The United States' financial regulators, the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) have been criticized for overreaching in regulating the crypto asset industry.
However, crypto industry leaders have even stated that the U.S. may lose some crypto firms due to regulatory clarity. As reported, Singapore-based crypto asset exchange Crypto.com is about to come under investigation by the U.S. Financial regulator. It added that the exchange may face major problems or may end its US-based operations.
Lawyer James Deaton, Amicus Curiae in the long-running US SEC vs Ripple lawsuit tries to explain what happened regarding Crypto.com. He stated that it would be a mistake for the industry to believe that Coinbase is the only exchange that received a Wells Notice warning from the regulator.
Previously there were reports that Bittrex U.S. that it will end its operations on April 30, 2023. However, it mentioned that the funds are safe and withdrawals are possible.
On the other hand, XRP's lawyer added that he is almost certain that most exchanges have been confronted with the investigation process recently. BTC price is currently trading slightly lower in the 24-hour period with a reduction of 0.08% to trade at $28,242.29.
