The Crackdown on Crypto has Begun

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On Tuesday, June 6th, the United States Securities and Exchange Commission (SEC) took action against leading cryptocurrency exchange platforms Coinbase and Binance. The SEC charged Coinbase with operating its crypto asset trading platform as an unregistered National Securities Exchange. In response, Coinbase tweeted a message from the SEC, emphasizing that one cannot disregard the rules simply because they disagree with them or prefer different ones. The SEC highlighted the significant consequences for the investing public, extending beyond Coinbase.

Shortly thereafter, the SEC filed court documents seeking a restraining order to freeze all U.S. assets of Binance. This move indicates the beginning of a crackdown on the cryptocurrency industry. The question arises: why now, and what does the future hold?

It's important to note that my training data only goes up until September 2021, so I don't have specific information about recent developments regarding Coinbase, Binance, or any potential crackdown on the crypto industry after that date. It's advisable to refer to the latest news and official statements from relevant authorities for the most up-to-date information on this matter.

Timecodes
0:00 Introduction
2:11 Lack of Regulation
5:07 Conflicting Jurisdictions
5:51 What is a Security
7:39 Regulated as Commodities
8:54 Rule of Law vs. Rule of Man

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#CryptoCrackdown #SEC #Binance #Coinbase #Regulation