Is Selling Bitcoin, Other Cryptos Over SEC Concerns Justified? Veteran trader Peter Brandt says any weakness is temporary – Bitcoin – United States Dollar ($ BTC)


Veteran Trader and CEO of Factor LLC Pierre Brandt, in response to a series of tweets from the investment strategist Raoul Pal, acknowledged that the hard line US regulators are taking on cryptocurrencies could “weigh on prices in the short term.”

What happened: Brandt was responding to a series of tweets de Pal on Tuesday in which he set out his thoughts on the U.S. Securities and Exchange Commission decision on cryptocurrencies such as Bitcoin (CRYPTO: BTC), Ethereum (CRYPTO: ETH), Dogecoin (CRYPTO: DOGE) and others.
See as well :How to buy Dogecoin (DOGE)

Pal said it was clear to him that the SEC chairman Gary Gensler is “to present the most difficult case possible for the regulation of digital assets”.

“My point is that at the end of the day we will get new securities laws for digital assets and that they will be cheaper, faster, fairer and much less onerous for issuers,” wrote Pal in a tweet thread.

The investment strategist noted that the process is expected to take years, but the next 3-5 years in crypto will be “to lay the battle lines and then use the courts and lobbyists to come to a grand settlement of what means to classify something as Security. “

While Brandt agreed with Pal on his analysis and the end result, he voiced the opinion that the battle would impact prices in the short term.

Thank you for the very insightful and thoughtful analysis Raoul. You are correct that the SEC will initially take a hard line on cryptocurrencies, declaring them as securities. You are also probably right on the final outcome, but the battle could weigh on prices in the short term.

– Peter Brandt (@PeterLBrandt) September 22, 2021

Why is this important: On Tuesday, Gensler was reported to be comparing cryptocurrencies with the Old West and saying “we can do better”.

See also: ANALYSIS: Are federal cryptocurrency regulations coming soon, if at all?

During the weekend, Coinbase Global Inc (NASDAQ: COIN) said it will not launch its cryptocurrency lending product, saying it continues to seek regulatory clarity.

Earlier this month, the CEO of Coinbase Brian armstrong denounced the SEC’s “brutal” behavior after the agency threatened to sue the company over the cryptocurrency loan proceeds.

Gensler previously indicated in his testimony to the US Senate that he would target stablecoins and that the majority of tokens listed on major cryptocurrency exchanges were in fact securities and should be treated as such.

Last month, the U.S. regulatory agency sued an organization responsible for developing a decentralized funding protocol or DeFi for its activities that allegedly involved the sale of unregistered securities.

Price action: At time of going to press, BTC was trading down 1.65% to $ 41,943.78.

Read more : Mark Cuban Says Crypto Regulation “Not a Bad Thing” As Controversy With NFT Opeansea Platform Raises Concerns

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