How Did The US Government Shutdown Affect The Crypto Market?

President Donald Trump ended the government shutdown on January 25, opening the government for three weeks before they decided about the wall funding. But how did the shutdown affect the crypto industry? We are about to find out in our latest crypto news.

The workers from the US government facilities have returned to work after the 35 days during the shutdown. However, the closing down of the government affected the Securities and Exchange Commission and the Commodity Futures Trading Commission as well.

The SEC was paralyzed and it operated with reduced staff during the shutdown after the regulator announced via the website of the agency:

 “Effective Thursday, Dec. 27 and until further notice, the agency will have a very limited number of staff members available.’’

The agency kept the essential staff in order to be able to respond to emergency situations. The regulator left operation for enforcement offices and investor complaints opened as well as the Electronic Data Gathering and Analysis and Retrieval system.

The SEC was operating with 5.8 percent of its normal capacity and the former chief of the Internet Enforcement Department of the SEC called the numbers ‘’shocking’’:

“There will absolutely be people on Wall Street, and off of Wall Street, who believe they may be able to get away with something because the cop is simply not on the beat.”

After the shutdown ended, the agency issued a guide on how to tackle the effects of the shutdown such as prioritizing filings, requests, and submissions.

Despite the consequences, Trump announced that if the Congress doesn’t make a deal with the president, he will use the power he has under the laws and build the wall as a part of the national emergency plan.