The U.S. Securities and Exchange Commission (SEC) appears to be adamant about making it tougher for crypto companies to operate not just in the United States but also elsewhere in the world. SEC chair Gary Gensler is known for his anti crypto market stance and in his leadership, US based crypto businesses faced the wrath of enforcement actions in recent weeks. Recently, Gensler attracted the ire of the crypto community by saying all cryptocurrencies except Bitcoin are securities. At the core of the conflict between the industry and the SEC is the lack of clarity on crypto regulation.
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In a latest development, Gensler is said to have lobbied with his counterparts in the United Kingdom and Canada about replicating a US like environment for crypto businesses. These discussions were said to be successful as the UK regulatory authorities are preparing an announcement about tightening crypto restrictions in coming weeks.
SEC Influenced UK, Canada Regulators
According to Fox Business journalist Eleanor Terrett, Gary Gensler and his SEC team have successfully lobbied in Canada and the UK about tougher crypto rules in these jurisdictions. Accordingly, the Financial Conduct Authority (FCA), which regulates the financial markets in the UK, is ready with an announcement to that measure.
“Gary Gensler (and the SEC) have been lobbying their UK and Canadian counterparts to pinch the crypto industry in the same way as the U.S. The FCA is preparing an announcement about tightening restrictions in the coming weeks, while Canada has already announced sweeping crackdowns against the industry.”
This news comes the same week as the SEC issued a Well notice to top US based crypto exchange Coinbase over doubts about the listed digital assets, their staking services.
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