The United States Securities and Exchange Commission (SEC) and Gary Gensler are reportedly lobbying the U.K. and Canada for tighter cryptocurrency rules. In a series of tweets, Eleanor Terrett, Journalist, FOX Business, states that as per her “Industry sources abroad,” “GaryGensler & Co. have been lobbying their UK and Canadian counterparts to pinch the #crypto industry in the same way as the U.S.”
Sharing the insights, Eleanor Terrett tweeted:
https://twitter.com/EleanorTerrett/status/1639320935357358080
Terrett goes on to state that the regulator of financial services firms and markets in the U.K., the Financial Conduct Authority (FCA), is reportedly “preparing an announcement.” As a result, “tightening restrictions” are anticipated in the near future, whereas “sweeping crackdowns” are already announced against the cryptocurrency industry by the Canadian government.
In a subsequent tweet, sharing a verifiable source, Terrett states, “And for those saying this is incorrect, the correspondence is, at the very least, certainly taking place.”
The said development emerged just when the U.S. SEC has reportedly issued a Wells notice to a prominent cryptocurrency exchange Coinbase in the U.S. The SEC has expressed doubts regarding the digital assets’ listings and the staking services offered by Coinbase.
Facing the ire of the U.S. SEC reportedly are Coinbase’s spot market plus its Earn, Prime and wallet products. A Wells notice essentially is a declaration that signifies the U.S. SEC staff have an intention to initiate an enforcement action. But a Wells notice does not necessarily always lead to (or mean) a violation of any law.
Lately, the U.S. SEC has also reportedly leveled fraud charges against Justin Sun (the Chinese cryptocurrency entrepreneur). Illegal cryptocurrency assets promoting charges are also levied by the SEC on prominent U.S. celebrities, such as actress Lindsay Lohan.
