The Lines Are Shifting and Shows The Power Of Crypto

The constant all out war the SEC has been having on crypto looking a little bleak at one point. Until we saw the house just downright grill the SEC chairman on live tv. Since that point we have seen companies, people, law makers and states push back and start to show what makes the USA great and that's more freedoms and stats to have the ability to make their own rules and not always answer to the federal government. It's one of the key fundamentals that keeps the Whitehouse and other assets of the government in check and we are seeing it more and more now.

What at one time felt like dooms day for crypto as the SEC tried to fine everyone, enforce laws and rules they made up and were never given to them and blanket the crypto market as a full security has been hit with massive backlash.

I think the Florida representative in the house that question Gary Gensler said it best when he told him what rules are you trying to enforce are rules the house never gave you authority or permission to do. That's exactly right the SEC is not there to create new rules it is there to enforce current rules and everywhere they should have enforced them have been in many opinions in the wrong areas while others slipped through the cracks that ended in disasters.

Line 1 - Coinbase

Coinbase has been one of the best advocates for crypto. Love them or hate them there is no doubt that without coinbase crypto wouldn't have been adopted as fast or as large as it has been. Sure they come with their fair share of issues and things people don't agree with but overall they have paved the way for how the USA could have been on the forefront of it all.

Since then the SEC overreached yet again and sent a wells notice to Coinbase which drove them for the most part out of the country and filed new lawsuits against the SEC. One of them just came back seeking that the SEC give clear answers to the file that Coinbase sent them and they have to do it in 10 days.

Who knows if this will give any clear answers but more pressure like this at least promotes correct action instead of the wild west SEC BS that has been going on for the last two years.

Line 2 - States CBDCs

There's been a lot of talk about CBDCs lately and I have to agree with the doomsday people on this one. A CBDC shouldn't happen and would destroy the right to financial privacy act which was highly violated in 2001 with an executive order and still to this day never restored. (Another clear example of how governments only gain more power and never give them up which is what makes crypto so power in terms of restoring power BACK to the people and out of the hands of government.)

Florida was the first to pass a anti-CBDC legislation and not North Carolina has joined that fight. and to be fair they are exactly right. What gives the united states real power is the ability of a state to refuse and issue it's own laws and regulations and not follow a central federal government. I think that's something many people have forgotten and hopefully can be acted on highly right now to put the USA government back in it's place that they work FOR the states and not over top of the states and people.

Also your right to financial security and privacy means the government must issue a court order and get approval from the court system to look at your finances. Something which would be obliterated with CBDCs.

Line 3 - SEC Stepping Back

The SEC was suppose to issue a release on labeling Digital assets however recently pulled back and out of it. Many speculate because if they would have done this it would have set the line clear and that's actully what the SEC and Whitehouse doesn't want.

Mainly what the SEC is trying to do is not go after new rules but instead try to apply old rules that were created before blockchain and crypto even existed and apply it to crypto.

They lines are clearly shifting and my hopes are the Crypto community continues to be stronger and fight this kind of garbage. I also hope that the community and better self regulate itself and stop with all the rug pull scams and be a little smarter with their investments otherwise you constantly open up holes for the SEC and others to step in.