Crypto Market News: Amid talk of the crypto market‘s decoupling from the traditional market, the wind is now shifting towards major regulatory changes in the space. This is despite clear signs of dwindling trust in the banks amid a banking crisis that is shaking global markets. But the crypto prices saw impressive rally as the banking crisis unfolded over the last few weeks. This situation, however, does not imply any easing in regulatory environment for the crypto asset ecosystem in the United States, unless lawmakers resolve the hurdles.
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KBW Nasdaq Bank Index, which tracks performance of the leading public banks in the U.S., fell by as much as 28% over the last three weeks. This coincided with an 18% rise for Bitcoin price over the same period.
Gary Gensler’s Attempts To Influence UK Regulators
As CoinGape reported earlier, U.S. Securities and Exchange Commission (SEC) chair Gary Gensler is said to have lobbied with his counterparts in the United Kingdom and Canada about maintaining a common action plan for crypto regulation. Reacting to this news, XRP lawyer John Deaton spoke on how different the regulators of US and UK operated in the past, giving Ripple (XRP) token example. Reports said the UK’s Financial Conduct Authority (FCA) was making efforts to come up with an announcement in this respect.
“It will be very interesting to see if the U.K.’s FCA plays ball with Gary Gensler and the SEC. To place in perspective just how far apart the two agencies are: the FCA labeled XRP a non-security token and called it a hybrid token — part exchange token and part utility token.”
Gensler had in recent past faced heavy criticism for saying all cryptocurrencies expect Bitcoin are securities. The SEC had earlier in the week issued a Wells notice to top US based crypto exchange Coinbase.
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