Topic: SEC fighting for the publics my ass (Read 451 times)

People using exchanges don't care about their privacy. All they want is a safe exchange that they can use to keep and exchange their funds without restriction. But think I government-owned exchanges can be trusted more than those owned by individuals. My view might not be correct but after the financial recklessness of Bankman-Fried, it became clearer that exchanges controlled by an individual or group of individuals can be easily mismanaged. If the government can guarantee customers that they will receive a refund in case of collapse, then it will be better than other exchanges. But the fact remains clear that keeping money in centralized wallets is at owner's risk, the government and centralized exchanges cannot be trusted.

That is not the issue at all, even if governments want people to invest more in real estate, they wouldn't stop cryptocurrencies from prospering and stop their people from using them, the actual reason behind all that is that they know they cannot totally regulate cryptocurrencies, at least some of them, and that wouldn't give them complete control over the financial activities of their citizens which is what they want and like to do.

Governments will be doomed if they simply let their citizens use cryptocurrencies and keep all their wealth and finances private without them knowing anything about them at all, they like having control in their own hands and they can never sacrifice that at any cost.

Thats why they do try to stir up things on this way because there's no way that they could be able to accumulate Bitcoins as much as they could and couldnt be able to trace up on whatever transactions that do happen in the chain. They do simply hate up decentralization in any aspect and this is why these government institutions does really like on touching up things and making up some bullshit decisions that they could possibly do and as long it would really be part of their plan then it would be just fine.

It might not be that so obvious but we are the ones who had been fooled and believing with those shit plays that they are really doing into this economy. Banning and making issues with the current crypto companies or platforms and suing something and later on they do revoke or reversed it out and now launching their own platform? A non so obvious kind of manipulation. hehe 

Sheeple who are fearful of change and complacent with their mediocre life will loathe Reform UK, or at least not support them. Unfortunately that would be the reality in most western countries until something effects that lifestyle...but at the same time, not even a global scam and limitation of rights (covid) was able to get people to look the other way toward parties trying to make change.

As much as I love rooting for non cooperation of tyranny, brainlessness and complacency will always enable tyranny in the western world. That is what they're bred for at the end of the day.

Great post BTW. You deserve a merit or two...I just don't have any smerit at the moment

Maybe the desire of the government itself is only to invest in real estate assets so that the government is afraid that investors will prefer investing in crypto rather than real estate. And because of that, there are still many governments that don't make efforts to develop cryptocurrencies in their countries, even though the crypto space itself can also be used to help the economies of many people and countries.

I just want the government to understand crypto more broadly and deeply so they don't misinterpret it. Because something that does not harm the state is a good thing to develop, and needs to be learned so that every citizen can be more independent in earning income without having to depend on the government in their own country.

The development of crypto is like using a cellphone. Admittedly, it's not fully operational yet, not all of them have done it and some haven't. however, if the entry gate has been opened by the parties, in this case the government, with the straight view that if this is maintained, it will have an impact on the weak rate of economic growth, meaning that there are investors who also want to invest, but are constrained by regulations. I think it's in their minds.

VERY well said.

It reminds me of the spoilt brat kids in school who would want to play with the toys of the cooler (or nicer) kids.

When they were told 'no' or 'wait your turn' they'd cry to the teacher, the teacher would demand that they be given the toys.  The spoilt brats (who always win due to tears/tantrums/manipulation etc.) then break the toys and leave them unusable, then they want another toy to play with and the cycle begins again.

There's only one way to cure a spoilt brat - a spanking.

Step 7 - everybody acts surprised when 'Normies' go over to TOR/The Dark Web to do their exchanges.

No surprise that Vanguard and BlackRock are moving now, with both the UK and USA set to go to the polls for their national Elections by the end of 2024. 

