The US SEC has stated that there would be no amnesty for crypto companies

The notion of a self-reporting amnesty for cryptocurrency enterprises has been rejected by the SEC.

The notion of a self-reporting amnesty for cryptocurrency enterprises has been rejected by the SEC.
US SEC

According to Reuters, the US Securities and Exchange Commission has stated that bitcoin companies would not be granted amnesty.


This essentially means that those in the securities business who have broken federal securities laws will not be given a pass simply for coming forward and agreeing to cooperate with the regulator.


Despite the fact that cryptocurrencies have been around for well over a decade, the SEC has received a lot of criticism from the cryptocurrency community for not giving adequate regulatory clarity.


Ripple and other sector participants who appeared in the crosshairs of the mighty agency lambasted the government's "regulation by enforcement strategy."


The idea of ignoring law violations has been denied by the SEC's enforcement director, Gurbir S. Grewal: "Register your product, and we'll just ignore the billions you have under control in your crypto lending product, as well as your violations of the securities laws."