SEC Chief Says He Will Take Action to Regulate Cryptocurrency

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Today’s Cryptocurrency Headline

According to the Washington Post, Securities and Exchange Commission (SEC) Chairman Gary Gensler compared cryptocurrencies to the Wild West and said, “Stablecoins are almost like poker chips in a casino, so action will be taken. Working with Congress helps regulate stablecoins, and the SEC has strong authority to regulate cryptocurrencies and will use that authority.”

At Messari’s cryptocurrency conference Mainnet 2021, the SEC issued a subpoena to a speaker. Based on the companies participating in Mainnet 2021 and when, companies likely to receive subpoenas include Akash Network, United Frontier, Quantstamp, Polymath, Hashflow, Teller, Maple Finance, Terraform Labs and Parity Technologies.

Bingbon’s Bitcoin Chart

Bitcoin price analysis predication Bingbon
Source: TradingView& Bingbon

With the influx of institutional investors, the crypto and traditional markets are becoming increasingly relevant. Cryptocurrency markets have been operating in an uncertain environment lately. Regulators will inflict short-term pain on markets but in the long run, this will be more conducive to the entry of compliant institutional funds. Bitcoin price is currently languishing near $40,000 after plummeting over the past two days. In the short term, the bearish trend is clear. If Bitcoin fails to recover above $45,300, it is still likely to test support at $34,000 in the coming weeks.