{"id":3759,"date":"2023-05-03T15:09:10","date_gmt":"2023-05-03T19:09:10","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/crypto\/sec-crackdown-might-benefit-crypto-sector-in-the-long-run-heres-why\/"},"modified":"2023-05-03T15:09:11","modified_gmt":"2023-05-03T19:09:11","slug":"sec-crackdown-might-benefit-crypto-sector-in-the-long-run-heres-why","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=3759","title":{"rendered":"SEC Crackdown Might Benefit Crypto Sector in the Long Run \u2013 Here’s Why"},"content":{"rendered":"
\n

The ongoing crackdown on crypto companies by the US Securities and Exchange Commission (SEC) could benefit crypto in the long run, according to an editorial by Bloomberg.<\/p>\n

The reason why the Bloomberg editors see benefits in the crackdown is that it represents an opportunity for crypto to gain mainstream adoption and acceptance, which is how the industry could ultimately deliver on its positive promises to the broader society.<\/p>\n

\u201cIt could be the best thing that ever happened to the industry,\u201d the editorial said.<\/p>\n

Regulatory agencies in the US have this year been busy cracking down on crypto companies, with for instance, the Commodity Futures Trading Commission (CFTC) suing Binance and its CEO Changpeng Zhao (CZ) for offering unregistered crypto derivative products in the US.<\/p>\n

Crypto could offer a host of benefits to society, Bloomberg admits<\/h2>\n

Notably, Bloomberg\u2019s editorial team appeared to agree with the crypto industry in that crypto has the potential to bring many benefits to society.<\/p>\n

Among these benefits are the potential to create \u201cbetter forms of money, more convenient cross-border payments, more efficient finance, [and] new ways of governing mutual enterprises,\u201d the piece said.<\/p>\n

The editorial piece went on to ask regulators in the US to follow Europe\u2019s example and implement a regulatory framework like the EU\u2019s Markets in Crypto Assets (MiCA) rules.<\/p>\n

\u201cSuch a framework would grant the SEC and the Commodity Futures Trading Commission broad powers to quickly rid the market of thousands of bad actors, without getting bogged down in definitional details \u2014 and without diminishing their authority in their traditional jurisdictions,\u201d the editorial said, before finally adding:<\/p>\n

\n

\u201cSpeculators would still make bets that go wrong, as they do in any market. But the general reduction in scamminess would provide genuine innovators with the best possible shot at achieving something consequential. Crypto\u2019s true believers could hardly ask for more.\u201d<\/p>\n<\/blockquote><\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The ongoing crackdown on crypto companies by the US Securities and Exchange Commission (SEC) could benefit crypto in the long run, according to an editorial by Bloomberg. The reason why the Bloomberg editors see benefits in the crackdown is that it represents an opportunity for crypto to gain mainstream adoption and acceptance, which is how […]<\/p>\n","protected":false},"author":1,"featured_media":3760,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[243],"tags":[83],"class_list":["post-3759","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto","tag-featured"],"yoast_head":"\nSEC Crackdown Might Benefit Crypto Sector in the Long Run \u2013 Here's Why | iFintechWorld<\/title>\n<meta name=\"description\" content=\"The ongoing crackdown on crypto companies by the US Securities and Exchange Commission (SEC) could benefit crypto in the long run, according to an\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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