CFTC Files a Lawsuit Against Binance, China Bets Big on Bitcoin
The contrast in the headline I chose for today's post is intentional: the U.S. is conducting a coordinated attack against Crypto through regulation meanwhile, China and other jurisdictions are becoming more crypto friendly. This is not a drill!
I'm not one for politics but when it comes to Crypto and jurisdictions, I think there is a fascinating and highly relevant discussion to be had.
Security or Commodity?
The news is dropping hot on this Monday morning and there is a lot to unpack.
Firstly, it looks like the CFTC and SEC don't have their stories straight. Is Bitcoin a security or commodity?
In the lawsuit today, the CFTC called BTC, ETH, etc. "commodities" while the SEC has been claiming they are securities.
A commodity is any basic good that can be bought traded or exchanged. The key word is basic - things that are almost like natural items in the world like Lumber, Oil, Grain or Gold.
Securities are defined in a few different ways. The most common is the idea that there is a common enterprise and ways to benefit from that common enterprise via buying some sort of stock issued and sold by a corporation and not participating in any of the work.
CFTC Sues CZ and Binance
The CFTC is essentially claiming that CZ is insider trading on the Binance platform. They have a claim in their suit that over 300 Binance accounts are owned or can be linked to Binance / CZ directly and that they are trading with those accounts.
There are also other items in the doc that point to him sharing data with people who are trading on Binance. Potentially looking like some kind of frontrunning / taking advantage of users type of situation.
Billionaires and big corporations get sued all the time. To me this is mostly FUD. At the end of the day, the majority of what CZ does is all overseas.
China Gets More Crypto Friendly
If you've been in crypto long enough, then you've seen China go through so many periods of FUD and FOMO.
Ironically, as the U.S. is cracking down on Crypto, China is now loosening on crypto. We're seeing a coordinated move on that side of the world to get deeper ties into crypto and adopt the innovative technologies that it provides.
I see this as a huge war frontier. I think nations are going to battle over crypto and adopting blockchain technology.
While a lot of jurisdictions are anti-crypto, there are a lot who are pro-crypto.
My Take
I wanted to quickly share all of the above news stories because I see a lot of ties into each other. I think we're seeing a global shift as the tides turn in terms of the way exchanges, governments and corporations view crypto.
In my opinion, I think this is a new war frontier. Just like how we used to fight on the battlefield straight up but then moved to vehicular warfare and now fight digital wars 24/7/365 on the internet, we're going to see another frontier open up in the blockchain/crypto/currency arena.
Some jurisdictions will ban crypto and try to keep it out of their states. Others will become pro-crypto as a result and try to gain an upper-hand by encouraging innovation and entrepreneurs to build amazing technologies that improve society.
You're reading this post, so you likely have some pro-crypto leanings. To me, the technology is irrefutably one of the most innovative technologies that humanity has ever created.
Exchanging goods and services, trading, communicating with money and other "tokens" that represent assets... This has been a part of human nature since the dawn of existence.
Money has gotten more and more sophisticated over time but we finally reached a breaking point with the typical "gov-backed and issued" currencies. We've seen a growing need (and desire) for an alterantive currency. A form of immutable, untouchable, decentralized and hard money. Bitcoin offers us that.
Crypto as an extension of that offers a far greater opportunity. A world of innovation exists on this end of the spectrum.
Some people always fight innovation.
Newspapers fought the internet.
Radio fought the television.
Horse & Carriage fought the motor vehicle.
... so on and so forth. Innovation is denied until it is undeniable.
About LeoFinance
LeoFinance is a blockchain-based Web3 community that builds innovative applications on the Hive, BSC, ETH and Polygon blockchains. Our flagship application: LeoFinance.io allows users and creators to engage & share micro and long-form content on the blockchain while earning cryptocurrency rewards.
Our mission is to democratize financial knowledge and access with Web3.
Twitter: https://twitter.com/FinanceLeo Discord: https://discord.gg/E4jePHe Whitepaper: https://whitepaper.leofinance.io
Our Hive Applications
Join Web3: https://leofinance.io/ Microblog on Hive: https://leofinance.io/threads LeoMobile (IOS): https://testflight.apple.com/join/cskYPK1a LeoMobile (Android): https://play.google.com/store/apps/details?id=io.leofi.mobile Delegate HIVE POWER: Earn 16% APR, Paid Daily. Currently @ 2.8M HP Hivestats: https://hivestats.io LeoDex: https://leodex.io LeoFi: https://leofi.io BSC HBD (bHBD): https://wleo.io/hbd-bsc/ BSC HIVE (bHIVE): https://wleo.io/hive-bsc/ Earn 50%+ APR on HIVE/HBD: https://cubdefi.com/farms
Web3 & DeFi
Web3 is about more than social media. It encompasses a personal revolution in financial awareness and data ownership. We've merged the two with our Social Apps and our DeFi Apps:
CubFinance (BSC): https://cubdefi.com PolyCUB (Polygon): https://polycub.com Multi-Token Bridge (Bridge HIVE, HBD, LEO): https://wleo.io
Posted Using LeoFinance Beta
