- SEC Crypto Task Force meets Mysten Labs, shaping crypto regulations.
- SUI token gains 8%, eyes breakout above key resistance levels.
- Privacy tools highlighted as SEC tightens crypto industry oversight.
Mysten Labs, the team behind the Sui blockchain, recently engaged with the U.S. Securities and Exchange Commission‘s (SEC) Crypto Task Force to discuss the future of crypto regulation.
This high-stakes meeting comes just weeks before the SEC’s major financial privacy and surveillance hearing, scheduled for October 17. The debate focused on how regulators would strike a balance between oversight and privacy in the rapidly growing cryptocurrency arena.
Sui Network’s Surge and the SEC’s Focus on Crypto
Nate Geraci, President of ETF Store, shared insights into the meeting, positioning Mysten Labs as a key player in the multi-blockchain tech arena. The Sui Net, due to its high security, low latency, and high performance, is gaining important attention.
The SUI token of $12.6 billion has acquired impressive growth rates recently, gaining more than 8% only over the course of the past week, as per CoinMarketCap.
Also Read: South Korea Rises as Top XRP Holder as Binance Controls Billions of Tokens
The focus of the SEC on crypto-related fraud has increased with the establishment of a new Cross-Border Task Force to deter market manipulation by international participants.
In the conference, Commissioner Hester M. Peirce emphasized the significance of privacy-related tools, noting that with these means, users are in control over who and when they share sensitive information.
With the SEC continuing to crack down on the industry, it is now a time of speculation on the way the SEC will approach regulation in the future.
SUI Token’s Bullish Momentum: What to Watch
SUI’s price currently sits at $3.52, having dipped by 1.67% over the past 24 hours. The token has, however, recently escaped a falling channel and is currently consolidating in a rising channel.
When SUI can hold on to the levels above the $3.48-$3.58 resistance zone, it might soar towards $3.80. A breakout might drive the token even higher, reaching as high as $4.20 and even $4.60 in the medium term. The Relative Strength Index (RSI) stands at 56.88, and there is still room to increase the token before the overbought level.
Source: Tradingview
Conversely, SUI may experience a pullback if it is not able to sustain momentum above $3.48, with main supports of $3.37 and $3.20. Investors are paying close attention to the $3.58 resistance since a breakout in this case would indicate the beginning of a bigger rally of the token.
As SUI’s performance continues to impress, the outcome of the SEC’s upcoming regulatory decisions will likely play a crucial role in shaping the future of the Sui Network and the broader cryptocurrency market.
Also Read: Stellar (XLM) Price Shows Potential for a Breakout, with Key Support Levels in Focus
