We all see the inquisition hunt on cryptocurrency from SEC.
When was it started?
It started from Ripple lawsuit in 2020. All acquisitions from SEC were weak and created from the scratch, as the result the court has been lasting for more than 3 year now, and looks like the SEC have small chances to win. In the blue corner the SEC heavyweight boxer and in the red corner his opponent Ripple lightweight boxer, but nevertheless seems like lightweighted fighter have more endurance on a long run. I thought the win of Ripple will create a precedent for future cases, but the SEC opened two new one while XRP case remains open.
June 2023
The SEC have added to their enemies list the two biggest centralized exchanges. There are a lot of rumours around that Gary Gensler opened shorts before the SEC announced two new lawsuits. We don't know is this true or false, but if this a fake it shows that Binance and Coinbase will try all means to win this war.
There are rumours in Twitter that in private conversation Binance attorney told that the company is going to reserve $1B to fight the SEC. Also, we have Coinbase, the company listed on NASDAQ since April, 2021. How do they listed Coinbase on NASDAQ when they didn't have permission and required licenses? It is very questionable. I do believe that Ripple, Binance and Coinbase will unite before the face of common enemy, but...
What if the SEC win?
We are talking about the USA market with high adoption of cryptocurrencies, access to financial sources & institutions etc. It will bring high waves on the market (as we have already seen), but in long-term perspective nothing will stop the evolution of crypto, and we still have markets of the rest of the world. Cryptocurrencies were created to solve the issue of centralization financial sphere by governmental institutions and banks, so it was the matter of time when this wild hunt will begin. The SEC and similar instances want to stop the progress, evolution and adoption of crypto, but it is not up to them to decide, because the final user is us.
