The U.S. Securities and Exchange Commission (SEC) is leading the push to subject cryptocurrency markets to the full spectrum of financial regulations the agency oversees.
In April 2022, SEC Chair Gary Gensler said the top five exchanges accounting for 99% of cryptocurrency trading "likely are trading securities" and should have to register with the SEC and comply with applicable laws.
Gensler also urged increased enforcement of financial regulations for stablecoins and other crypto tokens.
And in May 2022, the SEC announced it would increase the staff of its Cyber Unit from 30 to 50 and rename it the Crypto Assets and Cyber Unit to bolster the enforcement of regulations in cryptocurrencies.
The SEC's enforcement push will fundamentally change how cryptocurrency markets work.
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