.jpg)
Coinbase Fires Back Again
We all know that Coinbase is paving the way to be able to do business outside of the USA. In fact a lot of businesses are and things are going to get seriously messy as the USA continues to create enemies and make more and more countries realize they don't need or count on the USA. While this makes other countries stronger themselves it's understandable because in the last few years I would say two the USA has been on the attack not only physically in Ukraine but also financially in a way that will have huge impacts on how the world looks at and acts towards the USA.
Coming back home we see companies closing up show and the USA continues to isolate itself from the rest of the world. One of those actions has been the aggressive and continued confusing stance towards crypto. It's clear the white house and those in office along with the SEC want one thing and that's to outright ban and slap on huge track on crypto and the crypto industry. But they have done it in a way in which no laws have been passed and the SEC just files court filing and fines to hundreds of people and businesses. It's a great way to drive away people and still leave them confused about what the heck is even going on.
What's really sad is the government passed huge payments from a massive debt to staff the SEC and IRS etc with more people and equipment to once again do what... Attack people and businesses grabbing every penny they can while making countless enemies and driving away business. I mean seriously look at how well that's going so far... Perhaps the worst set of people in my opion in office right now but to be fair the options we have for presidential running's is a freakin disaster. I personally care for none of those people in office because none of them care for me as a citizen and business owner.
New Filing From Coinbase
Coinbase today announced it has sent a filed suit against the SEC asking for the SEC to publicly share it's answers to a petition that was sent to them. This 32 page petition asks the SEC various questions about the crypto market and to paint clarity you can ready all 32 pages if you want here. SEC.Gov Petitions Coinbase
Let's be honest though I don't feel like we will get any clarity from the SEC. Why? Because the SEC is not allowed to issues new laws and rules and instead has to get that power from the house and those laws and rules have to be run through the house first before the SEC can enforce them. Instead the SEC has taken the approach that it's simply going to fine and take people and companies to court instead which is there way to enforcing a law they THINK should be in place but is in fact not in place. It's a clear as day example of the SEC overstepping and acting on things it shouldn't. The SEC is trying to be the law instead of enforcing the law.
It's more clear then ever that two things needs to happen and quickly.
The first being the SEC needs a serious slap in the face and to re-understand it's limitations and what it's suppose to be doing and is clearly not doing.
The second is clear rules and laws need to be passed about crypto and adoption mainstream has to happen. Otherwise the USA is going to find itself further cut off from the rest of the world and seriously struggling.
As I've said in the past, sure coinbase has had it's issues and questionable things however they have been pretty light in comparison to everything else going on. For the most part I honestly feel coinbase is one of the very few companies that can take on the SEC and enforce such actions. You see many people and companies simply pay the fine, close up shop and move on. This does nothing good for the industry or adoption and instead simply makes the SEC more aggressive. Coinbase is doing as it should to help the crypto industry by taking the SEC into court and making a judge of the final say. The court systems hold the governments in check and it feels like that line has been non existent lately because its far too expensive to take on the government and SEC yourself.
Posted Using LeoFinance Beta
You raise some good points about how crypto regulations are currently set up in the US and how the SEC is going about enforcing them. The lack of clarity and consistency in how cryptocurrencies are regulated can make it harder for the market to grow and more people to use them. No one can blame Coinbase for taking the SEC to court to get more information about the rules. It is a very brave move, and yes, it could force the SEC to be more open and answerable for what it does.
This post has been manually curated by @bhattg from Indiaunited community. Join us on our Discord Server.
Do you know that you can earn a passive income by delegating your Leo power to @india-leo account? We share 100 % of the curation rewards with the delegators.
100% of the rewards from this comment goes to the curator for their manual curation efforts. Please encourage the curator @bhattg by upvoting this comment and support the community by voting the posts made by @indiaunited.
It’s really good that they do this! Let’s hope it’s the start of a positive turn for crypto in the usa
Any country that is against technological innovation is set for failure in the long run. So the US needs to set their priority right. A lot of things are not going against the US, esp global sentiment.
Posted Using LeoFinance Beta
I just heard about this issue in the great Bankless podcast two days ago. The SEC cannot answer simple questions like is a security or not!!! I start to believe the US will be in the convergence to lose power over the world with a debt ceiling that keeps increasing and with an arrogant attitude toward the crypto industry.
One thing Coinbase definitely has going for it — as a very large centralized company — is having a lot of weight to put behind it's requests and suits.
As for the rest of the US business climate, it seems like the government and lawmakers are basically taking *"the land of opportunity" out behind the building and shooting it with such stupid things as reducing this reportable amounts of payments from $20K per year to $600 per year, and hiring thousands of new revenue agents for the IRS not to pursue the really large tax evaders, but to go after small individual businesses who might be owing a few hundred dollars. Yeah, right... like that makes it a business friendly country...
=^..^=
Posted Using LeoFinance Beta