US SEC’s Attempt to “Cut Off” Cryptocurrencies

02/15/2023 17:30 • Tech Trends • 105 views

According to reports, Charles Gasparino, a senior reporter of FOX Business Network (FBN), revealed on social media that according to the information obtained by him and another reporter Eleanor Terrett, a former senior official of the United States Securities and Exchange Commission said that after the collapse of FTX, the United States Securities and Exchange Commission wanted to “cut off” all cryptocurrencies to a large extent, The so-called “Wells notice” issued by the law enforcement department of the United States Securities and Exchange Commission is a signal to file a lawsuit against the cryptocurrency.

Fox senior reporter: The US SEC wants to “cut off” all forms of cryptocurrency

Analysis based on this information:

Fox Business Network’s senior reporter Charles Gasparino recently revealed on social media that the United States Securities and Exchange Commission (SEC) is attempting to “cut off” cryptocurrencies to a large extent. This revelation was based on information obtained by Gasparino and another reporter, Eleanor Terrett, from a former senior official of the SEC. The former official allegedly stated that after the collapse of FTX, the SEC wanted to take action against cryptocurrencies by issuing a “Wells notice.” This signal was sent by the SEC’s law enforcement department to file a lawsuit against the cryptocurrency.

This information raises questions about the future of cryptocurrencies in the United States and globally. The SEC has been a key regulator of the cryptocurrency market and has been vigilant about ensuring that investors are not exposed to fraud or other risks associated with digital assets. However, an attempt to “cut off” cryptocurrencies goes much further than mere regulation. It suggests a move towards censorship and control, which could negatively impact the burgeoning crypto industry.

Moreover, the revelation about the “Wells notice” is significant because it is a precursor to a lawsuit, which could legitimize the SEC’s actions against cryptocurrencies. If the SEC goes through with the lawsuit, it will set a precedent that could be followed by other countries and regulatory bodies, leading to a global crackdown on cryptocurrencies.

The move to “cut off” cryptocurrencies could also have an impact on Bitcoin, which has been surging in value recently. Bitcoin’s price has increased exponentially since September 2020 and has been attracting institutional investors. However, if the SEC successfully obtains a Wells notice against Bitcoin, it could cause the cryptocurrency to lose its legitimacy and value.

In conclusion, Gasparino’s revelation about the SEC’s attempt to “cut off” cryptocurrencies is significant for the future of digital assets. The move could lead to a major shift in the regulatory landscape of cryptocurrencies in the US and globally, with lasting implications for investors and businesses. It is important for cryptocurrency proponents and investors to monitor this situation closely and stay informed about any developments in this space.

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US SEC’s Attempt to “Cut Off” Cryptocurrencies

Fox senior reporter: The US SEC wants to “cut off” all forms of cryptocurrency

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