A recent announcement by the US Securities and Exchange Commission (SEC) suggests that the crypto industry may be in for more pain as it continues to endure the far-reaching consequences that the Commission’s enforcement actions have had on it. More Pain Incoming For Crypto? During the Securities Enforcement Forum Central 2023, David Hirsch stated that his office plans to bring action against other crypto companies that were breaking the law. Hirsch heads the agency’s unit (Crypto Assets and Cyber Unit) that handles crypto enforcement, including the lawsuits against the biggest crypto exchanges in the world, Binance and Coinbase, and another against Ripple. Related Reading: Grayscale Takes New Approach As It Files For Another Ethereum Futures ETF These actions are already negatively impacting these companies and, by extension, the crypto industry. As such, any further action could dampen the mood in the crypto market further. For instance, Binance US, the American arm of Binance, has seen a significant drop in its trading volumes since it began to face regulatory scrutiny. In June, the SEC sued Binanc ..
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