U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler on Friday shared an important post asking individuals to report possible securities fraud or violations to the agency. However, XRP, LUNC, and other crypto communities expressed disdain and mocked him for asking people to submit a tip or complaint to the agency despite regulatory overreach concerns.
Gary Gensler Faces Hate From Crypto Communities
SEC Chair Gary Gensler took to X and encouraged individuals to report suspicious market activities to the SEC, asking to submit a tip or complaint directly on the website. The post received over 600 replies from different crypto communities within an hour.
Members from the XRP and LUNC communities mocked Gensler believing that the call to action was unwarranted and undermined the integrity of the crypto market. Crypto market participants view it as a sign of increased regulatory scrutiny.
Some complained about Gary Gensler and the SEC ruined Binance and Paxos’ BUSD stablecoin business. The SEC later dropped the investigation on Paxos over BUSD stablecoin after Judge Amy Jackson rejected the SEC’s securities laws violation claims against BUSD sales.
Crypto community blamed Gensler for his regulatory overreach on crypto, failing to provide regulatory clarity to the burgeoning industry. Lawmakers earlier raised similar concerns about the SEC’s overreach hampered the growth of crypto and blockchain technologies in the United States.
Also Read: Elon Musk’s X Violates EU DSA Regulation, What’s Next?
XRP And LUNC Faced Deflationary Price
The US SEC v. Ripple Labs lawsuit stalled upside momentum in XRP price. While Judge Torres’ ruling on XRP programmatic and secondary sales provided clarity to the community, it didn’t witness price rallies as observed in other crypto such as Bitcoin and Ethereum, and even meme coins.
At press time, XRP price is trading at $0.463. The price has dropped 1% in a year as the community awaits a verdict in the remedies phase.
Similarly, LUNC price tumbled over 10% in a year amid a lawsuit against Terraform Labs and Do Kwon. Hopes of SEC making the creditors whole are still unclear, but the Terra Classic community continued to make developments on the chain. LUNC price currently trades above $0.000070.
Also Read: Binance Reportedly Assisting Terra Classic Community With USTC Revival
