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30 sats \ 5 replies \ @Cje95 OP 7 Oct 2024 \ parent \ on: Coinbase's Talks With TradFi Firms Pick Up as Crypto Becomes More Bipartisan Politics_And_Law
I mean… if it’s so simple like you say then Gary Gensler has done a terrible job wouldn’t you say? His win rate is poor his settlements don’t come close to the damage he claims so the SEC is just inefficient with what you say.
I also would like to point out that in the US you get the freedom to do whatever you want with your money. When something is called a memecoin and when Coinbase for instance tells you it’s experimental and volatile then if you want to sink money into that you were warned and still hit buy. The government should tell you what to buy or not when there are labels which Coinbase does provide.
Most of the scams now though are in BTC and ETH in pig butchering scams. They aren’t using these other crotons except for sometimes Monero but that’s a different story. Pig butcher is thriving in Southeast Asia and they have learned that if you use BTC since everyone believes in it people don’t think they will be scammed in it lol
I believe that the SEC has not been aggressive enough going after tokens and unregistered securities. In fact they have been generally 'hands off'... and it has been a disaster.
They are appealing the XRP decision and hopefully they are successful this time.
With regard to the lawsuits... the SEC cannot sue every little token and token-VC... but they can go after the big players and the exchanges. Including some larger or better-known companies that are creating NFTs to sell as investments to retail.
The SEC has really beat around the bush, and imo not been aggressive enough in their lawsuits and the outcome has not been good. It would be better if the vast majority of this stuff was just delisted and then it could go 'overseas' where the tokens can 'innovate' or whatever they do. Just my opinion.
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Going overseas still leaves US customers exposed just look at FTX. Even if all the centralized exchanges delist then DeFi just fills the place.
Talking to people on The Hill the SEC is screwed with Ripple and isn’t going to win. I will throw you a bone and say they do win… well they have spent more money on that then they could recover so they wasted tax payer dollars by being bad at their jobs.
There internal notes made them an embarrassment and let’s not forget when the 5 SEC Commissioners testified and they themselves said that there isn’t a clear and concise message from the Chair. I might be a Republican but Richie Torres’s D-NY made Gensler a fool with his Pokémon card question and went it became a security.
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Personally I have no issue if all the centralized exchanges de-list them all. Then people can do their 'defi' and their 'dexes'... and get the tokens that way. My guess however is that they overwhelmingly won't and they disappear.
The fact that the names XRP and Ripple are synonymous is just absurd - they are basically interchangeable.
Great then they are overseas... they cannot legally serve US customers then. If they do so anyway then that's a different issue, but they cannot legally do so (binance comes to mind).
At the end of the day if people want to buy the ripple coin then ok well then good luck to them. But then why not the walmart coin, the microsoft coin, the intel coin, the dog store coin... because THOSE ARE STOCKS. LOL
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Finance got caught letting US citizens trade as well so… again going overseas does not work. It was part of the $4bil fine lmao
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Well keep fining them. I think we've talked over this long enough - I even made another post on it I think it's a really important sticking point.
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