• The SEC’s recent crypto crackdown is deemed by Bloomberg Opinion as the “greatest thing to ever happen” in the industry.
• The US regulators are attempting to protect investors and traders by purging the sector of unsavory elements, such as pump-and-dump schemes and criminal activities.
• Coinbase, Bittrex, and other intermediaries have been recently subject to scrutiny from the SEC.

SEC’s Crypto Crackdown

The US Securities and Exchange Commission (SEC) is making bold moves to protect investors and traders in the crypto world. A recent crackdown on intermediaries such as Bittrex and Coinbase has been deemed by Bloomberg Opinion’s editorial board as the “greatest thing to ever happen” in the industry.

Purging Unsavory Elements

The action taken by US regulators threatens to slam the door on crypto’s future in America, yet could ultimately be its saving grace. It has potential to clean up a treacherous landscape that includes many tokens with zero intrinsic value alongside pump-and-dump schemes, FTX trading platform issues, blockchain-powered payments for criminal activities, and more.

Lawsuit Against Bittrex

Recently, the SEC launched a lawsuit against Bittrex accusing it of functioning as an “unregistered national securities exchange, broker, and clearing agency“. Other exchanges have also come under fire from the agency during this time period.

Wells Notice For Coinbase

In March 2021, Coinbase was sent a Wells Notice scrutinizing its exchange services along with its Coinde Earn staking service. This indicates that US regulators intend to apply traditional financial regulations established for equity markets onto cryptocurrency exchanges—an effort which could lead to greater investor protection but also stifle innovation within this space.

Conclusion

In conclusion, whether or not this crypto crackdown will be beneficial for both investors and intermediaries remains uncertain; however it is clear that US regulators are determined to ensure investor protections within this space whatever measures necessary – even if it means shutting down certain entities altogether.