- Nouriel Roubini says "a crypto apocalypse is coming," backing the industry's crash again on Thursday.
- This time, the famous economist hopes the SEC will help crush the market.
- Roubini cited a report that the head of the SEC wants more funds to stop bad guys.
Nouriel Roubini is rooting for the demise of the cryptocurrency industry again on Thursday.
in a series of tweetseconomist "Dr. Doom" said a reckoning for digital assets is coming, citing an impending regulatory crackdown on the space.
The famed economist cited recent reports that US Securities and Exchange Commission Chairman Gary Gensler is seeking more funding to rein in misconduct in space.
"Ultimately, the SEC will have the [funding] to go after all other crypto - and other - crooks," he wrote. The crypto apocalypse is coming!
โNouriel Roubini (@Nouriel) March 30, 2023
The SEC chairman requested a budget of $2.4 billion by 2024, as technology is "rapidly transforming our markets and business models," requiring "new tools, expertise, and resources," according to a report. prepared testimony Thursday. However, not all of these funds will go towards policing cryptocurrencies. Gensler cited a host of emerging technologies he was looking at in areas like e-commerce and artificial intelligence.
โIn addition, we have seen the Wild West of crypto markets, riddled with defaults, where investors have put hard-earned assets at risk in a highly speculative asset class,โ the testimony read. "Such rapid growth and change also means more potential for misconduct."
Gensler added: "As a policeman on the road, we must be able to take on bad actors. So it makes sense for the SEC to grow along with the expansion and increased complexity in the capital markets."