The way to beat them is not to co-operate and I believe that in the UK our main Political parties (and no, this is not and nor should it form a Political 'pile-on') position on Bitcoins is this:

Labour - they're fine with them but would want wider KYC rules
Tories - Sunak wants a 'Britcoin' and also extra KYC
Liberals - no official position
Greens - tend to be 'anti' Crypto as they see them as 'for criminals'... obviously not true, but some people insist...
Plaid - don't appear to be fans of Crypto, more caught up in 'Indy'
SNP - no position except they'd support greater KYC
Reform UK - they're anti excessive laws and in favour of free markets

Only one Political party to this point (and one which people will either love or loathe) is against KYC and the Vanguard-BlackRock takeover.

Like it or not, it is clear that everyone can see and feel the impact of the SEC on the economy, with any statement making it can bring volatility in other economic markets. together. Actually, the recent dramas in the crypto market have made me more interested in the positivity spreading these things, some of which are seen here as farce and I don't exactly understand the purpose of the action. This time of the parties, but this view of the crypto market to me is still a big news, regardless of the change, we will still care and use it.

Question - can you cite at least one document or regulation of the SEC, which would ban or outlaw Bitcoin?
I'm sorry, but now it looks like you either manipulate the information or you don't know it!
The SEC has NO REQUEST for Bitcoin. There are questions about assets in alternative cryptocurrencies, which are essentially stocks or income securities. More precisely to the holders and beneficiaries, U.S. citizens
The only complaint is to anonymous currencies, which are very often used for illegal activities, but it seems to me it is quite logical.
If you will answer - please do it reasonably and provide links to the original documents !

I fully agree with your context that there are some positive aspects to consider amidst recent developments. One notable aspect is continued increase in Bitcoin's price which reflects its resilience despite overall declining trend in alternative crypto currencies prices. Additionally, potential of substantial institutional investment remains high provided, concerns regarding security systems of exchanges, and past incidents of mismanagement, such as those witnessed with LUNA and FTX, are adequately addressed.

So let me get this right, tinfoil logic:
BlackRock Inc and  Vanguard and a dozen others that are also the major shareholders of Coinbase are driving the SEC to destroy their own investment and lose their clients in order to start a new exchange from scratch where they will be the owners just as they are now with Coinbase!

Now you get why those people are so damn rich? Because they don't go by tinfoil hat logic when they put their money to work!
I wonder if their ETFs get rejected, will all those "insiders" come out again and apologize for all the gibberish they've posted?

It's not about only money and bags. They want control over something that they don't have. Bitcoin is decentralized, and they are trying to get a control over it and make it centralized. Making Bitcoin centralized is impossible, so they took the different approach to take other's coin and put it under control of a centralized platform.
Even if they do it, if people don't use it, they can't control the people. Many will think that, it is controlled by government, so they will get the best security. But then it will have no difference between traditional banks and that exchange platform. It's a well planned move that they are trying to execute. Success is based on public reach and usages. If people refuse to use it, then it will be a very different story. It will be enjoyable to see what will happen.

Maybe. More market manipulation is guaranteed though. Unless war takes place through crypto markets and healthy competition is created (possible)


Exactly.

Step 1 - build exchange that is capable of tracking citizens, coins, and empower the already wealthy.
Step 2 - remove all exchanges not using this technology in the past to make people register again
Step 3 - add strict kyc to ensure only selected citizens get into the growth
Step 4 - reinvest fees during bull
Step 5 - suppress market to create bear
Step 6 - repeat step 4 & 6 while step 3 works its manage to control national wealth

It's not their currency that they're protecting, they're protecting their interests like seat in power, influence and the money that they get when the lobbyists comes in. The economy is secondary, if they did care about the economy, they're probably going to make sure that the inflation isn't rising at such a staggering heights to the point where the salary of a common man and the price of basic goods and services have a huge gap. These maneuver is more than just controlling the money, it's also to control the people and make sure that financial freedom is a pipe dream for many people.

They have quite a lot in common then with the common altcoin/DeFi/NFT shill (scnr)

Assuming that this is indeed the SEC's plan, we in the crypto community should do well not to enjoy the crypto exchange they made, let's see if the US government can still take advantage of what they made.

