Cryptocurrency versus the SEC: A fight for fair digital investing
Bitcoin, Coinbase, Binance and more are all fighting for their lives as the United States Securities and Exchange Commission does everything in its power to eradicate the current cryptocurrency system in the United States and replace it with one it deems more “fair” to the American public.
Since its start in 2009, cryptocurrency, or digital currency, has taken the world by storm and caught the attention of millions of investors who have an interest in digitizing their assets. At first glance, this seems convenient to many, but as SEC chairman Gary Gensler has been arguing, the system is so deeply flawed that the American public doesn’t even realize the risks it is taking.
This argument is not to say that the burden of responsibility is largely on the public and their ability to understand and invest their money wisely, but more so to point out how powerless investors are to crypto exchange platforms. Without change to the very infrastructure of these platforms, there is no hope for a successful and fair digital currency world.
The SEC has found issues with how these large cryptocurrency corporations manage investors’ money. As Gensler argued in his interview with CNBC, the investing public is subject to many security laws that regulate how their money is invested and managed in conventional markets such as the New York Stock Exchange.
Digital currency corporations do not abide by these same regulations, wherein lies the central problem. There is no valid reason or argument for these corporations to be exempt from compliance with such laws, other than the ease it provides to crypto platforms when it comes to reinvesting money. This is to the severe detriment of the investing public, and from the viewpoint of the SEC, needs to
Read more on cointelegraph.com
