Topic: SEC fighting for the publics my ass - page 3. (Read 451 times)

Is this not strange that we are seeing the Government of the Hong Kong Special Administrative Region, telling Banks to welcome Crypto currency (Bitcoin) businesses and now we are seeing this happening in the USA?

I think the hidden agenda behind this, is the collection of information (doxing) of Crypto users, before the big hammer is used to ban Bitcoin Exchanges or to over regulate them. They want to know who are owning which tokens and this is one method to do that. 

Haha, that is weird I was thinking SEC and governments are anti-crypto and anti-Bitcoin now most of them seem to be pro-crypto within a day haha funny very funny. Even I was reading IMF proposed a global CBDC platform well that is another shit they are going to recall. A very good plan to be crypto-friendly in the front of public.

I was expecting such a thing to happen sooner or later, the have shown their cards early in my view. Lets whats coming up, currently, the market is pumping hard. enjoy 

Benefiting from Crypto in what way? Are they not already doing that? Are there no current exchanges and firms connected to crypto paying taxes? Are miners high taxes gone now? They are still benefiting from crypto; it's nothing new. If you say they want to control them, that could have sounded better to me.
 

In as much as most of us are against the SEC coming after Binance and Coinbase, let's not also forget the fact that most of these exchanges hands are not that clean. If you are to operate under any country's jurisdiction, you should do it accordingly. We all know what they are after is either control or tax, and it's not actually far from that. Both parties are not all clean; they all have something in common, which is personal interest. They are doing what they are doing: the SEC in the name of protecting investors; exchanges in the name of helping the crypto community; but behind all this, they all have personal motives.

If they eventually launch the exchange as they are planning to, it won't really be that bad for those who do not care about privacy. To some point, it might even be safer than some centralized exchanges out there since it might be backed up at some point by the regulatory authorities, and we might likely see a lesser case like that of the FTX exchange. Even if it happens, the government will probably try to pay everyone back in order for them to save their names. But when this form of exchange is used, the customers should be aware that they are back in the banking sector era, where your funds could be frozen at any time, where you will be limited to where to send and where not to send your funds, where from your login location to wherever you are being properly taken note of, and all of that

You sound too upset with the SEC and it's collaborators in this recent news as if you have some personal problem with them directly. We all know that no one is running anything out there currently that will not benefit them in one way or another. Even government parastatals, which were meant to be nonprofit organizations, are now all after profit.

we know that this investment firm has a great influence on politics in America and they take advantage of this opportunity to be able to suppress other crypto exchanges through the SEC and then they lobby the government to be able to smoothen their crypto exchange operations and monopolize crypto exchanges in the US.

something like this happened in my country too, when 10 entrepreneurs took part in a government tender for a legal crypto exchange and paid some money to win the tender to the government. some of these businessmen are even involved in the practice of bribery and gratuities to officials so they can win this tender. this is done by them because later through this legal crypto exchange platform crypto exchanges in our country will be carried out and you can imagine how much profit this platform has and because of that they use all their resources to be able to win the tender.

I don't like to think that there's someone paying a bribe to eliminate those exchange who operate in US market so that they can replace them and continue their personal interest to gain a lot of profit from this type of business.
For now its hard to conclude about many speculations to come since if that exchange will come out then we can say SEC official might protecting someone and they want this to pursue since this the one which they can control easily.

Finally, we have an answer to why the SEC is constantly cracking down on centralized exchanges. I haven't thought of this yet but I'm not too surprised, and would be even more surprised if one day they find a way to remove all exchanges like Binance or Coinbase and force us to use only their exchanges.

You are right, money is always what the government needs from us, they claim to protect us or whatever they do for us, but money is still their ultimate goal. After the crackdown on centralized exchanges, should their next target be stablecoins to pave the way for CBDCs?

I am not entirely sure if this was the case. They also attacked Coinbase, a fully American company, which means that if they wanted this all along, they could have taken over coinbase and follow your money easily as well, there wasn't anything that stopped them from doing it.

At the same time, when we are talking about something else, like when we are talking about a big company, then we are talking about these names, citadel, fidelity, all these are big names so if they do that, they will not only spend more money on marketing, but they will keep on bribing, and they will also end up with bringing a lot of money they already have into investment as well. It should help us bitcoin investors really, could provide so much more money to the market.

