-A man with seemingly unchecked power and no accountability, seems to be making big moves based on his own, personal opinion.
I wonder how much he is getting paid to have that opinion? I imagine that there are a lot of very wealthy groups that want to keep things as they are, and see cryptocurrency as a threat.
We live in a very broken system that exists by very intentional design. Probably, one of the only things that keeps me sane is the thought that I can relocate if it comes to that. I can say that I am very fortunate for that, at least.
âCrypto Momâ Hester Peirce: SEC âDisappointsâ When It Comes to Crypto
The securities watchdog has ânever handled innovationâ well, the SEC Commissioner behind the token safe harbor guidance tells Robert Stevens.
Speak to Hester Peirce for too long and youâll leave with the distinct impression that sheâs fed up with the Securities and Exchange Commission (SEC). The U.S.â securities, and sometimes crypto, regulator âhas not done a good job,â the commissioner told CoinDesk. âWe just havenât made progress in the five years Iâve been here.â
Peirce, sometimes referred to as Crypto Mom by those in the sector, is quick to rattle off the agencyâs failures: The SEC has not provided enough clarity on how it regulates cryptocurrency companies, established the kind of regulatory framework that attracts crypto business in the U.S. and not protected Americans from dodgy companies that operate outside of its clutch.
âIf we had a better framework in the U.S. [for crypto], I think you would see more activity happening [here]. But now people have so many questions that a lot of stuff ends up happening outside of the United States. And that means that when U.S. persons participate, they wonât have the protection of the U.S. regulatory framework,â she said.
Nice joke. Traders and investors arenât stupid. Even though they are capable of making stupid decisions, they are equally capable of correcting those decisions and learning from them (hopefully). But it should be their adult choice to do that, nonetheless.
Similarly, if a group of American traders see that a broker is doing nefarious things, then they will simply stop using that broker (and blacklist the crap out of it).
The problem is when you have kids following reddit groups that like to play the pump-n-dump game, and end up losing their familyâs life savings and taking their own life as a result. That, and the other idiots that donât know what theyâre doing, that threaten to sue for everything under the sun because they have self-entitlement issues.
Regulation will not help these people. Thatâs just the truth. It certainly doesnât help the folks that know what theyâre dealing with.
Binance Says Gensler Once Offered to Be an âInformal Advisorâ
In a prior life, now Securities and Exchange Commission Chair Gary Gensler âacknowledged the regulatory uncertainty around cryptocurrency and offered to serve as an advisorâ to Binance, lawyers for the exchange told SEC officials on June 4. As Binance faces a suit from the SEC, these lawyers say the history between Gensler and Binance means that Gensler should recuse himself from the case.
In March 2019, Binanceâs counsel wrote, Changpeng âCZâ Zhao and Gensler had an in-person lunch meeting in Japan where they discussed the BNB token and Binance opening an exchange in the U.S.
I can honestly say that regulation has only created more risk for me, in terms of trading with an offshore broker. I have to use 3rd-party tools and services just to transfer money to my bank account.
Yes, I saw this. It only reaffirms my suspicions about our corrupt government, and how most of them can be bought and paid for.
In Genslerâs case, I wouldnât be surprised if he was just looking for an âinâ so that he could gather more sensitive intel. Nothing would surprise me about these people.
-And sad to say, he is not the only one of our elected or appointed officials that enjoys the protection (and benefit) of their position in that regard.
Having a hard time making sense of the SEC moves. I expect people to serve their own interests. Chasing innovation offshore does not serve US interests.
Smart contracts and blockchain are here to stay. Only question is where they get further developed.
I would think we would want to innovate domestically and still maintain the US dollar as the ultimate stable coin. Banks are going to continue to have a role to play. Lending will still be needed. Integrate banking with new technologies.
Maybe I am missing some information, but I do not see how forcing crypto overseas serves any US interests, rich poor or anyone in between.
SEC Seeks Emergency Order to Freeze Binance US Assets
If granted, the motion requests the repatriation of assets and the preservation of records.
The Securities and Exchange Commission has asked a judge to freeze assets held by Binance.US, according to an emergency motion filed by the agency on Tuesday.
