How has SEC contributed to the blockchain industry?

[hugeblack]

So right now, USDT could be not backed again, nobody would know. This is why I believe that they are basically extorting money from the bad companies to keep on scamming us and nothing more, not helping us at all.

How will they prove that cryptocurrencies are bad? For example, what Luna^[1] did more harm to Bitcoin and cryptocurrencies than drug and arms trade issues.

Unfortunately, cryptocurrencies are one of the biggest reasons for the failure of the blockchain economy and the centralized economy, and therefore the increased investment in these currencies gives governments sufficient regulatory reasons.

If people stop investing in these currencies or keep investing in bitcoin, most of our problems will be over.

[1] Terra (LUNA) Is Down 99%: Will Crypto Survive?

[teosanru]

As we all know the SEC so far was established for checkmating exchange activities be it Fiat or crypto currency but it's current outburst on crypto currencies and projects is unbecoming. Now I ask to what extent has the SEC really contributed to the improvement of the blockchain industry over the years past. Recently, binance is under investigation only God knows what the outcome would look like. I need you honest opinion.

https://www.google.com/url?sa=t&source=web&rct=j&url=https://www.bloomberg.com/news/articles/2022-06-06/us-probes-binance-over-token-that-is-now-world-s-fifth-largest&ved=2ahUKEwja4v_-yp34AhUJXxoKHVBTBEQQ0PADKAB6BAgVEAE&usg=AOvVaw2qFWiLCpAehI6iLamIpmbw

SEC has done more harm than good to the blockchain industry to be very honest. From time to time it has brought in news like banning bitcoin or Cryptos which has really taken away money from lots of investors who sold their holdings in FUD. It's true that more or less SEC has brought in some regulation into the picture by slowly probing into whatever is happening in the crypto world but I think until now they should have already brought in a good legislation which unfortunately they haven't , so really they haven't made a big impact on crypto industry.

[masterrex]

As we all know the SEC so far was established for checkmating exchange activities be it Fiat or crypto currency but it's current outburst on crypto currencies and projects is unbecoming. Now I ask to what extent has the SEC really contributed to the improvement of the blockchain industry over the years past. Recently, binance is under investigation only God knows what the outcome would look like. I need you honest opinion.

https://www.google.com/url?sa=t&source=web&rct=j&url=https://www.bloomberg.com/news/articles/2022-06-06/us-probes-binance-over-token-that-is-now-world-s-fifth-largest&ved=2ahUKEwja4v_-yp34AhUJXxoKHVBTBEQQ0PADKAB6BAgVEAE&usg=AOvVaw2qFWiLCpAehI6iLamIpmbw

IMO, I believe that the SEC's actions are just normal and only exercising the mandate that was given to them as a government agency, so their actions are justifiable because they are part of the greater centralized government bureaucracy and their job is to implement the laws and guidelines especially if there's an investment and money involved.

And about the question of what the SEC has contributed to the Blockchain industry so far, I think they are making the Blockchain industry a more secure and regulation-abiding space.     

[Kelvinid]

They're not really doing anything to contribute imo. They're a watchdog of sorts, taking checks and the likes to see if there'd be anything that would go wrong that they could take advantage to push the crypto scene down in general. They do warn people about the risks involved in investments, but it's more like of a small pinch instead of a tight slap which leads to most newbies pretty much ignoring them which again, leads to newbie investors losing their money eventually.

Not in general as for sure some of them are working hard to fill their obligation and to protect others from the harm and negative impact of scams on the society.

However, sometimes we don't like their approach toward crypto and even have a negative view of this. I guess this was because many people, scammers are using the name Bitcoin especially to scam people which could influence their minds to think that this was a threat to anyone in society.

[CryptSafe]

As we all know the SEC so far was established for checkmating exchange activities be it Fiat or crypto currency but it's current outburst on crypto currencies and projects is unbecoming. Now I ask to what extent has the SEC really contributed to the improvement of the blockchain industry over the years past. Recently, binance is under investigation only God knows what the outcome would look like. I need you honest opinion.

https://www.google.com/url?sa=t&source=web&rct=j&url=https://www.bloomberg.com/news/articles/2022-06-06/us-probes-binance-over-token-that-is-now-world-s-fifth-largest&ved=2ahUKEwja4v_-yp34AhUJXxoKHVBTBEQQ0PADKAB6BAgVEAE&usg=AOvVaw2qFWiLCpAehI6iLamIpmbw

IMO, I believe that the SEC's actions are just normal and only exercising the mandate that was given to them as a government agency, so their actions are justifiable because they are part of the greater centralized government bureaucracy and their job is to implement the laws and guidelines especially if there's an investment and money involved.

And about the question of what the SEC has contributed to the Blockchain industry so far, I think they are making the Blockchain industry a more secure and regulation-abiding space.     

