SEC Attacks Crypto Yet Again For Their Own Mistakes

It would almost be laughable at how clueless and worthless the SEC is and was in major blockbuster things such as the case of Bernie Madoff, thousands of other cases and leading up to FTX. The SEC in my opinion has cost investors more money then what they have set out to do and that is to protect investors.

Now the SEC is trying to be the bull dog and show they are capable of things when in reality they are not and it's ill guided attacks on crypto and the investment area as a whole.

Exchanges Are Dying

It's clear that since 2021 we have seen exchanges dying off and being replaced with what I would consider better options such as DEX and DeFi platforms. Well now those excahnges are about to take on another slap in which the SEC is expanding their coverage rules into crypto for custody requirements.

What does this change do?

It mandates custodians which now include crypto exchanges/ advisers like Fidelity, Merrill Lynch etc to hold those "funds" within a federal or state charted bank.

This once again puts banks in more control as large VC funds etc would now be held within a bank. Just imagine the fees and other BS that are going to be involved with that!

In particular this would mean that large crypto companies such as Coinbase or Gemini to implement more of these guidelines to be considered a qualified custodians.

Now this could go one of two ways. Either these companies bend over backwards and implement this which to me seems like the SEC and government over reaching once again and making up new laws. But would put a lot more oversight into those funds and perhaps allow for a mass amount of more "Trusted" investing to happen with these platforms.

Or

They fight it as we have constantly been fighting which is to me a uphill battle where the SEC and Government has all the power. The more we fight them the more tax money I/we have to pay to employ them which makes no sense what so ever!

Fight The Fight

If you step back and look at everything going on you can see that the Government and SEC are trying to limit the growth of crypto. It's a threat to them as it should be because honestly people are sick and tired of their governments and how they are run. They waste so much money and treat their population with increasingly expressive nature and crypto is the single asset value now that is allowing the general population to regain their rights and control their own paths.

Just a few months ago the SEC and governments have come out to tell banks pretty much to not take on crypto assets. They "advised" banks to not deal in crypto activity and now are pressuring companies to have to use banks in order to become advisors and deal with these types of funds then are you not pretty much trying to stop crypto and destroy it by putting that block in? I think so and it's the constant double standard we see and clearly shows us that the SEC is once again trying to overstep and control crypto beyond what they are allowed to by now trying to circle around the blocks and limitations they have.