Where performance-obsessed web3 communities are born. 📈 Unleash the power of community
Miami, FL
Joined October 2021
- Tweets6.8K
- Following4.2K
- Followers8.3K
- Likes5.1K
@Beatport launches nft marketplace on #Polkadot! Don't miss the limited-edition 'NACHTS' collection by Mischa Fanghaenel. Partnership with Define Creative births Beatport.io on Aventus parachain.
1
1
52
Get a detailed behind-the-scenes look at our Community Intelligence Platform! Want early access? DM us 😉 youtu.be/bTE1x_pnhCM
Big dreams and lots of focused work at HQ. #wynwood. Rain or shine, day or night, bear or bull. We keep building. 🚀
Gm to everyone showing up in the weekend!
Happy Sunday! What’s going on today?? Anything interesting?? 🌞
Gm to all that breath life into this space! In these unpredictable times, our unwavering conviction, together with community strength, will see us make it!
3
15
202
Get the alpha, news, events, and signals that matter - without any of the noise! That's just one of the features our intelligent community platform will give you! Public beta coming soon! Check it out 👉 youtu.be/R2atRP-irp8
Communities that perform better together make more money together... CryptoLeague will power the highest-performance digital asset communities in the world... Check out our sneak peek now and stay tuned for our full demo next week! 🚀 👉 youtu.be/R2atRP-irp8
In the last two days, the SEC continued their scorched earth campaign against crypto by filing lawsuits against cryptocurrency exchanges Binance and Coinbase. While the SEC claims its actions are motivated by a desire to protect retail investors, a deeper look reveals a more insidious agenda. The reality is that these lawsuits are part of a broader and coordinated effort from the administration to choke off crypto in the U.S. These lawsuits represent a significant threat to the freedom of U.S. citizens to transact and engage with the crypto ecosystem. Furthermore, the SEC's actions hinder innovation and the transformative potential of cryptocurrencies, cementing the establishment's control over the monetary system.
The SEC claims these lawsuits are about protecting retail investors. Sounds noble, right? Complete BS. The real motivation behind these lawsuits is protecting the establishment, the big banks, and their tight grip on the monetary system. Cryptocurrencies challenge traditional intermediaries and financial institutions, offering alternative financial services that are more efficient, inclusive, and accessible. But the established players face massive disruption if crypto gains widespread adoption. For example, the global payments system generates $2 trillion of revenue for the payments industry at high margins. The established financial intermediaries have no intention of giving up their role as rent-seeking toll-takers on the global payments system. By targeting Binance and Coinbase, the two most prominent exchanges in the crypto space, the SEC is sending the strongest signal yet that it will do anything it can to maintain the status quo and limit the democratization and innovation in the financial system.
The most common trope against cryptocurrency is that it has no value and is only a speculative asset. These critiques conveniently overlook the growing number of practical use cases that can revolutionize finance and society. For instance, crypto can provide a low-cost and fast alternative for international funds transfer, eliminating intermediaries and reducing costs. This can profoundly impact the lives of millions of people who rely on remittances as a vital source of income. In traditional financial systems, settlement times can take days or weeks, leading to delayed payments and increased counterparty risk. Crypto-enabled real-time settlements would ensure quicker transaction confirmations, enhancing overall financial system responsiveness and promoting transparency and efficiency. Additionally, cryptocurrencies can grant access to financial services for the unbanked, fostering financial inclusion and empowerment. The decentralized finance (DeFi) sector is rapidly expanding, offering accessible and transparent alternatives to traditional financial instruments. With these emerging use cases, cryptocurrencies and web3 technologies have the potential to reshape our relationship with finance and the digital economy.
To execute their mandate against crypto, the SEC claims that the laws are clear and says it merely applies the legal precedence established by the Supreme Court, commonly known as the Howey Test. In reality, the SEC has stretched and contorted the Howey Test to deem anything a security, including oranges, poker chips, or baseball cards. For those interested in a deeper dive into the legal elements of securities law as applied to crypto, we suggest you read "The Ineluctable Modality of Securities Law: Why Fungible Crypto Assets Are not Securities" by DLx Law. (link here). DLx conducted the most exhaustive review of appellate case law and the related legal scholarship and found the SEC's assertions inconsistent with the Supreme Court's definition of the term "investment contract," as developed by federal appellate courts for nearly a century. In no case was an investment contract found to exist without an actual investment contract imposing post-sale obligations on the issuer.
1/2
Despite the case law, the SEC is doubling down on its disingenuous assertions that the law is clear and that crypto companies should engage with SEC and register. In a jump-the-shark moment, Chair Gensler referenced a registration form on the SEC website. This is another instance where the SEC departs from reality, as crypto companies have no viable path to registering with the SEC. Many crypto companies have tried and failed, and those who engage with the SEC are likelier to end up with an SEC lawsuit than an approved registration. It's clear the SEC's real intention is not to register more crypto companies or foster innovation. SEC Chair Gensler admitted as much in an interview with CNBC yesterday, where he said: "We don't need more digital currency… we already have a digital currency, it's called the U.S. dollar".
One challenge we all must acknowledge: In our quest for convenience in the digital age, we have unwittingly sacrificed our privacy and freedom. Governments and centralized authorities have taken this from us and don't want to return it. However, cryptocurrencies offer an opportunity to reclaim these fundamental rights. Individuals can regain control over their financial lives and protect their privacy through decentralized public blockchains. The SEC's attack on crypto undermines these principles and reinforces centralized control over the financial system, depriving individuals of crypto's benefits.
Despite a vortex of regulatory confusion in the U.S., crypto and web3 continue to blaze an unstoppable trail, thanks to decentralized public blockchains' resilient, censorship-resistant backbone. In many ways, the emergence of blockchain technologies parallels the invention of the printing press. Just as the printing press disseminated information broadly, challenging authorities' attempts to control information, public blockchains are now fostering financial independence among individuals and challenging the status quo of traditional institutions. Despite the SEC's misguided efforts to thwart crypto adoption, the mounting tidal wave of consumer demand and the transformative potential of cryptocurrencies will overpower the establishment's resistance.
While crypto in the U.S. remains entangled in a regulatory quagmire, many countries worldwide embrace cryptocurrencies and modernize their regulatory frameworks. Most recently, the E.U. passed MICA, a comprehensive regulatory framework for crypto. Hong Kong has embraced crypto, and China just released a major white paper signaling its intent to reengage in the web3 ecosystem. They recognize the inevitability and potential of public blockchains, attracting innovation and investment. The United States, known for eventually doing the right thing, must not exhaust all other options before adapting its approach to crypto regulation or risk falling behind in the global crypto industry.
The recent SEC lawsuits against Binance and Coinbase are not merely regulatory actions; they represent a war against freedom and innovation. By protecting the establishment and hindering the transformative potential of cryptocurrencies, the SEC obstructs the democratization of capital markets and financial inclusion. However, the decentralized nature of public blockchains renders the government's attempts to halt their progress futile. The United States needs to embrace the popularity and potential of cryptocurrencies, paving the way for financial sovereignty, innovation, and global leadership. There is only one thing to do: Take a stand against the SEC and support common sense crypto legislation. Get involved, support industry political action efforts, and ensure your voice is heard. 2/2
5
104
The SEC, under Chair Gary Gensler, is unfairly equating prominent crypto exchanges Coinbase and Binance with frauds like Luna, Celsius, and FTX in a reactive and political move. SEC's suits against Coinbase and Binance reflect a paternalistic attempt to protect investors from 'wrong' investment choices rather than a campaign against fraud.
coindesk.com/consensus-magaz…