Crypto Chaos: SEC Sues Coinbase, Cardano and Binance.US Face Setbacks

David Sacks, a tech investor and close associate of Elon Musk, has claimed without evidence that SEC chair Gary Gensler and influential U.S. senator Elizabeth Warren have formed an "alliance" to destroy crypto in the U.S. This has worsened the massive bitcoin and crypto price crash caused by sudden regulatory action from the SEC against Binance and Coinbase. Sacks believes that Gensler is exceeding his authority and that Congress, not the SEC, should make laws regarding crypto regulation. Last week, U.S. lawmakers introduced a bill into Congress proposing a "functional framework" to provide regulatory clarity for bitcoin and crypto companies in the country.