With the advancement in number of crypto investors, there is a huge growth in the amount of funds they invest too. Although most of these crypto traders are currently facing big loses in the field along the globe. Keeping this in mind, the United States Congress, vowed to not to sit by idly as the nation’s crypto asset traders face losses entirely. Senator Elizabeth Warren (D-MA) appeals the SEC to find ways to resolve the same. With that done, Congress and Wall Street have been waiting for further approach by the SEC amidst this crypto crash.
Congress and Wall Street had contacted to Gensler expecting some action to eradicate the crash. Both, the Congress members and the field analysts are perplexed, so as to why Securities & Exchange Commission (SEC) Chairman Gary Gensler is not enthusiastic for the matter as expected. Throughout, the Bitcoin asset has been taking efforts to stabilize its position in the ongoing bearish condition of the market, the Fear and Greed Index continued to move nearby the extreme fear marks.
On May 5, the crypto firm depicted an unusual transformation in santiment. Bitcoin went down the $38,000 support level. It again dropped down to $25,228 support level on May 12, throughout which it stabilised a consolidation above the upcoming support mark.
According to recent resources, SEC Chair Gensler and CFTC are expected to be allying for producing a regulatory framework for digital assets. While Congress waits for a response, certain experts claim that the SEC has been trying to curb digital asset abuses under Gensler in a presentable way. Analysts are not sure about the extent of control the SEC has over these assets when it comes to halting down fraud crypto exchange portals.
Gargi Sinha is working as Senior Journalist at Confea. She has completed her Masters in Journalism from Delhi University. She has interest in crypto and blockchain technology.