Regulatory series on cryptocurrencies: Former SEC attorney slams bitcoin, calls “crypto-fundraising schemes” as terrorism haunt

The U.S. SEC has always kept a cautionary eye on the crypto regulation while having embraced the market even fighting to fend off fraud. 

Amid stringent regulatory actions by the US SEC, we have seen quite a few critics of bitcoin in the past, Legendary investor Mr. Warren Buffet had constantly bashed on Bitcoin last year and stated that he would never invest in cryptocurrencies as he seemed certain about the cryptocurrencies would come to a bad end and also called rat poison.

While the JP Morgan chief Mr. Jamie Dimon’s called “cryptocurrency as a fraud, terming digital currencies as a novelty and worth nothing".

For now, as per the perspectives of attorney John Reed Stark, who is a veteran in cybersecurity, formerly associated with the SEC’s enforcement division about 20 years, “Bitcoin is worthless and bogus that can only be convenient for aiding crime, money laundering and terrorism funding, the public must be made aware of the full spectrum of the crypto-sphere”.

Despite the crypto market downturn which began after the news of the US Securities and Exchange Commission’s (SEC) delayed the decision on an ETF product approval, bitcoin has been seeing a lot of developmental activities.

Stark made his remarks on the Securities and Exchange Commission will soon crack down on initial exchange offerings (IEO), which he called an “unregulated crypto-casino fundraising mutation.”

We have seen cryptocurrency struggle ever since the U.S. SEC (Securities and Exchange Commission) declined the Winklevoss twins’ attempts of launching a bitcoin ETFs.

The US regulatory agency (SEC), has constantly shown its meticulous approach by denying the approval of an application filed by Cameron and Tyler Winklevoss, the reputed cryptocurrency investors and the founders of cryptocurrency exchange Gemini, to launch an exchange.

Furthermore, Former SEC attorney Stark calls attention to investors of bitcoin to get clarity about it before they lose their money.

Currency Strength Index: FxWirePro's hourly BTC is flashing at 24 levels (mildly bullish), while hourly USD spot index was at -72 (bearish) while articulating (at 07:52 GMT).

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