SNEAK PEEK

• U.S. regulators are urging their UK and Canadian counterparts to impose stricter regulations on the crypto industry.
• FCA is preparing an announcement about tightening restrictions in the coming weeks.
• Gary Gensler earlier declared that all cryptocurrencies, except Bitcoin, are securities.

According to Eleanor Terrett, a UK-based crypto reporter, US regulators are reportedly lobbying their counterparts in the UK and Canada to take a stronger stance on regulating the cryptocurrency industry. 

Eleanor recently took it to Twitter that Gary Gensler and his team have been reaching out to officials in the UK and Canada, encouraging them to adopt similar regulatory measures to those implemented by the US Financial Conduct Authority (FCA).

🚨NEW: Industry sources abroad tell me that @GaryGensler & Co. have been lobbying their UK and Canadian counterparts to pinch the #crypto industry in the same way as the U.S. @TheFCA, which regulates financial services firms and markets in the UK, is preparing an announcement

— Eleanor Terrett (@EleanorTerrett) March 24, 2023

The Fox Business reporter also adds that the FCA, which regulates financial services firms and markets in the UK, is preparing an announcement about tightening restrictions in the coming weeks. At the same time, Canada has already announced sweeping crackdowns against the industry.

Therefore, the SEC is steadfast in its commitment to making it more difficult for cryptocurrency firms to function in the United States and other parts of the globe, according to industry watchers. 

Many enforcement proceedings have been initiated against US-based cryptocurrency businesses in recent weeks, overseen by SEC Chair Gary Gensler, who is renowned for his antipathy to the industry. Gensler recently managed to alienate the cryptocurrency community by declaring that all cryptocurrencies, except Bitcoin, are securities in a statement released not too long ago.
According to experts, the lack of consensus on how crypto assets should be regulated is at the heart of the disagreement between the sector and the SEC. The move also comes a few days after SEC charged Tron founder Justin Sun and celebrities Lindsay Lohan and Jake Paul with crypto violations.