June 28 (Cointime) - The recent actions taken by the SEC against Coinbase and Binance have caused disruption in the crypto industry, leading to major players making changes. Due to limited demand, Crypto.com is winding down its institutional business in the US, while Robinhood testified about the SEC's lack of assistance in registering as a digital assets broker.

SEC Chair Gary Gensler's tough stance on the crypto sector has resulted in increased scrutiny, with concerns arising about his intentions and decision-making process. Gensler's actions suggest that he is a long-term thinker who wants to regulate the entire sector, causing unease among lawmakers.

A modernized regulatory body is needed to handle the complexities of these emerging markets, as traditional regulatory frameworks do not fit Web3, blockchain, and crypto. Failure to recognize the transformative impact of blockchain technology on finance and pass legal frameworks will be seen as a significant failure of duty.