According to sources familiar with the matter, the US Securities and Exchange Commission (SEC) is preparing for further action against the cryptocurrency industry.
"Gary Gensler Pressures His Team To File More Cryptocurrency Lawsuits Soon"
Charles Gasparino, a senior correspondent at Fox Business Network, reported on Twitter, citing anonymous sources, that SEC Chairman Gary Gensler "whipped" his staff to file various crypto lawsuits.
The SEC has increased its oversight in the crypto space in recent months, launching investigations and lawsuits against various companies and individuals involved in the industry.
Some of the high-profile lawsuits include the SEC's ongoing legal battle with Ripple Labs over the status of the XRP token, the SEC's accusations against BitConnect supporters for allegedly running a $2 billion pyramid scheme, and the SEC's FTX for possible fraud, bribery, and market manipulation. due to investigation.
Gensler, who took office in April 2021, has expressed his views on crypto regulation, noting that he believes most cryptocurrencies are securities and should fall under the jurisdiction of the SEC.
He has also called for more congressional powers and resources to oversee the crypto market, which he describes as a "Wild West" that poses significant threats to investors and financial stability.
*Not investment advice.