Bitcoin (BTC) price has lost more than 1% after the latest developments and is trading at approximately $29,750 at the time of this writing.
The most influential factor for the downturn is thought to be the last speech by SEC chairman Gary Gensler.
In his speech at a conference he attended, Gensler said that they will continue to push crypto companies to comply with the law. This seems to be the main reason behind the decline.
Gensler also spoke about the defeat they suffered in the Ripple case in the same speech. The head of the SEC stated that they were disappointed after the decision and that they reviewed and evaluated the judge's decision to not consider XRP a security, especially regarding individual investors.
Gensler also argued in his speech that artificial intelligence could pose a threat to the financial system.
*Not investment advice.