• The SEC has charged crypto exchange Bittrex with failing to register as a dealer-brooker, an exchange, and a clearing agency.
• The charges include Bittrex, Bill Shihara the previous CEO and co-founder of Bittrex, and Bittrex Global.
• There is a possibility that Gary Gensler, the current SEC chairman might be removed from office due to criticism from both members of the SEC and the crypto community.
SEC Sues Exchange for Regulatory Noncompliance
The United States Securities and Exchange Commission (SEC) has charged leading crypto exchange Bittrex over its alleged unwillingness to comply with regulatory policies. This action follows their failure to register as a dealer-broker, an exchange and a clearing agency resulting in $1.3 billion in illicit profit between 2017 and 2022. The charges include Bittrex, Bill Shihara the previous CEO and co-founder of Bittrex, and Bittrex Global.
A spokesperson from the crypto exchange high listed their disappointment in the SEC’s decision to take action against them stating that it will have a lasting impact on not just cryptocurrency in the United States but blockchain technology innovation in general.
Meanwhile, Gary Gensler who is currently facing criticism from both members of the SEC and members of the crypto community might be losing his job as U.S lawmaker plans to put forth legislation that will send him out of office.
Impact on Crypto Community
The recent development comes as no surprise given how stringent regulations can get when it comes to cryptocurrency exchanges operating within US borders which could have serious implications for not just cryptocurrency but also blockchain technology innovation all over world.
The heated week has come to an end but it remains unclear what will happen next with regards to both Bittreq’s case against SEC or Gary Gensler’s future at his position as chairman but one thing is certain these events are sure bring about changes within US regulatory framework regarding cryptocurrencies .