Cryptocurrencies have become increasingly popular globally in the recent years and this has caused the policymakers to become more aware and reactive about the regulations measures which have to put in place in the industry. Nicole Sandler, the Barclays head of digital policy, stated that the authorities deliberately observed the changed development of the cryptomarket in order to take necessary measures. Sandler argued that the cryptocurrency was not in its early days back in 2016 when the European Commission's legal framework around digital assets was talked about, and even though there was a later arrival from policymakers, it was tentatively intentional.

A variety of regulatory actions have been put in place in the US in the past couple months related to crypto-trading. Sam Bankman-Fried, the founder of FTX was charged by the Securities and Exchange Commission (SEC), and the crypto exchange's co-lead engineer, Nishad Singh was also accused of deceiving the investors. Sander noted that FTX's downfall didn't result from the technology, simply due to the "bad actor". The SEC also interacted Coinbase with a Wells Notice which claimed that the firm's staking products constituted unregistered security issues.

The crypto society has pointed out the wrongdoing of the SEC, particularly in the context of Gary Gensler, the chairman of the organization. Okoli called attention to the fact that Mr. Gensler was the head of the Commodity Futures Trading Commission (CFTC) after the economic crisis a decade ago and he was critically deemed by the majority of the derivatives district at the time. As per her statement, Gensler is not targeting the crypto industry specifically and it is the common style of hisadministration. Consequently, the regulation of the crypto industry is in full swing, with ambivalent feelings among the people.



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