This is what they would have done since instead of hunting the top 3 crypto exchange platforms. But like others has said, this exchange will not be effective like Binance and other international exchanges. Because the KYC will be very strong that to register will not hungry you to do. But this will also help a lot in the crypto market. Because other countries will like to imitate USA government to establish exchange platforms in their jurisdiction to facilitate the acceptance of the asset. It is a gradual process to all corners in the world.

Of course the obscenely rich are manipulating the SEC to take out the largest players in the crypto exchange world for power and profit, but I am not at all phased by this. Primarily because centralized exchanges need to die out. This tweet is, if anything, just another a testament to that fact.

Bitcoin never has nor ever will need a centralized entity in order to be sold, bought or transacted.

Exchanges are just the factor for convenience. I trust a decentralized solution will be thought of, for the poor-coiners who leave their money in the hands of third party wallets just because it makes buying and selling Bitcoin easier. But that comes at a cost:

The government literally owns your money and wallet, if you put your money in a centralized exchange wallet. A centralized entity can be bullied and forced into doing what the government wants.

Wait a sec.  OP, you're making all of these arguments referencing the government doing this and that, but just from that tweet it looks like this new exchange is in private hands, albeit very big ones.  Some exchange owned by Schwab, Fidelity, and Citadel seems to me to just be a much bigger form of Robinhood (or Coinbase for that matter). 

I've no idea if the SEC gave the three firms mentioned above more guidance than the exchanges they're currently giving a very hard time, but that's certainly possible since they're already working with the SEC due to the fact that at least two of them are brokerages (not sure about Citadel).  But I don't see this as anything akin to a step toward doomsday or anything of the sort. 

Sure, if you want your bitcoin to be tracked go ahead and buy from them--and a lot of people probably will.  That doesn't affect the rest of the people who believe in bitcoin because of what it stands for, right?  There are and will *hopefully* continue to be other options to buy and sell crypto without banks or governments having their eyeballs all over your coins.

And I mean, come on.  How long did any of you think it'd take before big banks got into crypto?  Jesus, it took 'em long enough!

Do you live in the illusion that they (authorities) couldn't do it before? Authorities just need to request information about users and be sure that each CEX will work and submit this information. So I wonder where you actually see the problem?

Maybe you think CZ is some great leader that takes care of its users and does not share their data, while he was enriching himself at the same time, allowing hundreds of scammers to promote and trade their shitcoins through his platform.

Besides, do you really think they (the government) are so desperate to profit from cryptocurrencies since they actually have a money printer? What they really want is control, but they can only have it if people let them - in other words, why would anyone even use that new CEX?

At the heart of all the chaos that the SEC has created, there is only one answer: they want to control the flow of finance in crypto because there are huge amounts of money out there. What's interesting is that Gary Gansler once submitted a job application to Binance. So is this a coincidence or is it a revenge scheme by exploiting a loophole. Furthermore, Coinbase actually has a little more power to really be able to fight back against the SEC. The initial title of this mess was just some unregistered crypto securities, but the SEC itself has never established a legal benchmark for crypto securities themselves. So that whenever this case is in a gray area.

CZ temporarily used the public support under the guise of saving everyone, but the priority was still the Binance company itself and its existence as the largest exchange. I think at the moment the best option is to keep pulling assets out of the centralized exchange and not getting in until everything is completely safe again.

SEC is fighting scammy altcoins project that hiding in DeFi that really offers security token. Many people is just blinded by influencers propaganda in social media but SEC is just doing their job to stop those crypto projects that offering security like tokens. Many crypto people is just angry to SEC since they are invested on altcoins that clearly violating the law.

A much regulated exchange is much better to have a proper exchange that safe for US customers. This will help US citizens to finally have a peace of mind on using their own centralized exchange.

If viewed in terms of OP's view I also agree, that indeed there is an attachment to the mastery of exchange, to be honest if seen from human greed it seems so, they want to get a lot of income from the exchange, the excuse they do is none other than so that people are not Believe in Crypto with other intentions they also want to be a trusted flashlight that can be made as a reason why exchange is safe, who is not subject to their wishes, SEC will always attack and spread FUD.

