The SEC has "protected investors" once again!
Funny how protecting investors always seems to end with investors losing money!
At the end of the day we just have to assume that the SEC has now turned into this ridiculous money grubbing agency hellbent on refusing to do their own stated job. It is the SEC's job to provide regulatory clarity. They refuse. It's the SECs job to protect investors, yet no one in crypto feels protected by any of this. Gary Gensler is a snake and a liar. The words coming out of his mouth simply do not match his actions.
Most recently we see that the recent dip in crypto was caused by this nonsense. Of course it's not complete nonsense as we've all seen how shady Binance can be. Shame the SEC refuses to acknowledge what Binance did during our own hostile takeover, because that's a grievance actually worth addressing.
Among the allegations presented are "co-mingling funds" like FTX did (except FTX was much much worse) while at the same time allowing users to still use the service with a VPN. Of course what the SEC never addresses is why Americans would want to continue using Binance in the first place given that everyone has already known these things for years.
People want to use Binance because it provides a service that people want:
- cheap trading fees
- deep liquidity pools
- access to hundreds of assets
The SEC and other Binance poo-poo-ers are always quick to point out that Binance "makes Billions of Dollars in transaction fees". Yeah... duh... that's their entire business model jackass. What they seem to forget to mention is that Binance has the lowest fees in the entire business. Protecting investors by forcing them to pay more fees? Yeah... very smart. And it's not a small amount more either. DEXes cost triple and Coinbase costs x6 the fees of Binance. It's absurd on every level. Isn't it just far more likely that the motives at play here are tainted and corrupt?
Of course this is all well-deserved.
There are legitimate reasons to take CZ to task, but a lot of these accusations, even if true, just feel like mudslinging to me with very little evidence to back it up. Considering the SEC's crusade against crypto and their refusal to do their own job: that narrative makes a bit more sense than actually trying to "protect investors". This is all feeling a bit political and corrupt across the board at the moment.
OMG WHY DID BTC CRASH $25k!?!
I think it's a bit comical that people are flipping out over the price... I've been talking about $25k since February. $25k was the resistance line to beat for the entire month. Of course there was a great chance we'd retest this level as support. In fact I expect the price to dip slightly under $25k and cut into the $24k or even $23k range before the FUD gets lifted. The fact that crypto is as high as it is shocks me to the core.
If we look at how bad everything actually is with the economy and the regulators and the fudsters honestly Bitcoin should be like $8k-$10k right now scraping the bottom. Hive should be like 8-10 cents in an environment like this... and yet the price towers above the gutter numbers but everyone still manages to flip out and panic sell a 5%-10% dip. Craziness. Have some perspective fam! We're honestly not doing that bad.
Crypto can't get weaker.
As much as the government loves to stomp on it right now, political corruption is just one more reason why crypto needs to exist. The value of crypto will continue to grow, and the players therein will continue to grow more powerful. At a certain point the SEC is going to step on the wrong set of toes and they are going to get slapped hard (assuming they actually win the Ripple lawsuit and we have to wait longer than the outcome there).
It's quite inevitable that given this blatant overreach combined with in the intrinsic need for crypto to exist that eventually the SEC will lose a gigantic case which will dwindle their reputation to all time lows. Once that ice is cracked their own tarnished reputation will lose them dozens of more cases in the years to come, and more importantly embolden the victims of these cases to fight back knowing that they can actually win legitimately. And perhaps even more importantly than that it will finally force the issue of the SEC actually providing clarity... a thing they refuse to do because it guts their own regulation by enforcement power-play.
It's a bit funny that Gensler calls crypto the Wild West under the context that he'll be the one to bring everyone to heel. LoL, good one buddy. As if a single person or agency can prevent a tidal wave of decentralization from sweeping across the entire globe. Over and over again we hear this: crypto is the "Wild West" and this phase will not last very long... except the entire point of decentralization is to break all the established rulesets and put communities in charge of their own sovereignty.
The "Wild West" phase of crypto is never going to end...
In fact it's going to escalate to levels that most people would have never dreamed of. Again, that's the entire point of this technology: to break the chains of imperialism and controlling communities using centralized authority. Anyone who thinks we've already peaked is fooling themselves. Even during the gold rush the Wild West of America lasted several decades. The train robberies and saloon shootouts will continue on unabated, and agencies like the SEC can only add fuel to the fire, not the other way around.
Conclusion
Well we made it past the 4-year cycle bear market year of 2022, but the economy is still jacked and the regulators are still flexing hard and kicking us while we are down. Luckily no amount of regulatory peacocking could possibly hold a flame to the LUNA collapse into the FTX collapse. Crypto has already bottomed (at least Bitcoin has) and sits well below the doubling curve trendline (which will be $100k EOY). All we have to do from here is hunker down and wait for the skies to clear. The risk-on environment we're looking for is much closer than it appears on paper.
Sounds familiar, like the "Animal Farm" statement.
All animals are equal, but some animals are more equal than others
Turn "animals" into "investors" and we have a solution. I was writing about the legal action in my article as well.
https://ecency.com/hive-167922/@mikezillo/the-sec-tickles-binance-and
There's bipartisan support for banning crypto in the United States. Generationally, older Americans (who tend to be those who actually vote) are opposed to privatized digital currency. Then there's also the impending economic recession/depression that will result in crypto being used as a scapegoat, we already saw the spin as a result of Silicon Valley Bank and First Republic Bank.
This is one of the dangers of gerontocracy, being stuck to old ideas means more resistance to innovation and change that can make a positive impact.
Will the SEC go after Coinbase too?
Edit: Minutes after asking, I just heard on NPR that the SEC has gone after Coinbase.
Coinbase did get sent a Wells Notice a while back but it's unclear what they're actually going to do.
... Edit: looks like they sued them today with more specific terms lol.
The timing is so stupid they are obviously attacking crypto on purpose.
It did and even with that one the SEC has only managed to push BTC to as lowe as $25,200 and now it is almost at the level from where it started the fall triggered by the SEC...
Seems like an opportunity for me to buy a little more BTC :D
I have no word's to say say anything about SEC and CZ FUD, let's see how it well end
Agreed, hunker down, hold the line the world needs crypto.
@edicted, i guess this is the trending post in the crypto sector.
As long as the US government backed them, it gives SEC more power to manipulate exchange firms. I guess all they trying to earn is Authority over exchange firms, Blockchain and Crypto currency. They are afraid that this exchanges firms might de-dollarized their currency in few years.
I just have the feeling that Coinme and Coinbase might bow down to their threats.
The SEC is a pile of trash. Now I understand why some of the bigger businesses I used to work with disliked the SEC. They provide no security and only use it as an arm to take money from more people and fuel the USA trash debt.
oh yeah also they just sued coinbase as well.
BTC is already recovering from this as people realize it's not affected.
You can bet on that one.
I'm not a fan of Binance, although I use it quite often, but when seeing something like the SEC functioning on principles from half a decade ago trying to tame crypto, I'm simply baffled....
This kind of recovery I have not seen in Bitcoin till today. Yesterday he came down and today he is standing again in the same place. No matter how hard these people try, they will not be able to control him now. People have a lot of faith in him. Above the industry.
If they are really intent on taking down crypto in the long run than crypto will only be as strong as those willing to go to prison over it. That's the hard honest truth.
Coinbase and Binance boast to meet the SEC up in court. It should be fun
SEC: We're doing this to protect you!
everyone imidiately loses money
Everyone: Thanks SEC.. Helps alot.