• The article talks about the recent Wells notice served to Coinbase by the SEC and how President Biden and his pro-regulation team are likely trying to eliminate crypto investments in the US.
• The SEC was seen taking similar action two years ago when they allowed Pro Shares to launch a bitcoin ETF based on futures, rather than spot trading.
• Biden is also using an Obama-era policy to keep crypto companies out of financial markets.
Biden and the SEC Aiming to Kill Crypto
The recent Wells notice served to Coinbase by the Securities and Exchange Commission (SEC) has caused alarm in the crypto community, as it appears that President Joe Biden and his pro-regulation cronies are actively trying to eliminate alternative means of finance. This follows a similar incident two years ago where the SEC allowed Pro Shares to launch a bitcoin ETF based on futures, rather than spot trading, which many traders said were largely inferior to physical BTC units. The product also fell under a 1940s law that applied primarily to items like mutual funds – suggesting that little progress has been made since then in terms of adapting regulations for this new sector.
Coinbase has met with the SEC over 30 times in recent years and yet still received this Wells notice – making it appear as though agencies like the SEC are persecuting whatever firms do not fit with their present narratives. It’s clear that because this is a new industry, members of these organizations don’t know what actions should be taken when it comes to regulating digital currency, so they’re trying to apply old methodologies instead. This lack of knowledge on behalf of those with power is worrisome given its potential implications for users who wish to invest in cryptocurrencies without fear of persecution or regulatory uncertainty.
Obama-Era Policies at Play
It appears that President Biden is using an Obama-era policy which effectively keeps crypto companies out of financial markets – meaning investors have even fewer opportunities for investment than before he took office. This further solidifies suspicions that Biden will do anything he can within his power as president to ensure crypto dies off completely in America – despite growing demand from individuals who support blockchain technology and appreciate its potential benefits for society at large.
Time for Change
Given all this news coming out about cryptocurrency regulation, it seems increasingly clear – now more than ever – that comprehensive regulatory frameworks need to be put into place so users can enjoy alternative means of finance without being targeted or discriminated against by government officials or powerful institutions like the SEC. Without such laws there will never be any real safety or security within cryptocurrency investing, leaving investors vulnerable and uncertain about their financial future.
In order for crypto markets in America – and around the world -to truly flourish, we must look towards our lawmakers and regulatory bodies with pressure that calls upon them enact sensible legislation which offers protection while also allowing innovation within this space blossom unhindered by unnecessary restrictions or outdated laws which no longer apply accurately given today’s technological capabilities..