Is this the endgame for the American regulator, or are there still targets to take down? Well, knowing the regulator, it's easy to answer this question considering that the institution's pride is so blinding that it doesn't want to listen to anyone. Surely, other players in the industry should stay vigilant because I believe the crackdown is still in its early stages.
You see, June 5th and 7th were the most eventful days in the cryptocurrency industry, not for a good reason, but quite the opposite. They were the days when the SEC decided that industries that don't want to toe the line and follow the "directives" they want will pay a high price for their mistake. In two consecutive days, they sued Binance first, alleging that it trades cryptocurrencies considered securities by the entity.
The cryptocurrencies considered securities are well-known in the market, and until then, no one suspected they would be classified as securities. But Gary Gensler's organization decided that they are what they are, and bam, a lawsuit was filed against Binance.
Then they sat in a corner, sipping their hot coffee, and decided the fate of Coinbase. Bam, a lawsuit against them because they are operating an illegal brokerage business. It's not enough to say that in 2021, the same organization studied and granted the American exchange the right to go public and be listed on the Nasdaq Exchange.
In two successive blows, they took down two of the most prominent players in the industry and surely consider the next target to take down. Everyone should be afraid, especially those operating in the American market, as the regulator lurks there like the boogeyman, waiting to pounce.
Has the game ended? Of course not! They are still planning who to take down next, and it could be anyone, announced at any moment. Gary Gensler has already said, and I repeat, "Everyone must comply with the securities laws, or they will pay a high price for their audacity."
If you're concerned about the crypto industry dying in the United States, rest assured it's not. They are more concerned with asserting their authority and making it clear that they are an authoritarian regulator, not concerned with investor protection. If they were, they would be protecting the cryptocurrency industry instead of trying to destroy it.
Too bad, Mr. Gary, fortunately, the world is not just America, and no matter how hard you try, you won't build the industry because Satoshi took measures to prevent that from happening. After all, the value of cryptocurrencies lies in the people, not the government.
So, don't relax, my dear ones, especially crypto business owners, because the boogeyman is coming, and no one knows for sure who it will attack this time. Unity is needed in the crypto space to protect the freedom to transact and show that no regulatory entity has power over people.
Finally, what do you think? Who will be the next target(s) of the SEC? Leave your comment below because your opinion is important.
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