Why US Regulators Are Predicted To Double Down On Crypto In 2023!

Crypto News
croelan
6 January 2023
4 minutes read

With 2022 having been a rough year for the crypto industry, suffering from a long crypto winter as well as the collapse of some major crypto firms and entities like Celsius Network, Terra, and FTX, it’s become a massive speculation in the space that regulators will be doubling down on crypto firms this 2023.

Attempts To Regulate

Although regulators like the Securities and Exchange Commission (SEC) have been attempting to regulate cryptocurrencies and crypto firms for a while now, the collapses of multiple major crypto entities this past year has brought the crypto industry into both the public eye as well as the court eye more than ever before.

Legislators in the United States have been put under tremendous pressure to set new regulatory standards for cryptocurrencies more than ever following FTX’s collapse in November 2022.

Securities and financial fraud shareholder at the law firm Buchanan Ingersol and Rooney Mark Kornfeld told CoinTelegraph: “First, the Commission… will be aggressively monitoring and doing full-blown regulatory examinations of in time thousands (if not more) conducting business in and around this space.”

“All in the market should reasonably anticipate and fully expect a sizable uptick in regulatory enforcement proceedings by the Commission, and, continued legal challenges to, the Commission’s jurisdictional authority.”

Big Figures’ Predictions

Some major figures in the crypto industry have also recently made some massive predictions for the crypto market and the crypto industry in this upcoming year, including the fact that U.S regulators will be making more moves in an attempt to better regulate cryptocurrencies.

Just a few days ago the CEO of Ripple, Brad Garlinghouse, took to Twitter to voice his optimistic prediction that this year may finally be the year that the crypto industry receieves better regulatory clarity from the SEC and CFTC.

Earlier in October 2022, a number of US senators including Senators Elizabeth Warren, Alexandria Ocasio-Cortez, Sheldon Whitehouse, Rashida Tlaib and Jesús García had even written a letter asking for regulators for more clarity on what they are doing to prevent unethical lobbying practices within the crypto industry. This has undoubtedly placed more pressure onto US regulators for this upcoming year.

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