The Federal Reserve’s hawkish comments and the SEC’s crackdown on centralized staking are to blame for today’s decline in the cryptocurrency market. Centralized exchanges received a warning from Gary Gensler, Paxos received a notice from the SEC, and New York regulators ordered Paxos to stop issuing BUSD. Bitcoin miners saw a 50% increase in revenue, but leading cryptocurrency investors predict further sell-offs. Investors may think about holding off until there are indications that US inflation has peaked or until the Fed announces gradual interest rate increases.

Brad Garlinghouse, CEO of Ripple Labs, claims that the SEC’s enforcement-centric approach to regulating cryptocurrency is not a healthy way to regulate an industry and that the United States is falling behind other nations in developing a regulatory framework that permits an industry to grow while safeguarding consumers. News Sorce