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Originally Posted by $5 submissions
Some funky shit is going down
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Gensler is crooked as a $3 bill is the problem.
https://cointelegraph.com/news/gary-...-one-you-think
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Is the SEC overcompensating, or is it something more sinister?
At best, this recent round of regulatory “crackdowns” is a product of the SEC overcompensating for its past failures, which go much further back than just FTX and Terra. At worst, they’re an attempt by Gensler to distract us from the fact that he’s either corrupt or inept — and hoping we forget that he met with Bankman-Fried in 2022.
What we need to remember is that Kwon is still free. So is Bankman-Fried. Yet, millions of retail investors had their life savings wiped out. Where was Sheriff Gensler then?
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Originally Posted by jscott
Well it's true, everything else is definitely a security, no question about that
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There's literally nothing but questions about that.
XRP won its case last month and now
another court is taking an opposing view.
Fortunately, this is of little practical concern to the rest of the world, as the SEC, corrupted as it has become under Gensler, has no domain over what the rest of the globe does.
Furthermore, even if the SEC were to succeed in this nonsense, so long as Americans have access to BTC they can simply use a cross chain bridge to exchange BTC for anything else.
The most this will do is push innovation overseas and enrich competing nations, which is endemic of this administration anyway.
Long-term, it's a nothing burger. Other forms of crypto aren't going away no matter how much the bitcoin maxi's want it to.