But if seen from patriotism to protect the community and its economy from exchanges that are able to wash money, use of customer funds, and other things that can cause losses to their people, so SEC must be more protective.
I think if you see from there there is also a point in protecting the community and country.

And some people where busy saying "Sec is not after btc but shitcoins" ohh well look who is going to be the biggest shit centralized exchange creator of all time
I always knew there is some hidden motive behind the sec two-faced attack on crypto, yeah the attack was particularly directed on crypto space in general. Imagine if they succeeded in taking binance and coinbase down completely? how many diamonds hands will be left in the crypto space, and what is the guarantee they won't make up stories to go after the rest less strong exchanges    umm, that's what i thought.

Indeed, if everything is evaluated in terms of conspiracy theories against crypto, there will be many surprises and scary stories.
In fact, quite obvious events are taking place. In order to return to reality, and realistically assess what is happening, you just need to remember a few facts:
1. SEC is not against bitcoin and cryptocurrency in general!
2. The SEC considers some altcoins to be shares or similar assets. And that means they fall under tax laws (you have to pay taxes, whether you like it or not!)
3. The SEC, in accordance with paragraph 2 of the United States, considers it requires restricting the provision of services and services outside the United States to US citizens, which is quite logical. Because such services become services for money laundering or tax evasion
4. Yes, the US does not ban cryptocurrencies, it just wants to "wrap" their turnover into legal requirements, as well as for everyone who receives additional income. Therefore, crypto exchanges in the United States are controlled, as well as the movement of funds on them.

Now the question is - what's wrong here?!

I propose to simulate the situation: you work in a company, receive a salary, and pay taxes on it. To you from the department they take, for the same position as yours, one more employee. BUT ! They allow him a free schedule, 2x your rate, and he does not pay taxes, he is constantly rewarded. What is your reaction? Just be honest, and don't say "it's a completely different situation"

Well, that's already the answer as to why SEC has been too active going in with the exchanges even if the company is coming from their own land. They want a piece of cake from the large market that they can't avoid. So, if this is going to really happen then this is gonna give more confidence to their users that their funds will be "safer" on their end because they're the actual government and it is their own. Now, it's gonna be the choice of people that's gonna go with this government-backed exchange rather than of those that's being fighted back.

What i think is, they already have resources to track our freaking lives and money too, because i have shared a topic a while ago which indicates that most of the people on earth using the internet (or internet users) have connected their lives to a centralized system and one of the biggest centralized app is Facebook, we all know that how Facebook is leaking data and provides users biased information so that they only see what they like, for example, if one likes the Compaign of guns to be legal they will see the ads of political leader against it and if they hate the campaign they will see the ads of same political leader against it. Isn't come to the category of controlling people's life.

The point is, whether you use this exchange or not they have already control over your money even the one you are propagating through any type of exchange, and I found no bad in it but to some extent only, because when there is no one to manage the service legally then abuse of that service started. (I hope you understand what I mean).

This exchange is just a way for them to keep relaxing those big investors and traders so that they could execute their activities within the USA and the USA could get benefits out of it.

But a strict and regulated centralized exchange has a lower chance of bankrupt rather than not strict and less regulated centralized exchanges like Binance, Kucoin, FTX etc, right?

There's no doubt any centralized exchange including the one which officially launched by US is want to earn money through fee and tax, they also want to control and track every holders too. The good thing is people who fall in love with centralized exchange will see this as an improvement, but for real Bitcoin maximalist, it's a huge threat for them especially they're live in US.

I won't say is a good idea but deep into me if I were from there I wouldn't even bother to use this exchange because I know it may involve monitoring holders and paying of taxes, If truly the exchange is set to be launched by US Government or even them supporting the exchange. There would be lot of condition that would guide the exchange which taxation could be their top most target. One thing about the US is that they are too trickish sorry to say this if you are from US because they tried all they could to break down some of the cryptocurrency exchange but didn't succeed and instead of them to be left out completely they decided to build there exchange to be in the competitive race with some other well known exchange.

My questionon is after this their launch; would bitcoin be legalized and Adopted Globally after building their own exchange?