SEC and Stablecoins Do They Even Have The Right?
SEC and Stablecoins Do They Even Have The Right?
The SEC chair Gary Gensler has been a hot topic as of late. The SEC was built to protect investors. However it's something they have greatly lacked on and instead it's become an arm of the government to simply train attorneys and stuff some pockets. The real investors that got screwed over from what sometimes ends up being a true scam which the SEC has taken down end up seeing little to nothing after all the fees and legal proceedings.
The Recent Case Of Gensler vs Senators
One of the senators stood up and asked questions about stable coins and how they could possibly be securities. By detention a security has to be an investing in which you expect to get some type of return on. Being said a stable coin is simply pegging to $1 USD and it is not bought and though that you will profit from having bought it. The stable coin retains its $1 value no matter what and thus it shouldn't be labeled as a security.
This is something I totally agree with and it's also a place the SEC is trying to impose new laws that don't yet exist asking for more powers to create laws and yes more funds from tax payers to impose these new laws and enforce them. IDK about you but the last thing I want to do is give my government more money so they can enact more limitations on what I do with the money I earned.
Do you believe under this argument and how the laws are currently written that a stable coin is a security and as such should be regulated by the SEC?
The Money Wasted
As stated above the amount of money that goes pouring into the SEC not only from tax dollars but also from suing companies is down right discussing to me. Years later finally charges are being brought up against those in connection with bit connect and if you've been watching that you'll see how little and odd the payouts back to those who got scammed are. It's become nothing more than a money pit and a strong arm to try and enforce on companies who are actually offering up the same thing banks do.
The issue with that is the government starts losing control. If a company offers a 4% APR on stablecoins while a bank gives you 0.005% you can be sure everyone's going to stop using the bank and start using the stablecoin. It's this very reason the SEC is being so aggressive against such offers as it's a system out of there greedy control and it's truly a system that is taking power away from the government.
What This Shows Us
The SEC in particular are attempting to overstep and strong arm there way into regulating the stablecoin industry on rules and laws that are currently not even in exisistance. It's why after all of these years there is still no clear explanation from them about what crypto falls under.
What I do know is by people standing up and fighting back against these figures is that we have a very real chance of winning. Don't forget it's your tax payer money that pays for these people to make laws and enforce regulations so if you don't like it don't support them it's really that simple. We the people have the power to control our government and not the other way around.
I highly encourage any of you to look into these topics and take action where you can. Voice your concerns to your senators, let them know your feelings, publish facts and rally the social media world when they try and overstep.
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