Gensler had repeatedly stated, both to Congress and in public appearances, that he believes the SEC has more than enough authority to regulate the industry. The collapse of crypto prices last year as well as the demise of several notable crypto companies - including FTX - exposed investors to billions of dollars in losses. The crypto industry already knew it was under a tough spotlight from Washington’s regulators and politicians. The reverberations of the litigation could put some companies out of business, she said. Whether companies that trade in crypto decide it makes business sense to register with the SEC, or drop their businesses all together, will determine the landscape of the industry in the future, Pantana said. What results from the legal battle could greatly diminish the growth of the crypto industry or, alternatively, restrict the scope of the SEC's regulatory authority.įederica Pantana, an attorney at Davidoff Hutcher & Citron in New York who handles SEC cases, has been watching the episode unfold and is now clear with her crypto clients in the interim: "With the SEC taking a strong enforcement agenda, there is no question that firms have to take the view that crypto assets are securities and platforms that exchange these assets have to accept that." SEC Chair Gary Gensler told Bloomberg on Tuesday: “We don’t need more digital currency … we already have digital currency - it’s called the U.S. regulators are more clearly signaling that they seek to ensure cryptocurrency has no room in the traditional financial system.Īnd leading regulators are more open about their thoughts on the merits of cryptocurrency. Industry leaders say that, with their latest actions, U.S.
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