The former Chief of the US Securities and Exchange Commission (SEC) Office of Internet Enforcement, John Reed Stark, stated an ongoing “unprecedented financial regulatory onslaught” against the US crypto space.
On August 10, Stark took to social media platform X making these claims based on the crypto-related policies set by certain US financial regulators in the last few years.
Former SEC Chief Speaks On New Fed Program
Firstly, John Reed Stark begins his case by highlighting the recently introduced “Novel Activities Supervision Program” by the US Federal Reserve (Fed) on August 8.
According to the former SEC Chief, part of this program aims to regulate US banks’ involvement with dollar-backed tokens such as the recently launched PaypalUSD or other stablecoins.
Under the new Fed directive, banks intending to issue, hold or trade dollar-backed tokens must obtain a written supervisory non-objection letter from the American apex bank having proven their ability to handle
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