Cryptocurrency regulations are the biggest issue for the crypto industry in 2022. The tussle between entrepreneurs, investors, and regulators does not seem to lessen. In the United States, the Securities and Exchange Commission (SEC) has been one of the strongest voices against crypto. Chairman of SEC Gary Gensler is renowned for his anti-crypto views. He claimed that the crypto market is akin to gambling and compared Bitcoin to poker chips. The SEC had played a key role in not making the United States of America a more crypto-friendly country. However, there seems to be a new wave of change in the SEC. J.W. Verret, a member of the SEC Advisory Committee, has proposed that crypto regulations should take into account what the public wants. He has suggested opening up the debate to the public and coming to a consensus.
J.W. Verret also said that he had been a Bitcoin and Ether owner. The SEC, for all its anti-crypto tirades, now finds itself at a tough spot. Verret is also an Associate Law Professor and his opinion cannot be dismissed by the SEC chiefs. However, the SEC has not given any statement about discussing the issue in public forums. While a large section of the population is vocally pro-crypto, regulators in the United States have always shown caution. In the present political climate of the country, a blanket ban on cryptocurrencies does not seem feasible. However, the extent of regulations is not known, and they can turn out to be a huge problem if not assessed correctly.
