• The US cryptocurrency regulatory uncertainty has significantly impacted the crypto industry, leading to over 2,000 job cuts this year.
• SEC Chair Gary Gensler recently indicated that all digital assets besides Bitcoin are unregulated securities.
• John Deaton from Cryptolaw has started a class action lawsuit against the New York Attorney General and believes that there could be 200 enforcement actions taken by the SEC in the next two years.
Cryptocurrency Regulatory Uncertainty In The US
The US cryptocurrency market is facing increasing regulatory uncertainty which is having a negative effect on the industry. This has led to over 2,000 job cuts this year and companies such as Coinbase Global Inc. having to defend their staking programs in court.
SEC’s Careless Approach
SEC Chair Gary Gensler recently suggested that all digital assets other than Bitcoin are unregulated securities and Kraken was fined $30 million for issuing unregistered securities through its staking program. These decisions have received criticism as many believe they are focusing on the wrong things and driving innovation offshore.
A Crypto War In The United States
John Deaton from Cryptolaw believes that there is a coordinated effort to bring down the cryptocurrency industry by US regulators through the judicial system. As a result, he initiated a class action lawsuit against the New York Attorney General claiming Ethereum is not a security with already over 1k participants involved in it. He also indicated that he heard rumors about the SEC’s plans to take up 200 enforcement actions on crypto market in the next two years.
Fight Back Against The Push To Sink Crypto Industry
In light of this news, Deaton called on all crypto enthusiasts to take this period to fight back against what he believes is an attempt by US regulators to sink the crypto industry. He urged everyone to join him in his class action movement against New York Attorney General which currently has 57 participants from New York alone.
Conclusion
The US crypto market continues to face increasing regulatory uncertainty which has had an adverse impact on its growth and development so far this year with no sign of clarity until 2025 according to John Deaton from Cryptolaw who believes that there could be up to 200 enforcement actions taken by SEC within this time frame too. He called upon all crypto enthusiasts to join him in his fight back against what he believes is an attempt by US regulators trying sink their industry and urged them take part his class action movement against New York Attorney General which currently has over 1k participants involved in it already
