Gary Gensler Lobbied In UK, Canada For Tightening Crypto Rules

The U.S. Securities and Exchange Commission (SEC) seems keen on making it harder for cryptocurrency firms to operate globally as well as domestically. Because of Gary Gensler’s anti-crypto market attitude as SEC chair, US-based crypto firms have recently been the target of enforcement proceedings. 

Gensler recently angered the cryptocurrency industry by declaring that all cryptocurrencies—aside from Bitcoin—are securities. The lack of clarity on cryptocurrency regulation is at the heart of the dispute between the sector and the SEC. 

In a recent development, Gensler is alleged to have advocated with his colleagues in Canada and the United Kingdom about creating an environment for cryptocurrency enterprises that is similar to that in the US. The UK regulatory authorities are planning a statement regarding strengthening cryptocurrency limits in the future weeks. Thus, these discussions were reportedly fruitful.

According to Fox Business reporter Eleanor Terrett, Gary Gensler and his SEC staff have successfully advocated for stricter cryptocurrency regulations in Canada and the UK. The Financial Conduct Authority (FCA), which oversees the UK’s financial markets, is prepared to announce that step as a result.

“Gary Gensler (and the SEC) have been lobbying their UK and Canadian counterparts to pinch the crypto industry in the same way as the U.S. The FCA is preparing an announcement about tightening restrictions in the coming weeks, while Canada has already announced sweeping crackdowns against the industry.”

The announcement comes the same week that the SEC sent a Well notice to Coinbase, a leading US-based cryptocurrency exchange, regarding concerns about the listed digital assets and its staking services.

Comments are closed.