So the US SEC is suing Coinbase for apparently offering unregistered securities, causing the Coinbase share price to drop 15%. The SEC is claiming that Coinbase has never registered its operations as a broker or clearing agency. This comes soon after the SEC also announced it was suing Binance. The US Federal Reserve, Treasury Department and SEC are clearly intensifying their crackdown on crypto. Should we all be worried? The simple answer is yes. But we do not need to panic - at this stage.
Any encroachment by the state apparatus into crypto needs to always be treated with suspicion and severe caution. We all know that the magical alternative that is crypto is a threat to the elites and their fiat debt prison they have put us all in.
In the Coinbase lawsuit it is alleged that the exchange has breached securities disclosure schemes through evasion. The SEC claims that a number of tokens Coinbase lists on its exchange including Solana, Cardano and Filecoin should be registered as securities. The SEC further claims that Coinbase has failed to register the offer and sale of its crypto asset staking service involving five stackabale crypto assets. Coinbase is already in a battle with the SEC on some of its staking services, this adds another dimension to that battle.
The sickening irony of all this regulator encroachment is that the Director of the SEC, Gurbir S. Grewal, claims his department is taking this action in an effort to protect the public.
LOL!
I mean, seriously? Who is he trying to kid here? He will fool some, but not most of us. This is what he had to say:
LOL!
So how far will the US government and SEC go will all of this? Will they win this case and if they do what will they do next? It's abundantly clear now that the elites are getting more rattled by the adoption of crypto. While some regulation isn't necessarily a bad thing in the cryptosphere and can even be treated with some cautious welcome, what these guys are up to with this endeavour is clearly going to have a detrimental effect and shows how the central bankers are becoming more determined to control the crypto space.
Take a look at what the CEO of Binance had to say:
Couldn't agree more.
So, are crypto exchanges under threat? Could they disappear altogether? Or is this all part of the long game to dissuade people from going anywhere near crypto to begin with?