Bitcoin, Ether drop as SEC’s Gensler says crypto firms running out of time to comply with securities laws



Bitcoin fell below US$17,000 in Thursday morning trading in Asia. The other top 10 non-stable cryptocurrencies by market cap also pulled back after US Securities and Exchange Commission Chairman Gary Gensler said the crypto industry is running out of time to comply. securities laws. He spoke Wednesday at a interview with yahoo finance.

See related article: SEC’s Gensler Says Proof-of-Stake Crypto Can Be Securities

Fast facts

  • Bitcoin fell 1.4% to $16,847 in the 24 hours to 8 a.m. in Hong Kong, while Ether fell 3.1% to trade at $1,232. according to CoinMarketCap.

  • Leading memecoin Dogecoin saw the biggest losses on CoinMarketCap’s listing, falling 4.4% to $0.095. Polkadot lost 3.7% to $5.30. Litecoin also fell 3.7% to trade at $76.96.

  • Gensler said his agency had enough authority to start holding digital asset firms accountable for securities regulation.

  • Gensler said that cryptocurrency exchanges and lending platforms must comply with those regulations. “They can do it properly, working with the SEC, or we can continue on a course with more enforcement actions, and I have to say the trail is getting shorter,” he said.

  • Gensler said that many crypto firms have been running blended platforms offering lending, trading, hedge funds, etc., and such practices will need to end.

  • It did not specifically address the collapse of Bahamas-based crypto exchange Has been alleged FTX used its exchange client funds to trade cryptocurrencies and make investments through its affiliated brokerage Alameda Research.

  • Gensler said in September that any proof of participation cryptocurrency, such as the US$150 billion ethereum networkshould be considered a value.

  • US stocks ended mostly lower on Wednesday. The Nasdaq Composite Index lost 0.5% and the S&P 500 Index ended down 0.2% for the fifth consecutive day of losses. The Dow Jones Industrial Average was little changed.

  • Investors see a recent series of bullish economic indicators at odds with comments by US Federal Reserve Chairman Jerome Powell last week when he said the central bank may start to slow the pace of rate hikes. interest rates to curb inflation.

  • US service industry activity hit 56.5% in November, according to the Institute for Supply Management’s monthly survey released Monday. A reading of 50% or higher shows that the economy is growing, while 55% is considered very strong. The US jobs report released on Friday showed the economy added 263,000 jobs in November or more than the 200,000 expected.

  • The Fed has raised interest rates since March to try to curb inflation, from near zero to a 15-year high of 3.75% to 4%, and has signaled that rates may end up exceeding 5%. The Fed has said it wants inflation in a 2% target range. The consumer price index showed inflation at 7.7% in October, down from 8.2% in September.

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