If it's crypto securities that the SEC thinks are the majority of people, they still don't want to believe how much they can create their own crypto exchange. In this way, we can at least make up for what the SEC did in harassing well-known exchanges in the crypto market.

Although on some other side, it still has a positive side impact, which may have been the reason why Bitcoin's value rallied in the market as well.

Lol. How gullible are you to believe this crap? These central authorities don't really care much about the commoners and only focus on completing the tasks assigned to them by corrupt people above them.

Also, the world governments only focus on increasing the size of their pockets in any manner whatsoever. Think!

While I understand and respect your perspective regarding SEC and government controlled crypto exchanges. It is important to acknowledge that regulatory bodies like SEC are responsible to oversee financial activities to protect investors from any potential risks, such as scams and financial frauds. The introduction of CDBC and government controlled crypto exchanges may have multiple motivations. Governments may be aiming to improve the efficiency of monetary system, promote financial inclusion and establish better transactions monitoring system.

I think generally the introduction of CBDCs and government crypto exchanges shows that the authorities recognize the potential of cryptocurrencies and want to get involved in the space. While their motives may include financial gain and control, it also signifies a growing acceptance of digital assets. if there are other implied there will be a further story  .

Not surprised. We should understand that SEC and government will NEVER be on our side and support Bitcoin.

First, they were attacking stables and then made CBDC, and not they tried to destroy any exchange in the US just to control crypto and get profits from it lol.

It the end, it's all about money and control and not about people.

I understand what you are saying, I am not against the SEC if they really want to bring fairness to the investors, and they are fighting scammers in the market. I don't know if you follow the lawsuit of the SEC and Binance, but many reports say that the SEC only filed a lawsuit without giving any evidence, what they accused Binance.us was just speculation, their thoughts. That is why the court did not agree to freeze the assets of Binance.us at the request of the SEC because there was no evidence. I would support it if the SEC were just trying to do its job, but from what I see, they have a bigger conspiracy behind that.
In recent news, Binance is suing the SEC for their recent baseless slander. Things will not end anytime soon, and we will have to wait and see what happens.

I wouldn't believe any government who says that they do anything to blockchain and crypto to protect their citizen. All they do is protecting their currency, currency one of the thing (maybe the most important one) that makes them have control over the economy and the people. 

This is what I was talking about in my previous talking. I have read some of the comments here and I agree that we are all allowed to hold our own opinions and draw our conclusions and make our hypothesis and theory. I am on the side with the OP. No matter what. It all looks too coordinated or should I say too synchronized? This is exactly what @PresonPsych said about it. Anyways a part of me wishes I am wrong about this but then lets watch these asset management institutions do their thing and bitcoin natives won't be wiped.

https://twitter.com/PrestonPysh/status/1671153596547874820

I honestly don't see any reason to be insulting and using inappropriate words to attack regulators who are just doing their job, some members have already spoken about the discreditability of your source so I won't talk about that subject because I agree with them, your source is not credible. now about criticizing regulators i think you are exaggerating a lot, it makes no sense to attack the sec. exchanges (all exchanges) must comply with the laws, and this is clear. it's not normal for exchanges to like to stay away from operating under government rules, when exchanges do that then it's a very big red flag

and we need to ask ourselves why the exchanges do not have headquarters or offices in the US or in any country of the european union, the exchanges deal with millions of dollars and we are talking about money of many people here, I know that some people will say that no one should leave money on the exchange, but how do you expect a person who does daytrade to daytrade without leaving money on the exchange? so exchanges need to be secure and must follow government laws. it was too obvious that we would move towards centralization and follow governments laws, being insulted sec is meaningless, they are just doing their job

As various posters (maybe including the OP) here in this thread seemed to have referred to my own thread about the SEC, a short comment

I'm not saying the SEC is "fighting for the publics". I'm quite neutral about the SEC. As long as the regions of the world are using the model of "states" (or "countries") with "governments", we will probably have authorities regulating the financial system. And they have certain norms and principles to abide. And knowing at least the spirit of these norms (e.g. Howey Test), the services many crypto exchanges offer, and the character of most altcoins, it was quite obvious the SEC moves would eventually happen. (Regarding altcoins being in reality "securities", I've predicted such a market separation several months ago, and I think this wasn't a difficult prediction).

