11.05.202215:09 Forex Analysis & Reviews: Congressmen criticize the SEC and its chairman Gary Gensler for bullying the crypto community

Several US lawmakers and the commissioner of the US Securities and Exchange Commission have expressed concern that the regulator is actively developing its division to ensure compliance with legislation in the field of cryptocurrencies. "The SEC is a regulatory agency with a compliance unit, not a compliance agency." That's exactly what SEC Commissioner Hester Peirce, also known in the cryptocurrency community as "cryptomama," said.

A number of legislators have recently opposed the SEC focusing on the cryptocurrency market, and doing more of its direct business - monitoring the work of stock markets. A number of lawmakers, along with the commissioner of the US Securities and Exchange Commission, criticized the supervisory authority for doubling the size of its enforcement unit in the field of cryptocurrencies. As I noted above, the basis of criticism was that the Securities and Exchange Commission is a regulatory body with an enforcement department, not a law enforcement agency.

Congressman Patrick McHenry recently wrote on Twitter that the legal regulation of SEC Chairman Gary Gensler is stifling American innovation. He clarified: "If the US wants to lead the rollout of next-generation Internet technologies, we must provide clear and thoughtful rules of conduct for the digital asset ecosystem."

Member of the House of Representatives Warren Davidson also opposed, criticizing the actions of the SEC chairman.

Congressman Tom Emmer asked the question: "I wonder how many taxpayer dollars are being wasted in Gary Gensler's personal crusade against the crypto industry?"Many congressmen in the United States are already seriously saying that the SEC's desire to use forced regulation to ensure the "clarity" of digital asset market participants is at least harassment and a direct violation of the law by its chairman Gary Gensler.

But while US lawmakers are working out "their money", a real tragedy unfolded around the Terra project, which destroyed and bankrupted the company.

Meanwhile, bitcoin rose slightly after another major sell-off at the beginning of the week, but its further correction is questionable. At the moment, for the development of the initiative on the part of the bulls, active actions are needed in the area of $ 32,300, which will quickly return the trading instrument back to $ 34,350, allowing investors to calm their nerves a little. Equally important will be the protection of the intermediate level of $ 30,000, which sellers are now looking at. The fact that bitcoin continues to enjoy support from major players may mitigate its fall, which is likely if the bulls do not offer anything for $ 30,000. The decline of the US stock market, as well as the sharp drop in the NASDAQ technology index, will surely pull bitcoin down with them. This will happen only in case of a negative reaction to inflation in the United States. A breakdown of the $ 30,000 level will fail the trading instrument below, to a minimum of $ 27,900, and there you can reach up to $ 25,7000. The bears' furthest target will be the $ 21,900 area.

ETH

The focus remains on the $ 2,460 resistance. A break of this level will quickly return ether to $ 2,630, and there is $ 2,790 very close, which will be a serious problem for traders. Only fixing higher will allow building an uptrend for the trading instrument with the prospect of updating the highs in the area: $ 2,950 and $ 3,158. In the event of a return of pressure on ETH, purchases in the area of large support of $ 2,250 are not excluded, as it has been recently. A break in this range will be a reason to go to the lows of $ 2,020 and $ 1,780, where the major players will again begin to actively act.