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Coinbase Starts Hitting Back
I'll admit Coinbase has had it's share of issues within the crypto community however they have also been one of the biggest platforms to really bring forth crypto adoption and now be one of the largest companies that can take on the likes of places such as the SEC. You see the SEC attacks lower income people or people that could care less and just pay the fine and move on. This encourages the SEC to continue to do it over and over again and just run a ATM machine of fines while doing nothing in terms of protecting investors which is their primary jobs.
However when they go after billion dollar companies such as coinbase and XRP they run into some trouble as these larger company's have the funds and the resources to take the SEC to court as they should. It's a solid line in terms of keeping the government entities in check such as the SEC but it's also disappointed that this is the way it has to be.
The Whitehouse and SEC
Because of this constant pressure from the SEC Coinbase has threated and well rightfully so along with MANY jobs and innovation to leave the USA and move off shores. In fact coinbase just did that by getting it's first license offshore in Bermuda. This now gives the company the ability to launch another exchange offshore and operate everywhere else outside of the watchful corrupt eyes of the SEC as they most likely wont do business with that entity in the USA and leave the other main one in the USA. This means coinbase could start to become a world powerhouse and start to seriously put pressure on some of these people to understand that crypto needs to be around and adoption of it needs to be around or at least guidelines that are clear.
All we have seen so far is the SEC trying to pass laws and rules and fine the hell out of people which is out of their wheelhouse. They are doing NOTHING to protect investors and where they did have clear oversight and authority such as that of FTX they failed on a huge level. You see the SEC can't pass new laws. Congress has to give them and pass those new laws first and it's clear the Whitehouse and SEC are trying to pretty much overthrow that power.
The Exit
What we are going to see now is a vast amount of larger companies move out of the USA with crypto ties. However that's not going to stop people in the USA from doing business and trading crypto themselves. Instead what's going to happen is the USA will lose further grasp of the crypto markets and drive it into other countries where they will reap the benefits and tax revenue from it.
There will also be even less oversight or the chance for the USA to actully regulate it and put standard practices into place. This will once again hurt the USA and continue to make the value of it fall. The USA is struggling right now and while it might not seem like it yet it's clear that it's financially under attack and by fighting and battling with the companies that are trying to innovate that are just stepping on their own foot and about to fall flat on their face. Instead higher taxes on traditional money will happen, less people will use the stock market and more people will use crypto and do so pretty much tax free because of the USAs current aggressive and stupid stance against the whole thing.
Instead of driving innovation and money it seems like the current party is all about war and generating revenue off war instead of the financial digital war that's unfolding and will do more damage then any new age war could.
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Wow! It's beautiful to watch the damage done by the clueless regulators in the US. How I wish developing countries will not follow in such footsteps and instead will embrace innovation in the digital world.
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Something to remember the crypto market is tiny and will not make the US useless for innovations in other industries.
The Crypto market wont be tiny for long and why it will back fire on the US big time. Crypto is moving forward with or without the US and American companies involved will have no choice but to move.
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It for sure seems like it’s doing what it can to hurt this upcoming industry. I wonder though if it’s by design and intentional, to further ruin the dollar and the country that used to be the strongest in the world or if it’s just a bunch of assholes trying to figure out how to get the most money siphoned out before the game is up?
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Rather scary has the tables have turned so quickly with the SEC offering no value and the US is being left behind.
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Actually the Coinbase news is good news as unhitching yourself from a dead horse means they can move forward and grow.
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Saw this the other day and even though I want a solid US trading platform, I totally agree with them. It is a step in the right direction though, discerning that bigger government is never the answer.
As long as it doesn't affect my ability to trade on CoinBase, I'm fine with them leaving. The United States is going to be behind on everything in 10 years. They will be behind with AI technology, automation, and cryptocurrency.