Crypto in the SEC’s Crosshairs … Again
They say that the road to hell is paved with good intentions. We would also suggest total compliance might accelerate that journey.
Total compliance is nothing other than total submission, and for crypto, that might be exactly the case.
In order to remain compliant and obedient, Coinbase (Nasdaq: COIN) was barred from competing with the banks — blackmailed with a potential lawsuit.
It’s easy to see why the U.S. Securities and Exchange Commission (SEC) is protecting the entrenched legacy financial institutions from the wildly successful launch of the crypto exchange.
2/ Instead of embracing the 1st US #crypto unicorn to go public the SEC has decided not allow $COIN to offer lending rates on its #stablecoins. This is preventing #Coinbase from keeping up- with its many competitors, essentially handicapping the biggest US-based crypto company.— Weiss Crypto (@WeissCrypto) September 8, 2021
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• The SEC realizes that Coinbase has the potential to lure many Americans away from the dollar and into crypto, providing them with an option to earn reasonable passive income for the first time in many years.
Banks know this, too, and this entire scheme — along with zero explanation from the SEC — feels like regulatory capture in the works.
Coinbase isn’t the only company in the crosshairs of the commission.
Uniswap (UNI, Tech/Adoption Grade “C-“) is also in SEC’s watchful gaze:
#SEC investigating #Uniswap. Under scrutiny is how the exchange is marketed, according to an unnamed source cited in the Wall Street Journal. Good thing nothing can shut down Uniswap... Or its numerous offspring.— Weiss Crypto (@WeissCrypto) September 3, 2021
The SEC must know that any single company can be shut down. But eradicating the protocol behind it that has already proliferated in the is a feat no entity is capable of.
This is just one example showing how the guardians of the crumbling legacy financial system are doing their utmost to either destroy or claim total control over what could be a solution to the global financial crisis — cryptocurrencies.
As time goes by, the noose will tighten even further, greatly hindering the progress and destroying the potential of any cryptocurrency that’s willing to comply with unreasonable demands set before them.
Speaking of walls closing in, Binance is another company facing increased scrutiny by global regulators.
This time, the threat comes from South Africa:
South African authorities are the latest to warn against using #Binance, saying the exchange is not authorized to operate in the country. The walls are closing in, CZ.— Weiss Crypto (@WeissCrypto) September 3, 2021
Binance has so far managed to stay one step ahead of regulators, and it has succeeded in this case, as well.
Let’s hope the good streak continues.
Speaking of good streaks, Solana is currently having one. This cryptocurrency has recently been making headlines and all-time highs:
#Solana soar and passes $DOGE reaching the top #7 position and has gained about 365% over 30 days. $SOL is growing partially due to aggressive funding of projects and on the rise in popularity of Solana #NFTs, which are growing in part due to the high cost of #Ethereum gas fees.— Weiss Crypto (@WeissCrypto) September 7, 2021
Our own Alex Benfield has recommended Solana to our subscribers way ahead of this parabolic rise … and we hope you were among them.
One other asset class also surged since the last issue. If you said non-fungible tokens (NFTs), you’re right. If not, chances are you aren’t acquainted with this latest trend in the industry. Don’t worry. You’re not the only one, and we have just the video for you:
In this video, #crypto analyst Marija Matić explains:— Weiss Crypto (@WeissCrypto) September 5, 2021
• What forces drive the prices of #NFTs
• How #NFTs can change the business of being an artist.
• What the future of NFT artwork could look like.
It’s been yet another exciting week in crypto, and I can assure you the next one is going to be even better.
We will likely see crypto markets recover from Tuesday’s leverage shakeout, doing their best to bounce back from the recent flash crash. Look for our update on that in next week’s edition of Weiss Crypto Buzz.
Until then, stay safe and trade well.
UPDATE: We were all set to connect with the Cardano Foundation’s Jeremy Firster to learn more about its anti-money laundering (AML) analytics. But we just got word that everyone over there is busy with last-minute pre-launch preparations. So, our discussion has been delayed indefinitely.
We wish them the best in their launch efforts, although we are a bit disappointed that our questions remain unanswered. Our stance — just like Cardano's approach toward the AML — remains unchanged.