• The SEC is acting on orders from President Biden to kill the crypto industry in America.
• They are targeting companies like Coinbase and ProShares that have met with them dozens of times, even though they may not be in a position of wrongdoing.
• There is a lack of serious attempts to regulate digital currency as well as laws that would pertain to the space.
Biden and the SEC’s Plans for Crypto
Just a day ago, it was revealed that the Security and Exchange Commission (SEC) had served Coinbase a Wells notice. This news has sparked fears within the crypto community, especially considering that Coinbase has been meeting with the SEC over 30 times in recent years. This situation is further evidence that President Biden and his administration are doing all they can to ensure crypto dies in America and residents cannot benefit from alternative means of finance.
The Lack of Regulation
The SEC cannot act without being given clear instructions from Biden first. Many people involved in politics or federal agencies state that they want to regulate digital currencies so events such as those surrounding FTX never happen again, yet there have been no real attempts made at integrating these regulations or establishing pertinent laws for this sector. Instead, it appears that any crypto firms which don’t fit into their current narrative are being persecuted by the SEC without any consequences for their actions.
Efforts To Suppress Crypto
Two years ago, Gary Gensler who was then heading the SEC gave his approval for Pro Shares to release a new Bitcoin ETF. However, this product wasn’t based on spot trading but rather on BTC futures which many traders argued were inferior compared to physical units of BTC; furthermore, this product fell under an outdated 1940s law intended mainly for mutual funds – an area where it clearly can’t apply when talking about cryptocurrency. It seems like financial organizations in the US don’t know what do regarding cryptocurrency so instead resorting to persecuting whatever doesn’t fit with their narrative .
Biden’s Persecution Of Crypto Companies
It has become increasingly clear that Biden is using Obama-era policies to shut out its crypto companies from participating in financial activities such as DeFi projects or banking services like Plaid. In addition, US regulators have also raised concerns about anti-money laundering efforts by many crypto firms and exchanges which could lead towards more stringent restrictions being imposed on them soon; however, no action has been taken so far towards introducing new opportunities for investment .
Conclusion
It seems evident now more than ever before that President Biden is intent on crushing any chances of having a thriving cryptocurrency industry in America; his administration continues its efforts at targeting certain companies while ignoring others which should raise red flags among investors looking at entering into this sector anytime soon. Hopefully things will change soon enough but until then unfortunately we must bear witness to these unfair tactics employed by government institutions against those seeking alternative forms of finance .