Binance is being targeted, not because they misappropriated funds or engaged in market manipulation, but because they're successful & support alternatives to a coopted financial system.
@cz_binance is a hero. Can't wait to see what kind of splash he makes in the world of DeFi 💪
I often think of a line Matt Levine wrote last September about SEC Chair Gensler:
'His message is basically "I should be the main regulator of crypto, and as the main regulator my plan is mostly to ban it."'
Forget regulation by enforcement. This SEC wants a ban by enforcement.
CBDCs allow unprecedented financial surveillance & censorship.
@MartaBelcher explains why we need to challenge the financial surveillance that's been happening for decades, before we lose our rights completely.
https://t.co/pvvjsQ19Lr
https://t.co/pWwOj0LFfP
With respect to Binance, I'm reading through the SEC complaint. It's over 130 pages, but seems like the next in a series of steps to implement chokepoint 2.0 in the United States. The end goal is a agenda based CBDC partnered with a handful of massive banks and end-to-end control over every aspect of your financial life.
A regulatory event is where you have a debate about compliance with a law or guidance. This event seems to be a polticial philosophical disagreement with the very existence of cryptocurrencies and what they represent. An unelected group of people have decided that concepts like self-sovereign identity, owning your wallet, and the freedom to control your economic agency should be removed from the masses and given to the "enlightened" few.
Honestly, what is happening isn't anything new. It's always the same fight between freedom and authoritarianism just with different players, technology, and words. It does seem like this event is a perfect opportunity for the entire industry to set aside it's fragmented nature and unite for a common sense set of rules and guidelines that can prevent the United States from slipping into a distopia that would make 1984 look like a vacation.
I'll have more to say later, but will close with we are going to be fine. Everything's alright and the future is bright for the industry.