At one point it looked like there was a war between the Securities Exchange Commission (SEC) and the crypto world and the SEC was winning.

But things change.

The SEC and its top dog Gary G(ensler) took an L in the XRP case.

And they're about to take another one.

We've seen the movie before.

The SEC is accusing an exchange, it's Kraken this time, of operating as an unregistered securities exchange.

There are two issues with that.

First, this is a copy-paste of the case they filed against Coinbase.

The case against Coinbase ended up in a nothingburger, further pushing Coinbase away from the US market.

And there's no reason to believe that the Kraken one will go any differently.

My personal take on this is that the SEC and Gary G are for some reason acting like you can get out in the rain without an umbrella and somehow stay dry.

They're wasting time, and money, on a losing war.

They may win battles here and there, but they'll lose the war.

The thing is, people want crypto. And crypto is unkillable, it is inevitable.

That means that you can fight it, hate it, badmouth it, ban it, but, sooner or later, crypto will prevail.