• Biden and the SEC are doing everything they can to make sure crypto dies in America.
• The SEC cannot act without a clear path from Biden, and the current approach appears to be persecuting companies that don’t fit with their narratives.
• Two years ago, Gary Gensler allowed Pro Shares to launch an ETF based on BTC futures rather than spot trading, which many traders said was inferior.
Biden Administration Taking Action Against Crypto
The Biden administration is taking action against cryptocurrencies by attempting to kill them in America. The Securities and Exchange Commission (SEC) is leading the charge but cannot act without a clear path from President Biden. This has resulted in the SEC persecuting companies that do not fit with its narrative.
Unfavorable Bitcoin ETF
Two years ago, Gary Gensler allowed Pro Shares to launch an exchange-traded fund (ETF) based on bitcoin (BTC) futures instead of spot trading. Many traders deemed this move as inferior since it fell under a 1940s law that was meant for mutual funds rather than digital currencies. As of yet, there has been no action taken to change this outdated statute or provide new opportunities for investment into cryptocurrency or blockchain technology.
Wells Notice Served To Coinbase
Recently, Coinbase was served a Wells notice by the SEC which caused concern due to its recent meetings with the agency over 30 times in recent years indicating it had done nothing wrong. The situation appears more like evidence that both President Biden and his nation-innovation hating cronies will do whatever it takes to ensure crypto does not succeed in America and its citizens cannot have access to alternative means of finance.
Crypto Regulations Needed
Though all agencies claim they want regulations for digital currency so incidents similar to what happened with FTX do not occur again, there have been no serious attempts at integrating such regulation or laws pertaining to the space. Instead of working towards providing new opportunities for investment into cryptocurrency or blockchain technology, members of regulatory bodies like the SEC seem content on persecuting whichever companies do not fit their present narratives regarding the industry’s growth and success in America.
Conclusion
It appears as though President Biden and his nation-innovation hating cronies are determined to take down crypto in America regardless of any existing evidence against firms like Coinbase who appear innocent of any wrongdoing according to their multiple meetings with the SEC over 30 times recently. Until proper regulation is implemented within this sector’s framework, agencies like the SEC will continue their crusade against cryptocurrency until it is completely eradicated from American soil.