By
Steve Muchoki
April 23rd, 2024
US government agencies have been actively encouraging similar ideas associated with financial literacy since 2003 when April was formally appointed the National Financial Capability Month.
The United States Securities and Exchange Commission (SEC) has revealed a series of education events focussing on underrepresented communities and others- but indicated that competitors should be educated to practice caution while using crypto.
In an April 3rd announcement, the SEC disclosed that it would talk to communities including high school students, members of the military, investors along with native Americans to publicize financial literacy. According to the announcement, the education can be on something as useful as “how to avoid becoming a victim of fraud” using cryptocurrencies. The SEC called an alert from one of its resources, in which the regulator asked people to be mindful of assessing investments in crypto undertakings that may authorize as securities under the regulator’s jurisdiction. The quote warns investors to use only the money which they cannot afford to lose in the market.
US government agencies have been actively encouraging similar ideas associated with financial literacy since 2003 when April was formally appointed the National Financial Capability Month. The announcement followed after several people denounced the financial regulator for arguing that it expects companies to have an inclusive discussion while persisting to take rigorous enforcement actions.
US-based crypto exchange Coinbase informed on 22nd March that it had acquired a Wells notice from the SEC even after having recurrent meetings with the officials for more than thirty times in a span of nine months. The crypto exchange claimed that its products and services will resume working as usual even through the investigation.
United States Securities and Exchange Commission Chair Gary Gensler has offered support to the United States Joe Biden‘s proposal to allot a staggering $2.4 billion in funding for the regulator, emphasizing the present requirement to crack down on the “misconduct” in the crypto space. In testimony on March 29th budget with the House of Appropriations Committee, Gensler explained that the massive funding was required to keep pace with the innovation around the world.
Gensler requested the regulator receive $2.4 billion in funding for the 2024 fiscal year, claiming that it required a “novel tool, expertise and resource” to handle transgression in the crypto industry. United States Senator Elizabeth Warren of Massachusetts is constructing her anti-crypto project as one of the main topics for her re-election campaign, even though polls indicated that the majority of Americans believe that crypto is the future.
In a tweet on March 30th, Warren also claimed that she was participating to place the administration on the middle-class families’ side, and gallantly quoted a Politico headliner that says, Elizabeth Warren is building an Anti-crypto Army.