The crypto space which suffered massively during the recent fallout ever since Sam Bankman-Fried led FTX exchange collapsed finely. On the other hand, the US SEC and its Chair Gary Gensler have been presumed to have taken irregular steps to protect the market. On the other hand, the lawyer representing Ripple suggested that the crypto space may encounter more pain in the coming days.
John Deaton, the lawyer representing XRP holders in a series of threads shed some light on the SEC’s next plan of action. He mentioned that the SEC is set to run after the crypto space in the next couple of years as they have doubled the size of the SEC staff dedicated just to crypto.
As the SEC chair is in favor of pushing regulations even in non-fraud cases like Ripple, LBRY , Dragon Chain, BlockFi, and more. Deaton specified that the SEC is the largest creditor in the BlockFi bankruptcy. The lawyer has predicted earlier that the SEC may coon go behind all the exchanges for dealing with unregistered securities.
However, it all came out to be true as the commission sued Coinbase, for selling securities and also believed that this could happen again which may cause another 50% crash in the coming days. This may further allow the whales and the institutional investors to accumulate a large share of the market ahead.
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