**Revamping Regulatory Repercussions on Cryptocurrency: Insights from Former Obama-Era Deputy Attorney General**
In a candid revelation, former Deputy Attorney General Donald Verrilli, renowned for his tenure under President Obama, has criticized current US regulators for what he perceives as deliberate actions against the cryptocurrency sector. Verrilli contends that federal regulators are intentionally excluding banking services crucial to the digital asset realm.
Verrilli emphasized the critical necessity of banking services within the digital asset sector, lamenting that federal regulators have orchestrated a calculated campaign to sideline banking from the cryptocurrency industry. This move, according to Verrilli, comes despite the industry’s urgent demand for such financial infrastructure.
Highlighting ongoing pressures from the US Securities and Exchange Commission (SEC), Verrilli pointed to recent litigation involving major industry players like Coinbase, which has contested actions by the SEC and the FDIC. He underscored the regulatory challenges faced by prominent firms such as Ripple Labs, Uniswap, and ConsenSys, citing ongoing lawsuits that have garnered considerable attention.
Expressing concerns shared by industry experts about the trajectory of US cryptocurrency regulations, Verrilli suggested that strategic regulatory adjustments are imperative to restore balance and support future growth. He cautioned that these developments should not be construed as investment advice, but rather as a call for vigilance amidst evolving regulatory landscapes.
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