In its ongoing war on crypto, the United States SEC Commission has now turned to research companies in their reports.
The Security and Exchange is increasing its scrutiny of crypto regulators as it continues to wage war on the digital asset industry. In the recent stream of anti-crypto documents, the Wall Street Journal reported that there will be an increase in the number of research firms doing work for the crypto industry.
According to the financial advisor, it is feared that investors may have a false sense of security due to the analysis of these cryptos. Paul Munter, Acting Chief Financial Officer of the Security and Exchange, said:
“We warn investors to be careful about some of the claims made by crypto companies.”
The Security and Exchange has long claimed that it is acting in the interests of investors, but its efforts to prevent crypto companies from law enforcement appear to be doing more harm than good. Munter even said this, adding, “If we find a series of facts that we think are troubling, we will consider a referral to the enforcement department.
SEC: Don’t Trust Audits
Additionally, many crypto companies are based overseas and fall outside the jurisdiction of the Security and Exchange. However, they are still eager to provide research and proof of deposit to address nervous customers and investors.
Last week, the auditing firm Mazars, which reported that Binance reserves, suspended additional services for crypto traders, citing increased supervision. Last week, Binance.US CEO Brian Shroder assured customers that the exchange is ready to process any final stops and that the assets are fully backed up.
The SEC has been concerned about these evidence of securities reports because many do not have additional financial information, the report added. The Security and Exchange attorney went on to advise investors not to pay too much attention to the following investigations:
“Investors should not put too much faith in the fact that companies say that they have received proof of income from auditing firms.”
At the end of November, financial institutions raised the risk of crypto traders after the FTX crash.
Undefeated in the SEC
It seems the crypto industry can’t beat the US regulators. They explode because they haven’t been vetted, and they explode when they publish evidence.
It is unlikely that the SEC will resign until it is dissolved or replaced with traditional money and banking.