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The SEC Is Arbitrarily Cracking Down On Crypto
Posted
September 2, 2022
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September 2, 2022
51
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1:16Now PlayingIs the SEC bullying crypto? Check out the video to learn more.
Welcome back to Bold TV with David Grasso. Be sure to like, comment, and subscribe to Bold TV for all things Bold.
The SEC is once again under fire for its crypto crackdown.
On crypto, the government is accused of arbitrary enforcement, ambiguous rules, and glaring discrepancies between what they say and what they do.
Billionaire Mark Cuban has been outspoken on Twitter, stating that the SEC guidelines are ambiguous and make it practically impossible for anyone who cannot afford a lawyer to make informed investment decisions.
According to SEC Chair Gary Gensler, the government treats cryptocurrency like any other security and protects investors from crypto scams.
But what about the evidence?
In recent years, the SEC Crypto Assets and Cyber Unit has filed 200 lawsuits, with less than half of those focusing on fraud. Furthermore, more than 90% of the lawsuits have been settled out of court, implying that the government's standards may be a little arbitrary.
Crypto clearly requires some regulation, as $1 billion has been stolen in cryptocurrency scams in the last year.
But what really are the government's priorities? The SEC, on the other hand, has spent $15 billion on a single lawsuit against Ripple Labs, alleging that its altcoin XRP is an unregistered securities.
So, how do we proceed from here? The SEC's clarity and consistency would most likely aid crypto in navigating these uncertain times.
Do you think the SEC is bullying crypto? Let us know in the comments below.
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