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Lawyer Predicts Even Worse To Come From SEC

Regulatory actions and concerns in relation to the cryptocurrency industry are on the rise worldwide. The US Securities and Exchange Commission (SEC) has been especially active in this regard, emphasising exchanges that fall under its jurisdiction and offer crypto-related securities. Legal experts predict that even more stringent actions by the SEC are imminent. Jesse Hynes, a pro-crypto lawyer, believes the crypto crackdown is coming and will be beneficial for investors, as it will protect them from being misled by deceptive marketing practices used by some crypto companies to attract investment. Hynes predicts that many crypto and NFT projects will be deemed to have raised money by way of security, but not all NFTs or cryptocurrencies qualify as securities. The regulatory system is deemed to be ineffective in targeting the worst actors in the industry and it is expected that high-profile actors in the industry will be targeted first. The SEC is reportedly preparing to ramp up its enforcement capabilities with new hires, with the XRP lawsuit and allegations that Binance.US is operating an unregistered securities exchange being just two examples of the SEC’s legal battles with the industry. A clear regulatory framework is key for the sustained growth and innovation of the crypto industry.

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