Fox senior reporter: The US SEC wants to “cut off” all forms of cryptocurrency

According to reports, Charles Gasparino, a senior reporter of FOX Business Network (FBN), revealed on social media that according to the information obtained by him and another reporter Eleanor Terrett, a former senior official of the United States Securities and Exchange Commission said that after the collapse of FTX, the United States Securities and Exchange Commission wanted to “cut off” all cryptocurrencies to a large extent, The so-called “Wells notice” issued by the law enforcement department of the United States Securities and Exchange Commission is a signal to file a lawsuit against the cryptocurrency.

Interpretation of this information:

In a recent tweet by Charles Gasparino, a senior reporter of FOX Business Network, he revealed that after FTX’s collapse, an anonymous former senior official of the United States Securities and Exchange Commission (SEC) suggested that the SEC wanted to limit the use of cryptocurrencies. The agency intended to achieve this goal by issuing “Wells notices,” which would signal its intention to file lawsuits against cryptocurrencies, thereby preventing them from operating further.

This revelation comes at a time when the cryptocurrency market is experiencing some turmoil. The price of Bitcoin, the world’s largest digital currency, has been volatile, with some analysts predicting that the crypto market could see a significant decline in the coming months. Additionally, some high-profile incidents, such as the Colonial Pipeline ransomware attack and the recent hack of a major crypto platform, have highlighted the risks associated with digital currencies.

The SEC has been taking a more aggressive stance towards the cryptocurrency market in recent years. In 2019, the agency issued new guidance on the classification of digital assets, which clarified that some cryptocurrencies could be considered securities and could be subject to federal regulation. Additionally, the SEC has been cracking down on fraudulent ICOs (initial coin offerings), which are initial fundraising events for new digital currencies.

At the core of Gasparino’s message is the suggestion that the SEC is actively seeking to limit the use of cryptocurrencies. The use of Wells notices, which are typically issued in cases of suspected securities violations, suggests that the agency may be gearing up to take legal action against cryptocurrencies. This could have significant implications for the future of digital currencies in the United States and around the world.