• Biden and the SEC are working to take crypto out for good, by persecuting alternative means of finance.
• The SEC is using old methodologies to regulate new sectors and technologies, such as taking action against Coinbase.
• Biden is using an Obama-era policy to shut crypto companies out of the financial world.
Biden and the SEC’s Persecution of Crypto
Just a day ago, Coinbase was served a Wells notice by the Securities and Exchange Commission (SEC). This situation has raised concerns that Biden and his administration will do anything they can to ensure crypto dies in America and prevent citizens from enjoying alternative means of finance.
The SEC’s Attempts to Regulate Crypto
The SEC cannot make any moves without clear instructions from Biden. They want to regulate digital currency in order to avoid events like what happened with FTX occurring again, however, there really aren’t any serious attempts at integrating regulations or laws pertaining to this space. Instead, all agencies like the SEC are doing is persecuting whatever crypto firms don’t fit with their present narratives.
Biden Shutting Crypto Companies Out
Two months ago it was announced that Biden was using an Obama-era policy to stop crypto companies from entering into the financial world. This policy applied a 1940s law that mostly pertained to mutual funds onto bitcoin ETFs which many traders said were largely inferior physical BTC units compared which could not be regulated by such a law.
The Inability of Agencies To Adapt To New Technology
It appears that members of the SEC and other financial organizations in the U.S don’t know how exactly how handle this new industry due to its novelty, thus trying apply old methodologies instead of introducing new ones which could actually work for both parties involved – traders included – when it comes to cryptocurrency regulation.
It seems that when it comes attacking companies they don’t like, agencies like the SEC move quickly yet are extremely slow when providing traders with new investment opportunities – suggesting their true intentions may be more malicious than protective overall.