Is this the END of Bitcoin, or of the SEC?

So, the SEC is doing stuff with Crypto again.

Long story short, the SEC is suing Binance for functionally the same crimes FTX was committing. They’re also battling against Coinbase, claiming that they’ve been operating as an “Unregistered securities exchange.” On top of all this, they’ve flatly declared multiples coins and tokens securities, putting them under the purview of Gary Gensler (who totally doesn’t have a hate-boner for Cryptocurrency.) Some is justified, some isn’t.

Lets go over some details, and some possible effects of this.

Bitcoin Maximalists Rejoice, BTC is the only thing that “Isn’t a security”

That’s it, I just wanted to throw this out to all the people who argue with me when I say Bitcoin and “Crypto” are entirely different things. Even the SEC agrees with me, which makes me feel gross. But, I also feel vindicated in this one instance.

Delistings -

61 Coins have been declared securities, as defined by the SEC. The article linked below contains a full list. Some of them actually make sense, Mirror Protocol tokens are meant to mirror the price of actual companies and ETF’s on the New York Stock Exchange. Those are pretty obviously securities. There are also the Terraform Labs products which are outright scams, but that doesn’t sound pertinent to the topic of securities. I am however going to need an explanation for why LBRY credits are a security. That one doesn’t make any sense. Are Call of Duty Points and airline rewards miles securities too, Gary?

As the above tweet shows, the delistings are beginning to roll in, and as the week goes on and the pressure of federal litigation begins to weigh on other companies, expect the wave to continue.

Exchanges -

Coinbase and Binance are two of the largest exchanges in the world by trading volume, and likely assets held on their books. It goes without saying that this could potentially have a huge effect not only on the trading price of basically any crypto project in existence, but any future projects that someone may envision.

Depending on how this legal battle goes, expect foreign exchanges like Kucoin or OKX to begin making it more difficult for US based customers to use their services.

You know what US exchange seems to have dodged the fallout of FTX, and hasn’t been mentioned so far in this mess? Kraken, somehow.

Now, lets get to my favorite part of this article, what else could the SEC be doing that would improve the world?

What are they ignoring to go after crypto bros?

Well, actual crime to put it simply. Actual malfeasance in the SEC and Insider Trading, in my humble opinion, are both much more of an issue than the absolute bullshit they’re accusing Coinbase of. Coinbase is a publicly traded company, you’re telling me there hasn’t been a chance to do this before they got listed? No reason to investigate before then, has to be now? Shut the fuck up Gary.

Malfeasance

So lets start with the internal workings of the SEC. Its supposed to be split up in to 3 “arms” or “wings”. Different branches to do different jobs. The SEC acts as legislator, enforcer, and arbitrator of the entire financial enforcement system, so naturally a certain amount of separation needs to exist so a single unelected government official can’t start acting as judge, jury, and executioner for the entire financial industry. Apparently, this is not happening as it should be.

if you don’t want to read the tweet thread, the source can be found here.

Insider Trading.

This one is going to be very, very obvious. Insider trading is how US politicians make money. Left, Right, Republican, Democrat, they all do it. They’re all criminals, and they all need to be investigated and banned from doing anything other than Dollar Cost Averaging in to SPY or similar mutual funds. However, we have accounts on Twitter that track the stock trades of Nancy Pelosi for fucks sake. The account is a giant ad for a trade-copy service, which is a very clever marketing tactic, one marketer to another. That said, they are truly doing the Lords work bringing the sheer level of corruption and absolute thievery that happens daily in the halls of Congress to light.

You uhh…. you okay Jake? You sound angry

Well, that’s because I am.

I’m normally a very easygoing person. I try very hard to not let things bother me, and generally be a “positive” person. Seeing outright, blatant corruption bothers me to my core though. Yes, I’m saying all this is corruption. I’m of the opinion that (the following is pure speculation and absolutely not libel, slander, or defamation. Please don’t sue me.) Gary Gensler is ignoring the rampant insider trading and self enrichment happening by the people who confirmed him to his position for his own, selfish and (hopefully) criminal benefit.

If he goes after Congress for insider trading, they won’t confirm him again if he gets nominated in the next administration. This is selective enforcement at its finest. You can’t go and arrest someone like Rep. Mark Green, but you’ll arrest Martha Stewart.

Get the fuck out of here, this is bullshit and anyone with two braincells to rub together can see that its bullshit. Selective enforcement to keep his job, selective enforcement to make those who approve him keeping his job rich, and selective enforcement to make the life of anyone outside their club harder than it already is. This whole lawsuit business is bullshit and in my opinion, the SEC should be prevented from doing any enforcement actions, period, until the governmental insider trading is stopped. I don’t care what the consequences of that are. It needs to happen, sooner rather than later.

In the immortal words of George Carlin, “It’s a big club, and you aint in it.”

Thats all. I’m fucking out. Til next week.

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