Bitcoin Reigns Supreme Despite SEC Crackdown, Investor Confidence Surges
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The Bitcoin (BTC) market rebounded swiftly after the United States Securities and Exchange Commission announced the charges against binance 
binance
Centralised Exchange
and Coinbase Global. Investors were quick to capitalize on the lower prices, especially in anticipation of next year’s halving event that is likely to trigger the next crypto bull market. Crypto investors recognize that SEC Chair gary gensler
gary gensler
chairman at US Securities and Exchange Commision
Gary Gensler is an enthusiastic leader and the current chair of the U.S. Securities and Exchange Commission (SEC). He has the extreme experience that spans wall street, government regulation, and an angel teaching about cryptocurrencies and blockchain at MIT. He announced several initiatives to enhance investor protections in the $2 trillion cryptocurrency market. He previously led the Biden-Harris transition’s federal reserve, Banking, and securities regulation agency review team.Â
He was awarded Treasury’s highest honor, the Alexander Hamilton Award, and also was a recipient of the 2014 Frankel Fiduciary Prize. He was born on October 18, 1957, into a Jewish family, in Baltimore, Maryland. Graduated from the University of Pennsylvania, earning a Master’s degree in Business Administration. Additionally, he is also a professor at the MIT Sloan School of management. He has served in various governmental roles since the 1990s, such as the treasury department, Sarbanes-Oxley, CFTC, Swaps, Enforcement, Libor investigation, Maryland Financial Consumer Protection Commission, Securities, and Exchange Commission.
Gary Gensler will probably keep on filling in as seat of the SEC until 2026, accepting his renunciation. He has expressed his desires to present crypto-related approach changes later on that include token commitments, decentralized finance, stablecoins, guardianship, exchange-traded resources, and advancing stages. A few officials as well as his kindred SEC magistrates have scrutinized Gensler for not giving adequate administrative direction on crypto, possibly prompting a standoff between Congress and the association.
The SEC, CFTC, and Financial Crimes Enforcement Network handle advanced resource guidelines in the U.S., however, each with various jurisdictional cases, bringing about an interwoven methodology that crypto firms should explore to work legitimately. Whether 2022 will see a more clear way for organizations in the crypto space is questionable, yet the cosmetics of the SEC’s initiative will fundamentally change following the takeoff of chief Elad Roisman in the first month of the year. Chief Allison Lee’s term is likewise set to terminate in June 2022.
Chairman
is attacking specific projects that have predatory tokenomics but left Bitcoin out, which has increased their confidence.
In most jurisdictions around the world, Bitcoin is viewed as a commodity like Gold and Oil that people purchase to hedge against inflation. Nonetheless, the SEC is fighting to avoid a situation like FTX and Alameda, where most investors were left stranded.
Gary Gensler: Crypto better come into compliance or risk falling apart like a house of cards’
— Crypto Crib (@Crypto_Crib_) June 7, 2023
Bitcoin Market Resilience
According to on-chain financial insights provided by Glassnode, the Bitcoin market did not record any anomaly in terms of realized losses following the SEC legal action against Binance and Coinbase. Interestingly, the FTX and Alameda collapse constituted a realized loss of 10 times higher than the past two days.
Also Read: Lawyer Says ‘Binance Is Guilty as Sin,’ Explains How the SEC’s Crackdown Is a Good Step
As a result, Glassnode concluded that the Bitcoin market is now more resilient than before.
“The magnitude of Realized Losses recorded On-Chain remains quiet at $112M. This remains -$3.05B (-96.5%) smaller than the largest recorded capitulation event, suggesting an increased degree of resilience amongst market participants,†Glassnode noted.
In any case, the Bitcoin realized profit/loss ratio momentum has remained in the green, thus suggesting more investors have been cashing out in profits than losses.
