SEC & Wall Street Plot Against Binance & Coinbase?
This is a follow-up post based “development” after the below posts have been shared:
07 Jun 2023 - SEC Sues Binance. Who Wins? Who Loses?.
07 Jun 2023 - SEC Sues Coinbase. Which US Stocks Will Benefit?
08 Jun 2023 - Coinbase (1) - (0) SEC. RobinHood As Witness
25 Jun 2023 - Investment Lesson Learnt From Wagner Russia Conflict
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It has barely been a month since the Security and Exchange Commission (SEC) sued Binance, followed by $Coinbase Global, Inc.(COIN)$, the next day.
Things have evolved to become clearer with regards to SEC lawsuits against the two biggest crypto companies.
The “conspiracy theory” floating around is SEC’s underhanded attempt to stall (for time) against (a) Binance and (b) Coinbase.
This is achieved by:
Suing both companies citing all forms of violations and attempts to “freeze” their working assets.
At the same time, behind the scenes paved ways for US-based financial firms to get a foot hold of the crypto market.
By the time the lawsuits blow over, even if both Binance and Coinbase are acquitted (and likely to be so), the crypto landscape would have been vastly different from when these two companies were leaders.
What is “known” so far?
BlackRock (“iShares” products have filed for Spot Bitcoin ETF.
SEC has rejected other fund management company attempts at opening a spot bitcoin ETF, including those from Grayscale, VanEck, and WisdomTree.
BlackRock, however, may not be as easy for the SEC to turn away. It's the world's largest asset manager with more than $10 Trillion in assets under management (AUM) and company’s CEO Larry Fink has political power to possibly match that of the SEC and its leader Gary Gensler.
A “new” crypto exchange (EDX) backed by financial giants $Charles Schwab(SCHW)$, Fidelity Digital Assets and Citadel Securities has officially launched trading in four crypto assets.
“Strange enough” the EDX exchange allows trading of (a) Bitcoin, (b) Ether, (c) Litecoin and (d) bitcoin cash, none of which were named “crypto asset securities” in the lawsuits the SEC brought against Binance and Coinbase approximately 2 weeks ago.
EDX also has plans to launch a clearing house business this year to facilitate the settlement process but will keep customer assets held at third-party banks and a crypto custodian.
The SEC has approved the first leveraged Bitcoin futures exchange-traded fund (ETF) on Fri, 23 Jun 2023.
The product is Volatility Shares 2x Bitcoin Strategy ETF (BITX).
It is scheduled to launch on the Chicago Board Options (CBOE) BZX Exchange on Tue, 27 Jun 2023.
After reading and digesting all news articles, below is my derived understandings:
The US and in particular the SEC is still very much interested in all things crypto.
It wants very much wants to be the epi-centre for all things crypto including spot futures.
However, the business of it all is that it must be dictated by SEC and nobody else.
Independent companies will not work, at least not in SEC’s book.
Experts Who Vocally Agree On The Conspiracy Theory:
CryptoLaw founder attorney - John Deaton.
Entrepreneur, investor, author, and Bitcoin proponent - Preston Pysh.
Custodia Bank CEO - Caitlin Long.
All the above led me back to points that I have raised in my Sunday post “Investment Lesson Learnt From Wagner Russia Conflict”.
In the post, I have equated Wall Street = Russia government.
All the tactics used by Wall Street against individual investors (like us) always put us at a “disadvantage”.
To be able to not just survive but thrive in such “hostile” environment, one has to be “nimble”, “careful”, “quick” and always have an exit-plan at jone’s finger tips.
Do you think the SEC really wants to remain as the epi-centre for Bitcoin and Altcoin?
Do you think the SEC is out to weaken, Binance and Coinbase?
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they can freeze our assets, but little do they know we're hodlers!
Poor people sold and hit the road for their yearly beach event. When they come back from their sad vacations this will be near $120....if they buy $120 it will go down to $99 immediately.
on Coinbase I used real money to buy fake money. the real money was $2k USD. now it's worth $120 USD. so I got that going for me, which is nice.
They bought thosands of those $72 strikes today. It seems like they want to close it above $80 today
Bitcoin back over 30K....they tricked the poors again. Close of $82 today.
Coinbase literally called out on Gensler’s bluff. Either ways he’ll be replaced sooner than later. Majority of politicians are pro-crypto
Rating is very important (to me). Tks!
@adrian79
COIN may be able to fight the SEC lawsuit, but the litigation from individual states will be problematic for Coinbase.
very hopeful that MM fraudsters want this near $80 today.
will re-enter next week in the $50's again until then ciao
Let the SEC try to slow us down, but they can't stop the crypto revolution