June 9, 2023

US SEC’s Enforcement Actions in Crypto Space Increased in 6 Months Following FTX Collapse



The enforcement actions against the crypto firms in the United States had increased in the six months following the collapse of the FTX cryptocurrency exchange.

Cointelegraph conducted a report analyzing the actions of the US Securities and Exchange Commission (SEC) in the six months before the collapse of FTX and the six months after the FTX collapse. The report found that in the six months before the collapse of FTX, the SEC took only six enforcement actions in the crypto space.

While, in the six months following the FTX bankruptcy, the SEC’s enforcement actions recorded at least 17, with an increase of 183% from the preceding period.

The report did not count the enforcement actions taken against Binance and Coinbase, which were accused of unregistered securities and acting as an unregistered securities broker among other charges. Observers went on to say that the SEC’s actions, including the lawsuits against Binance and Coinbase, are an attempt to redeem its failure to police FTX.

Moreover, CEO of Ripple Brad Garlinghouse said in a tweet that the SEC is throwing lawsuits at the wall and hoping they distract from the agency’s FTX debacle.

Following the lawsuits against Binance and Coinbase, the crypto community showed unity and solidarity.

According to Coindesk, many users minted the Stand with Crypto commemorative NFT in support of their businesses and passion for crypto. The Stand with Crypto NFT is a symbol of unity for the crypto community seeking sensible crypto policy. Featuring a blue shield, it represents a collective stand to protect and promote the potential of crypto.

Following minting the NFT, Twitter users have been called to display a shield emoji in their username in solidarity with the movement.

Moreover, Machi Big Brother, aka Jeff Huang, who is known in the NFT space as one of the largest Bored Ape Yacht Club (BAYC) holders, announced that he would transfer his BAYC and MAYC NFTs to Binance to show solidarity and support for the crypto exchange.

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