{"id":16576,"date":"2023-01-18T00:59:59","date_gmt":"2023-01-18T00:59:59","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/regulatory-onslaught-is-just-beginning-regulation-bitcoin-news\/"},"modified":"2023-01-18T00:59:59","modified_gmt":"2023-01-18T00:59:59","slug":"regulatory-onslaught-is-just-beginning-regulation-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/regulatory-onslaught-is-just-beginning-regulation-bitcoin-news\/","title":{"rendered":"Regulatory Onslaught Is Just Beginning \u2013 Regulation Bitcoin News"},"content":{"rendered":"

(Originally posted on : Bitcoin News )<\/b>
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The Securities and Exchange Commission (SEC)\u2019s former head of internet enforcement has warned the crypto industry that a \u201cregulatory onslaught is just beginning.\u201d His warning followed several recent enforcement actions the securities regulator took against major crypto firms.<\/strong><\/p>\n

\u2018SEC Regulatory Onslaught Is Just Beginning\u2019<\/h2>\n

Former Securities and Exchange Commission (SEC) official John Reed Stark has warned the crypto industry of an escalating \u201cregulatory onslaught.\u201d Stark founded and served as chief of the SEC Office of Internet Enforcement for 11 years. He was also an SEC enforcement attorney for 15 years where he led cyber-related projects, investigations, and enforcement actions.<\/p>\n

Stark explained in a tweet Thursday that the SEC \u201chit Blockfi for failing to register its crypto-lending program, stopped Coinbase from launching its crypto-lending program, and Just hit Gemini\/Genesis<\/a> for its Earn crypto-lending grift.\u201d He warned:<\/p>\n

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Buckle up: An SEC regulatory onslaught is just beginning.<\/p>\n<\/blockquote>\n

Last week, the SEC charged<\/a> crypto exchange Gemini and crypto lender Genesis \u201cfor the unregistered offer and sale of securities to retail investors through the Gemini Earn crypto asset lending program.\u201d In February last year, the regulator took action against cryptocurrency lending platform Blockfi<\/a> which filed for bankruptcy<\/a> in November. Moreover, the securities watchdog also threatened to sue Coinbase<\/a> if the Nasdaq-listed crypto exchange proceeded to launch a lending program in September 2021. Coinbase subsequently shelved its plan.<\/p>\n

Stark is a vocal crypto skeptic, regularly commenting on social media about the danger of investing in cryptocurrencies. \u201cIn crypto-land, the Ponzi shell game continues & a death spiral may have now begun,\u201d he said last November. \u201cFail not at your peril crypto investors,\u201d he stressed, emphasizing that crypto has \u201cno FDIC insurance, no SEC examination teams, no regulatory oversight, no licensure, and no consumer protections.\u201d He cautioned that with crypto investing:<\/p>\n

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You are 100% on your own.<\/p>\n<\/blockquote>\n

Citing Stark, CNBC Mad Money host Jim Cramer has also been warning<\/a> about the SEC doing \u201ca big sweep\u201d of the crypto industry. He has urged investors to get out of crypto now<\/a>.<\/p>\n

Do you agree with John Reed Stark about crypto and that an SEC regulatory onslaught is just beginning? Let us know in the comments section below.<\/strong><\/em><\/p>\n

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\nKevin Helms <\/h6>\n

\nA student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.

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Image Credits<\/b>: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n

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Disclaimer<\/strong>: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com<\/a> does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.<\/p>\n<\/div>\n

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