joining his cause so far. The suit argues that Ethereum should not be classified as a security according to current laws and regulations. Additionally, Deaton believes that there is an organized effort by U.S regulators to push down the crypto industry through judicial means and he calls on all crypto enthusiasts to stand up against this movement.
SEC’s Careless Approach
The SEC has gained criticism from various Crypto players due its careless approach towards regulating digital assets in the US market. For example, Coinbase Global Inc has vowed to defend its staking program if needed after being slapped with a $30 million fine for offering unregistered securities through its staking program similar to Kraken’s program which was also fined by the agency.
Risks Of Ignoring Crypto Innovation
Coinbase pointed out that 4 out of 5 Americans now use digital payments and warned about the risks of ignoring such innovation within their own borders as this could lead them to lose potential opportunities in this growing field and hinder their progress compared with other countries around the world that have embraced Cryptocurrencies as legitimate financial instruments already .
Rumors Of 200 Enforcement Actions On Crypto Market
Deaton further mentioned hearing rumors about plans from SEC regarding taking up 200 enforcement actions on digital asset companies over the course of two years; urging crypto enthusiasts to join forces against this wave of pushback from U.S regulators before it’s too late .