SEC Charges Cryptocurrency Company, Sparking Massive Backlash

[Coin_Gabbar]

The SEC vs. cryptocurrency battle continues to exist.
The US Securities and Exchange Commission has charged The Hydrogen Technology Corporation for manipulating crypto asset securities. Hydrogen is a Web3 and financial technology company that has its own native cryptocurrency, Hydro.

The SEC claims that Hydrogen profited over $2 million by manipulating the trading volume and pricing of Hydro. The SEC is also accusing Michael Ross Kane, the former CEO of Hydrogen. The Commission has also named Tyler Ostern, the CEO of Market making business Moonwalkers, as an accomplice in the fraud.

According to the SEC, the defendants were involved in selling unregistered crypto asset securities.

SEC Stance Against Crypto

The SEC has been in the headlines recently owing to its regulation and jurisdiction over the crypto sector. The SEC is taking a strong stance against selling unregistered crypto tokens, which it claims are securities. According to SEC chief Gary Gensler, he feels confident in referring to Bitcoin as a commodity. Other tokens, including Ethereum, may be subject to SEC regulation.
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