• The Securities and Exchange Commission (SEC) recently served Coinbase with a Wells notice, signaling that Biden and his administration are taking steps to kill cryptocurrency in America.
• The SEC has taken action based on outdated laws such as the 1940s Mutual Funds law in order to persecute companies it does not like.
• Biden is using an Obama-era policy to shut crypto companies out of the financial world.
Biden and the SEC Aiming to Kill Crypto
Just a day ago, we talked about how Coinbase was served a Wells notice by the Securities and Exchange Commission (SEC). The situation is scary given that Coinbase has met with the SEC over 30 times in recent years, and thus the exchange really doesn’t appear to be in a position of any wrongdoing. The situation just comes off as more evidence that Biden and his nation and innovation-hating cronies will do anything to ensure crypto dies in America and that residents cannot enjoy alternative means of finance.
The SEC’s Outdated Regulation
The SEC cannot engage in action without a distinct and clear path from Biden to do so. Everyone in politics today or in federal agencies say they want to regulate digital currency to ensure nothing like what happened with FTX ever occurs again. However, all agencies like the SEC are doing are persecuting whatever crypto firms don’t fit with their present narratives. It’s easy to assume that because this is a new industry, members of the SEC and other financial organizations in the U.S. don’t know what to do when it comes to crypto. That this is what they’ve done before, and thus they’re trying to apply old methodologies to what can only be labeled new sectors and technologies. After all, agencies like the SEC have been seen taking this sort of action before; two years ago, for example, when Gary Gensler permitted ProShares‘ bitcoin ETF which was largely inferior due its being based on BTC futures instead of spot trading, yet there had been no attempt made by the agency then or since then change its regulations accordingly for such products
Cracking Down on Crypto Companies
When it comes going after companies it doesn’t like,the SEC has shown itself very quick move forward but slow at officially offering traders new opportunities for investment . Two months ago ,it was announced that Biden was using an Obama-era policy shut crypto companies out from financial world . This signals how much opposition there is against cryptocurrency from president himself .
The Potential Consequences
If these policies continue ,there could be serious consequences for both individuals working within cryptocurrency sector as well investors who wish use cryptocurrencies as means investing money . There could also be further restrictions imposed upon American citizens ability access alternative finance methods such these if more laws enacted prevent them doing so .
It appears clear now that Biden intends crack down hard on existing cryptocurrency businesses while preventing any future development or progress within sector entirely through use outdated regulation tactics which seek punish those involved rather than promote fairness growth potential digital assets offer citizens America around world alike .