I'm not saying the SEC is "good". Everybody has the right to distrust authorities. Authorities sometimes are prone to corruption and misbehaving. But much of that what I'm reading here is simply conspiracy speculation without any real proofs or even clear clues.

And of course The Sceptical Chymist is totally right: The entities which are supposedly about to create an own exchange are private. They're not related in any way to the US government or the SEC. Of course one has to be wary about corruption here too. But also here - I don't see any proof nor coherent clues that there is something fishy in this case.

Of course also you've to take into account that if one big player (in this case, Binance US) is about to get closed or has difficulties, other players will take the opportunity and try to enter the market. That's what capitalism is about, and it's ok.

stompix, as additional data Binance also failed to get a license in Indonesia and that's why the government blocked the site. Then Binance had a partnership with one of the licensed local exchanges in Indonesia, even after that the government got a large tax revenue from it due to the increased trading volume.

OP, I don't think the SEC is sincere about protecting investors but they seem like they really want to attack crypto and damage investors. Look how the investors in the US reacted, they seem to feel unprotected but they have been tortured by the decline in assets.

SBF was working with the SEC, which is why they're dropping charges against him and he's in house arrest.
You should ask yourselves why a person who let the world know about US covert operations had to leave the country or he'd be facing life in prison and a person who stole billions under the nose of US government is released on bail.

Not truly shocking and i've been anticipating that we would really be heading there.They might really be having that kind of interference  or having some involvement and trying to make crypto to look bad but in the

end they would really be liking to dive in and to those negativity that they've been throwing out is really just that showing that they do really oppose into its existence but the real thing is that they do hate up
because they were late. How they could be able to miss up such opportunity for them to make money? This is why its not really that shocking about these SEC issues or whatsoever that it is correlated
with these sectors and trying out to say about protection or whatsoever they are claiming.

And now,this? Having an exchange platform knowing that US is really been that targeting everything that they do have on their way first? Not something shocking thing for me.

And your source is a shitposting twitter account with their source being the trust me bro newspaper!
This is your source?


Then can you tell me why:
- did Binance flee from Singapore citing regulations in 2017?
- did Binance flee  Japan citing regulation in 2018?
- did Binance flee from Malta before even requesting a license in 2018?

Binance not managing to hold to a license in every country they've tried besides Bermuda, lol, is this also a US conspiracy?
Or it is proof they never planned to play by the rules anywhere?

The SEC for other securities assets may indeed be quite useful and protect the residents there so they stay safe. But when it comes to the SEC getting involved in crypto. then I dare not say anything. But it seems that some people will have the same thoughts as you OP. because basically everything in this world is about profit. Believe me, starting from the common people to the highest leader in a country, in the end, they only want personal gain. although there are indeed some who have a pure heart who really intend to bring prosperity and help on the basis of humanity. but that is very rare nowadays. But still the clarity of regulations in a country is still needed to keep everything organized administratively. and basically institutions are made for that purpose.

Never did like the SEC from the start just like other centralised authorities such as the FTC etc since they are all just corrupt fools catering to more corrupt fools on top of the hierarchy.

They can never completely centralise the crypto space which is why it's hilarious watching them try and fail again and again.

SEC is trying to protect the investor. Investor and public are not the same.
Plus its doing a terrible job at it.

Who believed that SEC is fighting for the public? We, at least most of us, already knew that they are doing this only because they want control and regulations imposed and the main purpose is simply to push the exchanges away because they don't have any access to them, though we weren't expecting something like this and this is new for me but I'm still not surprised as I always knew this is what they wanted.

