At a hearing of the US House of Representatives Financial Services Committee, SEC Chairman Gary Gensler was harshly criticized, especially on the regulation of the cryptocurrency market. Committee chairman McHenry said that the SEC has become corrupt under Gensler and that oppressive regulations on crypto markets have had a negative impact on investors and market players. Other members argued that the SEC has failed to remain an impartial agency and has put pressure on certain players in the cryptocurrency industry. It was also emphasized that the uncertainties in crypto regulations harm the industry and hinder innovation.
Sam Bankman-Fried's girlfriend, Caroline Ellison, was sentenced to two years in prison.
At the time of writing, Bitcoin (BTC) is trading at $64,180 and Ethereum (ETH) is trading at $2,622.
The fear and greed index is neutral at “53”.
Important developments for the day:
General Crypto Event: “European Blockchain Conv” event will take place.
EOS (EOS): Spring 1.0 and Savanna Hard Fork will take place.
