There has been a lot of talk recently in a lot of crypto communities. On most social media platforms, many enthusiasts have made claims that Wall Street is behind the turmoil that the market has experienced these past few weeks. These rumours and speculation theories have been going on for years now when CME Group and CBOE began to offer Bitcoin futures in December last year. At the same time, this was when we saw Bitcoin reach the $20,000 mark. Many see this as the start of the bear market and the start of the 2018 market crash.
If we look to the Securities and Exchange Commission (SEC), they are yet to set in stone guidelines and regulations as to how Bitcoin and the rest of the crypto market should be managed in the United States. Nevertheless, the commission can be lauded for taking a stand regarding ICOs and categorising them as securities offerings. This resulted in many looking into over-hype ICOs which has left people in financial tatters. The SEC even settled with the Music icon, DJ Khaled and boxing champ Floyd Mayweather over promoting fraudulent ICOs on their social media accounts.
Nevertheless, the SEC hasn’t made any final plans on penalising prominent people who claim Bitcoin is dead or Ethereum is a worthless coin. If they were to do such a thing then they would be recognising Bitcoin, Ethereum and other cryptocurrencies as assets which are worthy of regulation. Without regulation, it means that anyone will be able to make digs into the cryptos publically and no one will be able to bat an eye. CEOs and chairman of big companies on Wall Street will be able to express their freedom speech on cryptocurrencies but with regulation, this won’t be able to happen.
As said by Ethereum World News, “if the SEC were as swift with crypto as they were with Elon Musk and his tweeting habits, the crypto-verse would be a far much safer place.”
At the end of the day, people haven’t been punished for the crypto market being manipulated in a similar way to how they treat traditional markets. This leaves the crypto trading wide open leaving every man for himself.
What are your thoughts? Let us know what you think down below!