the American economist Nouriel Roubini, famous for predicting the 2008 global financial crisis, has issued a new warning on its social networks of a possible “crypto-apocalypse”. According to Roubini, regulatory pressure on the cryptocurrency market will increase, leading to a collapse of digital assets.
Roubini’s predictions are based on statements by U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler, who asked for additional $2.4 billion in funding to fight the crypto industry.
For Roubini, the SEC will finally have the means to prosecute cryptocurrencies and “all other scammers,” leading to the long-awaited “crypto apocalypse.”
“Finally, the SEC will have the power to go after all cryptocurrencies – and other – scammers. The cryptocurrency apocalypse is coming!”he said.
Finally the SEC will have the finding to go after all the other crypto and other scam artists. The crypto apocalypse is coming! 🤑🤮💩💩🤮🤑🔥💥☄️ https://t.co/samEas2HAy
— Nouriel Roubini (@Nouriel) March 30, 2023
Nouriel Roubini Criticizes Ethereum Whales, Supports SEC Chairman
Nouriel Roubini, currently recognized as one of cryptocurrencies’ biggest critics, recently criticized Ethereum’s (ETH) “whales” and echoed Gary Gensler’s ambiguous statements about Ethereum’s possible classification as a security.
Roubini argued that Ethereum is indeed a security, despite claims by some Ethereum billionaires that it is not.
He labeled these allegations “completely laughable”. Meanwhile, Gensler hinted in a recent interview that Ethereum could be classified as a security, placing the cryptocurrency under tighter scrutiny and compliance requirements.
At a recent SEC meeting, Gensler hinted that proof-of-stake (PoS) tokens like Ethereum should be regulated as securities, which clashed with the view of Commodity Futures Trading Commission (CFTC) Chairman Rostin Behnam.
The CFTC considers Ethereum a commodity, as evidenced by the recent legal dispute with Binance.
Roubini’s support for Gensler’s stance on Ethereum’s classification as a security highlights regulatory uncertainty surrounding the cryptocurrency.
The future of the industry is at stake as the industry continues to grapple with these issues. The regulatory attitude towards Ethereum could have a significant impact on the cryptocurrency market as a whole.
Roubini criticizes the crypto market as downright criminal
Nouriel Roubini also criticized the cryptocurrency market, describing it as “downright criminal” due to ongoing market manipulation.
The comments follow the CFTC’s recent lawsuit against Binance for allegedly deliberately circumventing US law.
Observe that everyone is collapsing. He also criticized the crypto industry for the high risks associated with it and predicted that the entire industry will be wiped out because of these risks.
Constant market manipulation in cryptoland. Total criminal enterprise https://t.co/5j2KuJapO8
— Nouriel Roubini (@Nouriel) March 28, 2023
In 2021, Roubini claimed that bitcoin could not become a real currency while states would switch en masse to using national digital currencies.
Despite the economist’s pessimistic forecasts, the cryptocurrency market continues to grow and its adoption by governments and businesses has increased in recent years.
Source: Live Coins
Barry Siefert is an accomplished journalist and author at The Nation View. He is known for his expertise in the field of cryptocurrency, and has written extensively on the topic. With a background in finance and economics, Barry has a deep understanding of the underlying technology and market forces that drive the crypto industry.
