Coinbase & Binance vs Gary Gensler

The consequences of attacks from the SEC

We live in a bizarre era in the crypto sphere with the constant fear of regulations around the corner. Companies are trying hard to bring value for people to have a bridge where to invest, sell, and trade crypto assets.

I know is not perfect with centralization in mind that bring risks to the table. Not a good time to leave your crypto assets on trading exchanges that the SEC target.

From the podcasts, I listened to during the weekend about the hot issue of the SEC attacking Coinbase and Binance in court. It is hard to determine how long this battle will last.

The reality it can take years!

The SEC has unlimited resources because they are financed with tax money from the government. A company like Coinbase needs to pay with its own resources.

I know you can deduce this spending on your balance sheet but it might be better to allocate it to an investment for example. Sometimes you don't have a choice when something faces your way.

You have the right to fight! And sometimes you need to fight just for your company to stay alive!

Gaby Gensler agenda

The actual chairman of the SEC doesn't bring any clarity for crypto companies to operate in the US. Those companies ask for clear guidelines on how to operate but this agency doesn't do anything.

They haven't permitted a Bitcoin ETF yet, can you imagine?

The sole purpose of this agency is to protect investors. I believe when you invest in assets like Bitcoin or Ethereum. You know the risk when you deal with them.

Gaby Ginsler will not be the chairman for an eternity. From what I heard it tries to push for his own agenda and what might come next for him for his own benefit.

You cannot trust people like Gaby who try to break the crypto industry. I think the best move for him is to be ejected from his seat!

I have difficulty understanding the constant attacks on the crypto industry from people like him.

Coinbase and Binance perspective

Imagine being in the seat of one of those companies! You have to face reality and fight a big entity like the SEC.

You try to provide value where millions of users use their platform. Make an effort to operate on good terms with the authorities or jurisdictions where you operate.

Then you need to justify yourself in court!

From the perspective of the SEC, every crypto is a security in the mind of Gary Gensler. If the agency can prove only one asset listed on those trading exchanges is security.

They are going to win in court and force a settlement with a big amount to pay.

I have difficulty understanding why you need to constantly fight when you try to provide value to the world.

End of crypto in the US

What might happen is crypto companies that operate in the US will completely stop to operate in this jurisdiction. Why lose your time trying to fight a government that cannot make a user-friendly guideline on how to operate a crypto business?

In this universe is always better to cooperate instead of fighting. To find a common ground where every side finds an element that satisfies their ego.

I don't know what might happen but I know it will be a long battle for every side. It is like watching a wrestling battle with good popcorn.

Let's hope they are going to find a way to resolve this issue for the benefit of the whole crypto industry.

Have a wonderful Monday!

PS: It is my personal opinion. I am not a financial adviser, always do your own research!