The governments cannot accept the fact that there are exchanges and cryptocurrencies that are operating within their countries but they are not in full control of them, the two main reasons behind that are money and power, with this exchange that they are going to create, will give them both, but, I don't think that a lot of people will use their exchange.

I read the news earlier today and expected to see the price rising and things will get hotter once these companies invest even a little of their fortune. The buying price of Bitcoin will get higher and higher and this will attract more people and make others get informed about Bitcoin hopefully.

Lol, how funny all this is turning out to be. Every bitcoin enthusiast that has an in-depth understanding of the crypto market will know that the SEC and Binance saga is getting at something for the benefit of the government. This is what we see after a long thorough investigation and clamping down of Binance activities in the US. I hope we don’t see more findings and reports of their newer inventions into the crypto space soon again.


Maybe or maybe not. Big centralized exchanges that we see going bankrupt is always out of shock, no one sees it coming and makes everyone baffles about them. I still think they’re some hidden agendas that must have led to that happening. Every exchange must have taken measures for their exchanges not to go bankrupt, going bankrupt all of a sudden always pose a sense of doubt and hidden risks from external forces or competitors, that’s strictly what I believe.

We may look at it, the government creating its own exchange, as taking advantage of the cryptocurrency industry while they are claiming that they do it to protect the masses.  Now with the SEC action of suing Binance and Coinbase, it is a clear act of elimination.  They use their authority to eliminate or weakn the competitors.  I found it selfish because the SEC or the government is removing the different options to trade cryptocurrency while they are planning to create their own crypto exchange.

Seems like too much of a tinfoil hat theory to me. Big invesement companies (not US) are investing into it. They aren't running a custodial exchange nor they are trading securities or anon coins. So comparing this to traditional CEX like binance is pointless. Binance could go same route if they wished, but that ain't their modus operandi. Also i don't think EDX will be offering staking as a service, which isn't even real staking to begin with.

Central Bank Digital Currencies (CBDC) however are whole another issue and not necessary related to crypto in any way. Nor it isn't really in SEC's wheelhouse. So i am not sure how that applies here.

Maybe you aren't getting the clear picture yet. The SEC is an agency that is checking out what a CEX is doing. They are there to ensure scammers and hackers don't have an upper hand with unknown users funds.
The investigation of SEC lately has shown us that no matter how many cat in the hat gets pulled out, one party stands to gain and the other has to count its losses. Hence the regulation of some activities. Insecurity is mounting too, and when banks can't track huge funds meant to sponsor terror, there's no doubt other channels were used for payments. What other channels beside a decentralized system like the ones the CEX provide does it better?

The revelation of most of the practices by these CEX is an eye opener to always keep your coins in a wallet detached from your browser device, keep your keys safe and not trust anyone with it.

Anyone that took the time to think about the future of this market knew this was coming, in a way this is similar to what they did against gold, in which the private coin minters were put out of business by the governments with the excuse only they were trusted enough to mint coins with the right weight and the right gold content, which eventually lead us to the fiat path in which we are right now, so they are trying to appropriate this market too, will they succeed? Not completely as there will always be people like us which will never use those exchanges, but there will be many people that will in fact use them and believe on their lies.

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?

So this was the ultimate plan all along....




For real? Now this will confuse many people that thinks that SEC are fight for the public, I knew they are trying to benefit from.crypto, but some fools still believe that they are trying to save us from the hands of people like FTX, now this is all you are gonna get..

A centralized exchange that's in the pocket of the very government entities, brave to all the SEC supporters out here, and those that are too blind to see a thing, even while Binance exchange was a centralized exchange, the government still don't have the power to take over the exchange, it's why they use SEC ro fight CZ, and now they come out with their shit bag platform.

So the existence of CBDC and now the government crypto exchange, what does this tell you? They want the money, they want the bags, it's why they are mad that they aren't a part of crypto space from the start, it's why they hated the new millionaires that operates exchanges right under their noses..


Now these people can really keep track of your freaking lives and money, congratulations.

It's always about the money and will always be, know this and accept peace.