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SEC’s Inflexible Demand for Crypto Regulation Lands In Criticism-Loop

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Sec’s Inflexible Demand For Crypto Regulation Lands In Criticism-Loop
  • SEC recently alleged that 9 crypto assets listed by Coinbase are securities.
  • SEC Chairman says, most crypto tokens have the attributes of securities.

After charging a former Coinbase employee in an insider trading case, The U.S Securities and Exchange Commission (SEC) has come under fire for its viewpoint of regulation of the cryptocurrency industry. The SEC recently claimed that nine of the tokens listed on the Coinbase exchange are securities. But the exchange platform instantly refuted the SEC’s assertion. 

According to the SEC, crypto tokens such as AMP, RLY, DDX, XYO, RGT, LCX, POWR, DFX, and KROM, which are listed on the exchange are unregistered securities.

United States Senator, Pat Toomey Tweeted that:

The enforcement action is the perfect example of the SEC having a clear opinion on how and why certain tokens classify as securities. Yet the SEC failed to disclose their view before launching an enforcement action.

An Unnecessary Attitude Towards Crypto

In addition to this, in a recent interview, SEC Chairman Gary Gensler expressed his views on cryptocurrency regulation, saying that he is neutral about the technology but not about investor protection. He additionally added that there are countless tokens, the majority of which have securities-like characteristics. He also alerted the investors about the risk in the crypto sector and noted that the danger in this industry is very high.

Moreover, Tom Emmer, the U.S. Congressman criticized the SEC and Gary Gensler last week for taking action against the organizations that were not under its purview. The SEC has turned into a power-hungry regulator under Gary Gensler, politicizing enforcement, luring corporations to come in and chat to the Commission, then punishing them with enforcement proceedings, discouraging good-faith collaboration, as per Tom Emmer. 

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Ethereum Uptrend Vulnerable Unless It Surges Past $1,900

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Ethereum

Ethereum extended losses below the $1,820 support against the US Dollar. ETH could decline further if it fails to start a recovery wave above the $1,900 level.

  • Ethereum started a fresh decline and traded below the $1,900 level.
  • The price is now trading below $1,880 and the 100 hourly simple moving average.
  • There is a key bearish trend line forming with resistance near $1,880 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could continue to move down if there is a clear move below the $1,800 level.

Ethereum Price Turns Red

Ethereum followed a bearish path after it settled below the $1,900 level. ETH traded below the $1,850 support zone and increased pressure on the bulls.

The bears even pushed the price below the $1,820 level, but the price stayed above the $1,800 level. A low is formed near $1,806 and the price is now consolidating losses. Ether price is now trading below $1,880 and the 100 hourly simple moving average.

An immediate resistance on the upside is near the $1,840 level. It is near the 23.6% Fib retracement level of the recent drop from the $1,955 swing high to $1,806 low.

The first major resistance is now forming near the $1,880 level and the 100 hourly simple moving average. There is also a key bearish trend line forming with resistance near $1,880 on the hourly chart of ETH/USD. The trend line is near the 50% Fib retracement level of the recent drop from the $1,955 swing high to $1,806 low.

Source: ETHUSD on TradingView.com

A clear move above the $1,880 resistance could even push the price above the $1,900 resistance. The next major resistance is near the $1,920 level, above which the price may perhaps move into a positive zone.

More Losses in ETH?

If ethereum fails to rise above the $1,880 resistance, it could continue to move down. An initial support on the downside is near the $1,800 zone.

The next major support is near $1,780, below which ether price might accelerate lower. In the stated case, the price may perhaps decline towards the $1,750 level. Any more losses may perhaps open the doors for a move towards the $1,650 level.

Technical Indicators

Hourly MACDThe MACD for ETH/USD is now gaining momentum in the bearish zone.

Hourly RSIThe RSI for ETH/USD is now below the 50 level.

Major Support Level – $1,800

Major Resistance Level – $1,880

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Crypto Exchanges in Ontario Have a $30K Annual Cap on Buying Altcoins

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Crypto Exchanges In Ontario Have A $30K Annual Cap On Buying Altcoins