The sphere of cryptocurrency is a bit clouded, and quite a few people are confused about it due to the technical aspects involved. In fact, many people still don’t know much about how the stock market operates in the financial world in general. So, it’s obvious that even stock market gurus will be confused about crypto as there’s an additional aspect of tech involved.
The SEC report
The United States Securities and Exchange Commission has recently put out a report, which unfortunately fails to clarify significant questions around cryptocurrency. The lack of crypto in the agenda has been called out by Hester Peirce as well as the SEC Commissioner, Elad Roisman. According to them, this will hurt the crypto sphere in the long term as well as the short term. Without any clarification regarding regulations, companies won’t be able to raise capital, protect their investors, etc.
This situation will not only hurt the reputation of cryptocurrencies and the whole industry but also create a sense of uncertainty around the previous regulatory policies passed by the body. In the past, as well as in regard to the current situation, SEC has been blamed by many. What the body does to get its reputation back and solve the problems of the companies as well as the investors remains to be seen. How the industry and all the people involved reacting will definitely be of interest to SEC. In conclusion, it is up to Gary Gensler to respond to the situation and try making things better.