Sirwin
Sirwin
The SEC

In Defense of the SEC. Uummm? That's Their Job!

By cmoneyspinner | CryptoBloglines | 11 Feb 2023


I'm an American. I can't speak for what is done in other countries. But I do understand and know a little bit about how my country operates. I see content discussing various actions taken by the SEC (Securities and Exchange Commission). The articles, videos, etc. use words like “attack”.

Let's get this straight. The SEC is a federal agency. ALL federal agencies have a mission. ALL federal agencies are set up to serve “We the People”. The employees who work in the various agencies might not always do their job right or properly. They serve in a public, not a private, position. They are accountable to “We the People”. In the performance of their official duties, some of them may even commit unethical acts, corrupt acts, and criminal acts. Some of them get caught. For their misconduct, they are imprisoned or fined, or both! They could lose jobs, along with their retirement nest egg.

Most federal employees are fine people. They are patriots. They want to serve their country. They want to do their jobs and they want to do them RIGHT!!

So when I see language such as “The SEC attacks … blah blah blah.”, I am moved to speak out in their defense and say:

  • The folks who work for the SEC ain't attacking nobody. It's not that they are fighting against progress or good change. It's not they want to crush the little guy. It's not they want to prevent the spirit of entrepreneurs from thriving.

Whenever the SEC takes action, consider this:

  • Those are real people who work at the Securities and Exchange Commission and they are just doing their job!!

♦♦♦ 

A little bit of background about this organization.

The U.S. Securities and Exchange Commission is an independent agency of the United States federal government, created in the aftermath of the Wall Street Crash of 1929. The primary purpose of the SEC is to enforce the law against market manipulation.” (Read this excellent article in Investopedia.)

What is the job of the SEC?

The U. S. Securities and Exchange Commission (SEC) has a three-part mission: Protect investors. Maintain fair, orderly, and efficient markets. Facilitate capital formation.” ( Per Investor.gov)

Pay very close attention to that first part of the mission. The job of the SEC is to “Protect investors.”

QUESTION: Just how does the SEC accomplish this mission and enforce the laws that govern that mission?

Quite often that mission is accomplished by challenging individuals and business entities in court!

Why in court? Because laws and regulations governing investing are already in place. It is possible that the current rules may need to be amended or modified, and/or that new rules may have to be written.

But when it looks like an individual or a business entity is failing to comply with the laws … uummm? … who or what organization should point that out?? Who is responsible for legally challenging them and demanding that they prove that their “business activities” are being performed in good faith, with good intent, and will not be detrimental or injurious to the investors or the general public?

Who presents the legal challenge? THE SEC!!!

Hence, you read news headlines such as:

Sorry crypto world, but SEC isn’t backing down on ‘regulation by enforcement’ | Reuters

Forgot about secondary sources like Reuters. Go directly to SEC.gov and check their news.

I'm sure you can see the “pattern”.

So when I see headlines, articles, or videos saying things like “The SEC is 'attacking' ...”

EXAMPLES:

Etc., etc., etc.

My fellow Americans! You should know better!

Sure! People like to toss around words and phrases like “decentralized”, “centralized”, “peer-to-peer”, and “the bank is not your friend”; and let's not forget the nine most terrifying words according to the late former POTUS Ronald Reagan: “We're from the government and we're here to help”.

FACT: The crypto industry is “virgin territory”. Bitcoin, the first crypto coin, was introduced in 2008. Since that time an entire industry has developed around digital or virtual currency and it is slowly but surely becoming a part of the American economic dream and reality. (Yes. I'm one of those people who believes that crypto is here to stay!)

FACT: The U.S. Securities and Exchange Commission has been around since 1934.

FACT: The SEC is all about protecting investors, and on a broader scale, protecting “We the People”.

My opinion which is based on those facts:

The SEC is not attacking anybody. They're just doing their job. As corny as this sounds: They really are “helping”.

 

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cmoneyspinner
cmoneyspinner

Freelancer since 2007. Always looking for various ways to make money online.


CryptoBloglines
CryptoBloglines

Freelance work-at-home professional since 2007. Blogger, article writer, affiliate marketer, and crypto enthusiast. Enjoy publishing content on a wide range of topics. Bloglines is mainly for crypto-related content. Happy to be a part of the Publish0X team.

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