Bittrex, an exchange that claims it offer the “widest selection of cryptocurrencies in the U.S.” and marked its ninth birthday last month, said it would end its U.S operations, saying it can't operate amid a rising tide of regulatory scrutiny.
It doesn't make financial sense to stay open, given "the current U.S. regulatory and economic environment," the firm said. "Regulatory requirements are often unclear and enforced without appropriate discussion or input, resulting in an uneven competitive landscape."
The Federal Deposit Insurance Corp. says Silicon Valley Bridge Bank’s $72 billion in assets will be purchased by First Citizens at a discount of $16.5 billion.
U.S. Congress, not the SEC, will set cryptocurrency regulations, says Blockchain Association
The Blockchain Association Chief Policy Officer Jake Chervinsky said the U.S. Congress will ultimately set the laws in the country to govern the cryptocurrency industry and not the Securities and Exchange Commission, which this month launched a flurry of enforcement actions against digital asset companies. The SEC and other regulatory agencies are bound by this “legal reality,” he said.