Bitcoin and crypto are rising, but Goldman Sachs-backed Circle laid off 10 percent of its workforce blaming a ‘restrictive’ regulatory climate. But is that just a smokescreen to mask Circle’s dwindling user base?
SEC Bullish on Bitcoin, Bearish on Alts
OK, so we may not call the SEC exactly ‘bullish’ on Bitcoin. In fact, quietly cautious at best, downright suspicious at worst.
But at least the regulatory body has it clear that Bitcoin is not a security. It’s even considering Bitcoin ETF proposals, albeit at a glacially slow pace.
The same cannot be said for the majority of ICOs. While there are rumors of change on the horizon, it appears that for now, they are just rumors. The SEC has always maintained that most ICOs are securities but has taken little action thus far for fear of stifling innovation.
However, last week, Circle-owned Poloniex delisted nine crypto tokens for its U.S. customers. Circle’s decision to downsize comes hot on the heels of that, sparking rumors that this may be the beginning of the end…