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Speculation abounds that a regulatory assault on bitcoin is coming

Former Coinbase CTO Balaji Srinivasan fueled speculation on US regulatory actions on Twitter, writing, “The attack on bitcoin is coming,

commented in agreement with Alexander LeishmanThe CEO of River Financial, who asked bitcoiners to stay humble “during this regulatory drama” as regulators will come for bitcoin in due course.

In separate enforcement actions earlier this week against Binance and Coinbase, legal filings made several allegations related to violations of securities laws, including (in both cases) operating as unregistered exchanges.

The filing named various tokens traded on each platform as securities, which could potentially impact their operations within the US or result in widespread delisting.

Analyst Miles Deutscher compiled 19 altcoins designated by the SEC, displaying them in a Venn diagram to illustrate the crossover between the two exchanges.

bitcoin maxis

Some bitcoin extremists favor SEC enforcement actions implying that an altcoin purge is needed to accelerate bitcoinization.

In response, General Practitioner at Castle Island Ventures, nick carterPosted a lengthy tweet in which Maxis appeased the SEC, saying the “cultists” did not consider Coinbase and Binance’s efforts to advance the entire industry, including onboarding bitcoiners and furthering BTC adoption.

,So why are they grumbling about the possible oblivion of Coinbase and Binance, which have collectively onboarded 100m-200m individuals worldwide to crypto and bitcoin in particular?

Carter compared BTC extremism to religious dogma and the need to find a “moral high ground.” With this, he questioned the motivation behind BTC extremism, suggesting that it comes from a need to be right.

Otherwise, it would mean that they “chose” aGod (he) was a liar.

recovery of gold

So far, bitcoin has enjoyed an inherent seal of approval due to its fair coin launch and perceived decentralization. But Srinivasan suggested that regulators would soon turn on bitcoin.

He pointed out that President Franklin Roosevelt, who signed executive order 6102 In April 1933, SEC was also established after passing Securities Exchange Act of 1934,

Executive Order 6102 required American citizens to sell small amounts of personally owned gold to the federal government for cash to increase the money supply during the Great Depression. Citizens who refuse can face severe penalties, including jail time or fines of up to $10,000.

srinivasan Argued that the SEC and the matter of seizure of the precious metal”State control over the economy was to be established,” emphasizing the repetition of history.

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