• The article discusses how President Biden and the Securities and Exchange Commission (SEC) are taking action to stop crypto from advancing in the United States.
• Coinbase has been served a Wells notice by the SEC, suggesting that Biden is not supportive of cryptocurrency.
• The SEC has been seen taking similar actions against crypto companies, such as Pro Shares’ bitcoin ETF, which was based on futures trading rather than spot trading.
Biden vs Crypto
The article discusses how President Biden and the Securities and Exchange Commission (SEC) are doing everything they can to stop crypto from advancing in the United States. Just recently, Coinbase was served a Wells notice by the SEC, indicating that Biden is not supportive of cryptocurrency. This comes after Coinbase had met with the SEC over 30 times in recent years as well as other agencies like the SEC have been seen taking similar actions against crypto companies.
Example: Pro Shares‘ Bitcoin ETF
For example, two years ago, under Gary Gensler’s lead at the SEC, Pro Shares was permitted to unveil a new Bitcoin ETF product. However, this product was based on BTC futures rather than spot trading which many traders said were largely inferior to physical BTC units. Furthermore, this product also fell under a 1940s law that applied primarily to items like mutual funds; yet there have been no attempts from the agency to change this statute’s verbiage for it apply properly to cryptocurrencies.
Persecution of Crypto Companies
When it comes to persecuting companies that don’t fit into their narrative or expectations of what cryptocurrency should be like, agencies like the SEC are quick to move forward without considering any alternative approaches or strategies for integrating regulation or valid laws pertaining to digital currency that would help prevent situations such as FTX ever occurring again.
Conclusion
In conclusion, it appears that Joe Biden and his cronies will do anything necessary within their power in order ensure crypto dies out in America so residents cannot enjoy alternative means of finance – even if these methods are secure and legitimate investments for individuals looking for new ways to make money through digital currency technologies.
Takeaway
It is clear that Joe Biden and those involved with financial organizations in America may be unfamiliar with cryptocurrencies but must take steps towards regulating them properly rather than simply persecuting firms which don’t meet their expectations or narratives about what digital currencies should look like today.