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LOL, new financial exchanges popped up without following AML or KYC rules, trying to skip by all the checks and balances put in place for every other financial institution, and they thought they'd just...get away with it?
Contracts that clearly have no intrinsic value and are tradeable between individuals and corporations - those are derivatives by definition - and all of these companies and "coin" issuers thought that the SEC and CBOE wouldn't come kick down their doors?
Fuck the crypto industry is as dumb as all the AI shills are right now. Goddamn this is funny to watch, and Gensler is no joke when it comes to squashing illegal or unregulated activities.
Isn’t this about securities being exchanged? and whether these crypto assets are considered securities? The Howey Test hasn’t been decided on all the crypto assets and the SEC can’t just rug pull this technology (regardless of its merits) across the board without justification. Hence why we should wait for the courts to decide.
Frankly Congress should have defined this stuff sooner to avoid this whole issue altogether, but our congress barely knows what the internet is let alone crypto.
Regardless of whether or not Crypto ends being a good/bad thing, the US can’t just put its head in the sand and pretend that crypto isn’t here to stay.