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Crypto Takes A Blistering Hit From The SEC

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bitcoinflood
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Today the markets took a bit of a hefty hit with the SEC coming out even more with cryptos they are labeling as securities. I'll run through that current list below. It seems like companies are jumping on board with no backbone and delisting all of these assets in an effort to stay away from fines and other issues with the SEC. While other companies like Coinbase take it to court and let the real people in charge make those calls.

One of the oddest listings in this long list is XRP which is still in a lawsuit against the SEC with no outcome yet for the last three years.

That List Is currently as follows

  • XRP
  • TON
  • LBC
  • OMG
  • DASH
  • ALGO
  • Naga
  • Monolith
  • IHT (real estate)
  • POWR
  • KROM
  • DFX
  • AMP
  • RLY
  • RGT
  • DDX
  • XYO
  • LCX
  • KIN -SALT
  • BXY
  • DRGN
  • TRX
  • BTT
  • UST -LUNA
  • MIR
  • MINGO -CUCAT
  • LOCKE
  • EMAX
  • HYDRO
  • BCC
  • META1
  • FIL
  • BNB
  • BUSD
  • SOL
  • ADA
  • MATIC
  • ATOM
  • SAND
  • MANA
  • AXS
  • COTI
  • PRG
  • AIR
  • CHZ
  • FLOW
  • ICP
  • NEAR -VGX
  • NEXO

Other assets not included here are those of mirrored stocks which are labeled as mAsset These should be easy to say they are indeed securities and I would agree with the mirrored tokens which is something Binance launched some time ago to allow crypto to buy mirrored stocks. (That wasn't a smart move) Along with stable coins also not a smart move which are primarily the reason we are dealing with this BS from the SEC now.

I'm going to be honest with you over half of these I never heard of or ever paid attention to. I think the biggest one on this list is BNB. What's also important to notice here is your classic big ones like BTC and ETH are not on this list and with some higher profile names like BNB you would kind of expect to see them on this list already if they were in fact a security.

Does this mean they aren't ?

It's possible but I wouldn't put anything past the SEC. Instead of protecting investors the SEC after YEARS and I'm talking some of these tokens launched all the way back in 2014 that's now 9 years ago have finally gone out of their way to label them a security.

But do they even have the power to label such things a securities. The entire mission of the SEC are to do the following three things and that's it.

  • Protect Investors
  • Maintain Fair, orderly and efficient markets
  • Facilitate capital formation

Of where none of what they are currently doing does any of these things. Instead it screws investors over who where invested in these projects. Still leaves many questions unanswered and has pretty much killed crypto investing and adoption in the USA at least for the time being.

The crazy fact of it is that there's well over 25,000 total crypto assets and most likely many more that are simply not listed on token lookup platforms such as CoinGecko

Much of this also stems from major issues such as the LUNA collapse and other major issues that saw the last bull run yet again filled with scams.

I question though will these actions at all impact the next bull run? I feel the same shady people are just going to launch junk coins, shill it and exit creating no security or safety to investors so in reality the SEC in any of this has no purpose what so ever other then trying to kill crypto all together and replace it with their own digital currency. However a majority of people are pure fed up and sick with the government let a lone the SEC and could spark some of the hottest anti government rallies the world has ever seen. In my opinion it's needed before it gets even worse and to put these people in their place that they work for the people and not the other way around.

Posted Using LeoFinance Alpha