For years, U.S. regulators have mostly had bad words and an unfriendly attitude toward the crypto industry. In 2023, they finally started to get serious.

After crypto giant FTX collapsed in November 2022 due to chaotic management and criminal offenses, Wall Street’s top regulator, the U.S. Securities and Exchange Commission (SEC), had good reason to crack down on a company filled with “scammers, fraudsters and "Scammers' industry" - in the words of SEC Chairman Gary Gensler.

Cryptocurrency 2023: The regulatory battle is revealed, but is the crackdown going too far? Some U.S. lawmakers, including pro-cryptocurrency Majority Whip Tom Emmer, have criticized regulators for “stifling innovation in the world’s largest economy” Activity".

Republican Patrick McHenry accused Gensler of wanting to “kill” the crypto industry. Even the court criticized the SEC for "arbitrarily and capriciously" rejecting an application submitted by crypto asset fund management company Grayscale to convert its cryptocurrency fund into an ETF.

Anthony Glukhov, a partner at Ramo Law PC, said in an interview with the media: “The SEC’s crusade against many crypto exchanges appears to be a deliberate plan to exploit the opacity of the law and advance through enforcement. political agenda, but this may not be consistent with the Commission’s purported protection of consumer interests.”

But it’s not just the SEC going after major crypto companies: the Commodity Futures Trading Commission (CFTC) and the U.S. Department of Justice are also aggressively pursuing compliance responsibilities against alleged violators in the crypto-asset space.

Gensler said in 2021 that the crypto industry needs to protect consumer rights. When FTX suddenly went bankrupt in November and its now-convicted boss Sam Bankman-Fried was arrested a month later, regulators quickly stepped up their crackdown.

In January 2023, regulators filed the first wave of enforcement actions against Genesis and Gemini. As of late November, Changpeng Zhao (CZ), founder of the world’s largest cryptocurrency exchange, has resigned as CEO of Binance and pleaded guilty to money laundering violations. #NFP #BTC #ARB #ETH $BTC #BTC $BNB