RE: The SEC is not Crypto friendly - Coinbase wells notice is proof
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Yea i can be in agreement with the government not wanting this type of prosperity for all it's citizens. How a company raises money and the investors and participants i don't feel should be under anything like Regulation D of the SEC.
Here's where my opinion now may differ from yours. If Ethereum was able to go out raise millions of dollars. Then become to some degree of the SEC's interpretation decentralized. Now Gensler i believe is fairly reexamining Ethereum and saying it was actually a security. i also disagree that the sec doesn't understand crypto. They may be trying to block citizens from using crypto. However they certainly understand it at it's most sophisticated level. I've studied Gary Gensler and he's very knowledgable.
Here's my problem. If the SEC goes after one project and declares it's a unregistered security. Then i feel it's only fair everybody's head is brought to the altar. This throwing darts on the wall of who we going to go after next isn't fair to other projects. Ethereum raised $18 million they are an unregistered security by any understanding of what an unregistered security is. They should be held accountable just like everyone else was.
As far as, citizens being able to have the economic prosperity and freedom of choice as to where they wish to put their money i support that. However part of the problem is the crypto space will still use the government to prosecute fraud cases in crypto and illegal activity. You can't be both a little bit pregnant and not pregnant. You operate free outside of government control or you don't. that's all i'm saying. crypto has to figure out what it wants to be.
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Very awesome comment. I've been thinking about this for so long, I mean the sudden compliance to SEC regulations law coming from certain crypto projects has been disturbing, it all takes the motive of decentralized and uncensored. Complying to these laws literally means you're inviting them to control you, so you ain't running freely anymore, it's then is no sweat if they ask for every tiny details about your company.
This is the case with Coinbase, going public was the first misstep, then inviting the SEC regulate them, so this occurrence was inevitable.
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True but then remember what the SEC howey test says. It says the expectation of profit on the work of others. The problem is that most of us are using crypto to make a profit on some creation of others. So most projects are more like this business endeavor. Even bitcoin sometimes feels a bit sketchy as a currency. In a currency you don't really expect profit. However the decentralization of bitcoin is accepted. The problem is all these projects in between. Do we really use them more like a currency in a decentralized manner? Or do they function more like assets in a business?
See that's where the sec has alot of play to make determinations about your status. Many don't understand they have many precedent cases to pull from and they often times will win. So i greatly believe in have destiny and freedom to make the best decisions for you. However the crypto community has to be prepared to take everything comes with that. We say we are. However how long before something happens and we scream regulation and wanna take people to court about our money? lol. So idk i think we got a long road ahead of us.
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