• Biden and the SEC are utilizing an Obama-era policy to try to kill cryptocurrency in America.
• The SEC is targeting crypto companies that do not fit with their present narratives.
• The SEC has been seen taking similar actions before, such as allowing a bitcoin ETF which was based on futures instead of spot trading.
Biden and the SEC’s Attack on Crypto
The United States Securities and Exchange Commission (SEC) served Coinbase a Wells notice just a day ago, indicating that President Joe Biden and his cronies are doing everything they can to make sure cryptocurrency dies in America. This isn’t surprising given that the agency has met with the SEC over 30 times in recent years, yet no serious attempts have been made by the government to regulate digital currency or pass laws pertaining to this new sector.
Examples of Previous Actions Taken by the SEC
For example, two years ago, then-SEC head Gary Gensler allowed Pro Shares to unveil a bitcoin ETF which was based on BTC futures rather than spot trading. Additionally, back in March 2021 it was announced that Biden had implemented an Obama-era policy intended to shut out crypto companies from accessing financial services. These examples demonstrate how far the government will go in its efforts to regulate and attack cryptocurrency firms they don’t agree with.
Problems With Applying Old Methodologies To New Sectors
It’s clear that members of federal agencies like the SEC don’t know how exactly how to handle this new industry since they’re applying old methodologies – such as 1940s laws – to what should be labeled as new technologies or sectors. Such laws cannot apply to crypto because it’s not a traditional form of finance but rather something entirely different; however, no steps have been taken by the SEC or other organizations like it towards officially offering traders opportunities for investment into cryptocurrencies or changing their statutes‘ verbiage accordingly.
How Crypto Companies Are Being Targeted
It is evident that when it comes down to going after companies they don’t like, agencies like the SEC are quick on their feet while being sluggish when working towards giving citizens alternative means of finance through digital currencies. As mentioned before, Coinbase has worked with them multiple times yet here we are having received a Wells notice from them due their attempts at killing off crypto in America; this further exemplifies how those who stand up against traditional finance will be persecuted by today’s government leaders who have demonstrated strong anti-innovation sentiment throughout 2021..
In conclusion, it is clear that President Joe Biden and his team are doing everything they can – including using Obama-era policies -to ensure cryptocurrency dies in America so citizens won’t be able enjoy alternative means of finance outside of traditional banking systems. It’s obvious that members of federal agencies like the SEC don’t understand cryptocurrencies since all they’re doing is persecuting firms against their present narratives rather than attempting to integrate valid regulation for said sector or change outdated law verbiage for use within this space; however despite all these issues there still remains hope for those seeking access alternate forms of finance as more people come around each day understanding why digital currency is necessary for our future generations..