Opinion: Biden and the SEC Will Do Everything They Can 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.
Biden and the SEC Are Working to Take Crypto Out for Good
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, there really aren’t any serious attempts to integrate said regulation or valid laws that would pertain to the space. Rather, 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, SEC head Gary Gensler permitted a company called Pro Shares to unveil a new bitcoin ETF. This should have gotten everyone excited, but the problem was that the ETF was not based on spot trading. Instead, it was based on BTC futures, which many traders said were largely inferior to physical BTC units. The product also fell under a 1940s law that applied primarily to items like mutual funds.
How could such a law ever apply to crypto? The fact is that it cannot, yet the SEC hasn’t done anything to change the statute’s verbiage. When it comes to going after companies it doesn’t like, the SEC is very quick to move forward, yet it’s slower than a turtle when working to officially offer traders new opportunities for investment.
Attacking Companies Left and Right
Two months ago, it was announced that Biden was using an Obama-era policy to shut crypto companies out of the financial world altogether. They could not gain access to bank accounts or other tools that would allow them to stay in business (similar to what was seen in India five years prior).
Now, the SEC is going after every crypto firm it can from Coinbase to Kraken, and it’s becoming clear the agency is simply a general in what can be called Biden’s anti-crypto army.
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