• The Biden Administration and the SEC are taking steps to kill crypto in America.
• They have served Coinbase with a Wells notice, despite the exchange not appearing to be in any wrongdoing.
• The SEC has taken action against crypto companies before, such as ProShares attempting to launch a bitcoin ETF based on futures.
Biden and the SEC Aiming to Kill Crypto
The Biden Administration and the Securities and Exchange Commission (SEC) have been taking steps to ensure that cryptocurrencies no longer exist in America. One of their most recent actions was serving Coinbase with a Wells notice, despite the exchange having met with them over 30 times in recent years without any evidence of wrongdoing. This is just one example of how they are trying to stifle innovation and take away alternative financing options from U.S. residents.
SEC Taking Action Against Crypto Companies
This is not the first time that the SEC has taken action against cryptocurrency companies or attempted to prevent them from operating properly within the U.S.. Two years ago, for instance, Gary Gensler permitted ProShares an attempt at launching a bitcoin ETF which was based on BTC futures rather than spot trading – something that many traders viewed as inferior compared to physical BTC units. Furthermore, this move fell under a 1940s law that applied primarily only to mutual funds – something that cannot apply here due to its nature as new technology and industry sector.
Using Obama-Era Policy To Shut Out Crypto Companies
It appears now more than ever that Biden is using an Obama-era policy in order shut out cryptocurrency companies from participating within financial markets within the United States. This could ultimately lead up to much larger restrictions imposed upon digital currencies if no regulations or laws are created soon which would pertain specifically towards crypto assets and digital finance methods like blockchain technology and smart contracts activity etcetera.
Not Doing Anything To Create Opportunities For Investors
Despite all this talk about wanting regulation so nothing like what happened with FTX happens again, there really aren’t any serious attempts being made by members of agencies like the SEC in order integrate said regulation or valid laws into effect pertaining specifically towards cryptocurrency industries such as mining or trading etcetera; instead all they appear focused on presently is persecuting whatever current firms don’t fit their narratives today – even if those firms were compliant beforehand!
Conclusion: Fearful Times Ahead For Cryptocurrency Enthusiasts
As it stands right now, it looks like cryptocurrency enthusiasts will be facing some fearful times ahead as President Biden (with help from his cronies) continue striving for ways in which he can make sure these alternative means of finance die out completely within America’s borders; meaning anyone who wishes to partake must do so outside of federal jurisdiction instead!