The freeze would impact two holding companies associated with Binance.USâs operations: BAM Management US Holdings and BAM Trading Services.
The emergency motion also requests the repatriation of assets belonging to Binance.US customersâwhether that involves fiat currency or cryptoâa process that would involve the transfer of assets back to the United States.
If granted, the two holding companies and Binance CEO Changpeng Zhao would be directed to âshow causeâ as to why a preliminary injunction should not be entered, according to the motion. It would also prohibit defendants named in the SECâs lawsuit from destroying, altering, or concealing any records that are relevant.
I think that there are a lot of factors to consider here. Most notably, though, is this:
If the US government has plans to implement their own, digital currency; something that they can fully control, tax and monitor etc., then it would make sense that they would want to corner the market and ensure maximum utility.
It is my understanding that we may even be testing this in Ukraine, or, at the very least, using Ukraine as a guinea pig, not only for digital currency experimentation, but for new weapons systems and a myriad of other things.
We are governed by corporate-owned opportunists, after all. This is why we dump billions of dollars into the war in Ukraine even though we are struggling to keep our own government fully-operational and nearly defaulting on our massive debt.
No matter where you look, there are agendas at play, oftentimes, unspoken ones that are tainted with severe conflicts of interest. I would bet money that the SEC crackdowns on crypto are more than just good olâ folks doing their job.
I could be wrong. It is hard not to be cynical. I am a product of my environment, after all.
âsupport innovations that increase financial inclusion and equity in the digital assets ecosystemâ
Difficult to imagine how to achieve this Marxist dream without storing all sorts of data about the people using the digital asset.
Blockchain and smart contracts could be implemented with exactly the opposite of the stated purpose in Satoshiâs white paper.
The only centralization should be to prevent bad actors (terrorists and pedos). Any further meddling is a slippery slope to 1984.
Definitely concerning chain of recent developments. Thanks all for the updates
-Yes. We are only as anonymous as our digital wallets. Can you imagine if we were required to provide KYC for email accounts?
The government needs to track and monitor any exchange of value. They claim that it is for our protection, to deter criminals and so forth. However, the real reasons are likely far more convincing.
Purpose of Satoshiâs white paper being eliminating intermediary parties in transactions. Of course, if law enforcement has a warrant, they should be able to investigate where money is going. Sorry to belabor this point, but it is important. The warrant part is key. Difference between investigating criminal activity and monitoring every aspect of law abiding citizenâs lives.
We do not need a central authority micromanaging us, choosing preferred groups of people, preferred activities, where we invest, etc.
Central bank currency could be done really well only IF done right. Devil is in the details. Definitely watching this closely
-Indeed. Bitcoin utility goes beyond ease of transaction, however. Anonymity and autonomy are key elements that must be considered. In order for warrants to serve any real purpose here, cryptocurrency will need to be overhauled to the point that KYC is required for any meaningful storage or exchange (presumably).
So far, they have done a good job of ensuring that. Probably, they understood the importance of making such moves prior to wider adoption. Since fiat is still necessary for most products and services, crypto may not pose any ultimate threat yet.
Had wide adoption happened already, then the government would be totally screwed (and they know this). This is the important thing to consider. I think, preventing wide adoption has been the goal all along, simply because world governments understand that wide adoption would not give them the control and access that they need. Imagine paying for all of your goods and services using an anonymous, digital wallet that cannot be traced back to you. Good luck taxing that.
I think that fiat and crypto can coexist. Maybe not in any ideal way, or in the way that it was intended, but without killing crypto altogether, either. I also think that you are right in that we do not need the government overstepping. But governments do not have a good track record in that regard. Likely, our government, especially, has much grander plans than just sticking their nose in places that smell bad.
China set the example how to control every measure of their population and western governments took notice. They see the enormous benefit at the expense of individual freedom and liberty.
They probably saw how well it worked in places like Korea during Covid, too. It sometimes feels like things are getting worse in terms of individual liberties and freedoms.
But, I do think that more things are getting exposed as well, and in that truth, we may eventually see positive change as a species. It may be a long and hard road before we get there, though.
Itâs either that, or we fail as a species and have to start all over. AgainâŚ