WAR ON CRYPTO SELLS U.S SHORT

SEC chairman Gary Gensler has come out saying that the crypto Market is full of Ponzi schemes and frauds. Mr regulates crypto taught crypto at MIT and yet says he has never once owned cryptocurrency or ever used a blockchain. How can you have somebody like this in charge of this industry? It's like putting somebody in charge of regulating the car industry who's never driven a car. It's absolute Insanity going on right now in the crypto regulation scene in the USA. Gary Gensler was meeting with Binance back in 2018 and even offered to serve as an advisor to Binance in 2019.

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I feel like almost he needs to recuse himself from this entire process due to all these potential conflicts of interest that we see coming out here from Gary Gensler. The entire situation is insane that we're seeing happening in the USA right now. This war on crypto sells America short because it's such a big opportunity for the USA to be a leader in this space. One that is being forfeited by an anti-crypto, anti-innovation White House and rejecting an industry that could support as many as a million jobs in the USA. The SEC has come out and said that Binance and its U.S affiliate redirected billions of dollars in customers' assets to the CZ personal funds. The Coinbase and the Binance U.S suits are very different although there are some similarities.

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The similarities here are that they both say that they are listing unregistered Securities which are a lot of major cryptocurrencies, Cardano, Solana, and a few others. Where we diverge significantly is when we look at what is happening with the Binance US story and the allegations here are quite big if they prove to be more than just allegations. They go on to say that well basically there was a massive amount of money that was co-mingled. We're talking about about 12 billion dollars worth of potential funds here, that have been co-mingled according to the SEC filing. CZ pointed out in his tweet, he says this is simply false.

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This very big allegation, it's all going to play out in the courts and might take quite a while. I guess that by the time we even really see this coming to a resolution in the courts, Gary Genzer may not even be the head of the SEC anymore. Especially, if we get into admissions frustration if Biden gets out of the U.S. as the president. So it's going to be very interesting to see how this plays out. I feel like right now the SEC is taking the throw crap at the wall and see what sticks kind of approach to regulation.