• The SEC has been persecuting crypto firms and Coinbase was recently served a Wells notice by the Commission, indicating that Biden and his administration are doing all they can to kill cryptocurrency.
• Two years ago, SEC head Gary Gensler allowed Pro Shares to launch a bitcoin ETF which was based on futures rather than physical BTC units, signaling that the SEC is not interested in providing traders with new opportunities.
• Biden is utilizing Obama-era policies to shut out crypto companies from the financial world while also pushing for more regulation within this space.
Biden and the SEC’s Attack on Crypto
Just a day ago, Coinbase was served a Wells notice by the Securities and Exchange Commission (SEC), indicating that Biden and his nation and innovation-hating cronies will do anything to ensure crypto dies in America. This comes after Coinbase had met with the SEC over 30 times in recent years, suggesting that their persecution of certain crypto firms may be unwarranted.
The Unclear Path Forward
The SEC cannot engage in action without a distinct and clear path from Biden to do so. Despite everyone in politics today or in federal agencies claiming they want to regulate digital currency to prevent future mishaps like FTX’s, 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 is persecuting whatever crypto firms don’t fit with their present narratives.
An Example of Regulatory Neglect
Two years ago, Gary Gensler permitted Pro Shares to unveil a new bitcoin ETF despite it being based on BTC futures which many traders deemed inferior compared to physical BTC units. Furthermore, this product fell under a 1940s law that applied primarily to items like mutual funds – an idea that clearly does not apply when it comes to cryptocurrency trading and investment.
Biden’s Shut Out Policies
Biden is utilizing Obama-era policies such as shutting out crypto companies from the financial world while simultaneously pushing for more regulation within this space – however not actually taking any steps towards implementing such regulations into law or making them applicable for digital currency trading activities.
Conclusion
It appears as though Biden and his administration are working hard towards killing off cryptocurrency in America as evidenced by their attacks against certain crypto firms as well as their unwillingness (or inability) to implement proper regulations into law regarding this industry.