Some serious charges for Binance. If they're using "user deposits" for their own use, something should be done. Many of these exchanges are turning into exactly what we're trying to fight. I don't think the industry can afford another FTX situation.
https://finance.yahoo.com/news/binance-ceos-trading-firm-received-182401221.html
I think the Coinbase case is interesting because they insist the SEC is uncooperative when "Coming in for help".
From article:
The SEC alleged in its case that Coinbase, the largest crypto exchange in the US, violated securities laws by acting as an exchange, a broker and a clearing agency without registering with the agency.
My understanding is that Coinbase has been very cooperative and have asked for help and guidance on several occasions. I guess we'll find out soon enough now that we're going to court.
https://finance.yahoo.com/news/coinbase-ceo-on-sec-lawsuit-this-will-get-resolved-234731535.html
I think the way the US is handling this is shameful. They're manipulating current laws to prevent further growth of the cyrpto industry IMHO. I also think this is a bit of a witch hunt.
Gensler came right out the other day stating that the US doesn't need crypto because we have the dollar. Some might argue that's the exact reason we need crypto. Not to mention, a US CBDC would probably be an Orwellian nightmare.
I also think that the hypocrisy is ridiculous with a lot of these people. So many of them leave their government jobs for crypto firms as high paid advisors. Could this be sour grapes... Gensler allegedly offered to serve as a Binance advisor in 2019.
In many ways, I feel the SEC is nothing but an elaborate extortion scheme. The cost of doing business in the USA. Pay a few fines, nobody goes to jail, and they'll look the other way for a couple months, days, or years. Then the whole cycle repeats.
This is made evident from their own reporting on their own site. $6.4 billion is quite a racket. When the mafia does this, it's called extortion.
https://www.sec.gov/news/press-release/2022-206
Anyway, that's my take on all this. I'd like some clear guidance and so would everyone else. I think it's shameful they're lumping this new technology in with old outdated laws. On top of that, they're pushing innovation and jobs out of the US and into other countries that are more sympathetic to the cause with less intrusive laws. Frankly, I just don't like the way any of this is being handled. It's obviously a whitewash and designed to protect the legacy financial system. The truth of the matter is, they know the dollar is at risk, and now they're scrambling to protect they're own asses, not investors!