The SEC Has Started an All-In Political Battle Over Crypto
The SEC's lawsuits against Binance and Coinbase are likely to play out across the U.S.'s legal and political system over several years, says Michael Casey....
- The SEC's lawsuits against Binance and Coinbase have set up a high-stakes battle that will determine the future of digital money and whether the crypto industry will leave the U.S.
- The SEC's actions against Binance and Coinbase reveal the agency's discretionary power and Chairman Gary Gensler's desire to destroy the crypto industry.
- The SEC is taking aim at the centralized finance system on which Binance's and Coinbase's custodial models are based and indirectly, some of the main protocols on which decentralized finance depends.
- The cases likely won't be decided or settled for many years, and both Coinbase and Binance are vowing to fight hard in court.
- A draft bill that will soon come before the House sets parameters for how to classify digital assets and circumscribes the SEC's powers of interpretation of crypto within existing securities law, curtailing its capacity to launch these kinds of enforcement actions.
The article has a negative sentiment towards the SEC's lawsuits against Binance and Coinbase, as it suggests that the agency's actions could lead to the crypto industry leaving the U.S. and that Chairman Gary Gensler wants to destroy the industry.