Like some people would say that they are doing great works fine about that but what about the new start up tech companies out there? Billing them huge amount to be domicile with the sec is nothing much encouraging. I happened to have a conversation with one of the start up project in Africa which has a lot to showcase to the world and really great product they have to offer but they needed to pay a whooping sum of $1 million to get registered before they try to start up and this has caused the company setback as investors are beginning to get worried and pressuring the board members for a refund. It's quite not fair about the sec dealings.

[Ale88]

As we all know the SEC so far was established for checkmating exchange activities be it Fiat or crypto currency but it's current outburst on crypto currencies and projects is unbecoming. Now I ask to what extent has the SEC really contributed to the improvement of the blockchain industry over the years past. Recently, binance is under investigation only God knows what the outcome would look like. I need you honest opinion.

https://www.google.com/url?sa=t&source=web&rct=j&url=https://www.bloomberg.com/news/articles/2022-06-06/us-probes-binance-over-token-that-is-now-world-s-fifth-largest&ved=2ahUKEwja4v_-yp34AhUJXxoKHVBTBEQQ0PADKAB6BAgVEAE&usg=AOvVaw2qFWiLCpAehI6iLamIpmbw

I don't really see how the SEC could have contributed in any way to the crypto world. Every now and then they start saying that this coin or that token is a security, they just make waste a lot of time and energy, and the majority of the times the explanations they give are pretty questionable. It's very simple: they want to have control over everything, cryptos for them are just a problem.

[theskillzdatklls]

The SEC has been downright evil in the way that it has pursued LBRY in it's case with them. They have been nothing but honest and up front, building a stellar product and fully compliant with the SEC. And then they get the book thrown at them.

https://odysee.com/@unregisteredpodcast:b/unregistered-205-jeremy-kauffman:7

And then of course, you have the most obvious scams and bullshit of all time like Bitconnect, Terra/LUNA, SHIB, and god knows what else, not even scratching the surface here, and the SEC goes radio silent.

They have bullshit agendas. They are part of the government and the government is fucking evil and corrupt to the core.

If they actually acted in good faith, then fine. But that without question is not happening.

[Sterbens]

Not done with Ripple, now SEC is targeting Binance for 2 reasons. First, as we know coin offerings (BNB) in 2017, the SEC was offering BNB as a securities offering but according to Binance that BNB was an ICO. So no need to register as security. Second, in the money laundering case several groups Lazarus (North Korea) and Hydra (Russia) the SEC accused the two groups of money laundering on Binance. Because in my opinion, Exchange doesn't know about the money it got. They are just an exchange platform that doesn't monitor where the funds are coming from.

https://www.bloomberg.com/news/articles/2022-06-06/us-probes-binance-over-token-that-is-now-world-s-fifth-largest

[Ale88]

Not done with Ripple

I didn't follow that much late, but the last time I checked the situation didn't look promising at all for the SEC, Ripple has a big chance to come out as a winner from this trial, doesn't it?

[eaLiTy]

As we all know the SEC so far was established for checkmating exchange activities be it Fiat or crypto currency but it's current outburst on crypto currencies and projects is unbecoming. Now I ask to what extent has the SEC really contributed to the improvement of the blockchain industry over the years past. Recently, binance is under investigation only God knows what the outcome would look like. I need you honest opinion.

History says that Binance would run if there is any investigation against them by closing down the office in that country and move to other location and as long as there is safe heaven they will be doing this and unless you are willing to comply with the regulators you can run a business and SEC and other regulatory bodies will be behind every exchanges and they will be under scrutiny if they are not following the rules.

[CryptSafe]

Not done with Ripple, now SEC is targeting Binance for 2 reasons. First, as we know coin offerings (BNB) in 2017, the SEC was offering BNB as a securities offering but according to Binance that BNB was an ICO. So no need to register as security. Second, in the money laundering case several groups Lazarus (North Korea) and Hydra (Russia) the SEC accused the two groups of money laundering on Binance. Because in my opinion, Exchange doesn't know about the money it got. They are just an exchange platform that doesn't monitor where the funds are coming from.

https://www.bloomberg.com/news/articles/2022-06-06/us-probes-binance-over-token-that-is-now-world-s-fifth-largest

You just caught my attention now by saying this "  They are just an exchange platform that doesn't monitor where the funds are coming from."  If they can't get it right that way so what point is the need for kyc because kyc also helps in putting in know who is transacting via their exchange.

[bitzizzix]

The SEC is pursuing unregistered and even fraudulent coin offerings, and it is part of a larger regulatory and legal crackdown aimed at direct abuse and fraud in the burgeoning digital currency industry.
The SEC may have regulatory authority over other types of tokens that resemble securities.
and for bitcoin, the SEC essentially recognizes that bitcoin and cryptocurrencies derived from mining without a presale are not securities, so the SEC has no regulatory authority over them.
and we'll see how it goes because everything is still gray as to what the real goal is.

[Yamifoud]

Perhaps, what they did in our country is to send awareness to the public either on social media platforms or on television (news) in regards to crypto scams investment.
I was thinking their role was to protect against the rise of scams and stop the mindset of easy money and quick-rich schemes as this does not really exist in real life. However, I'd find this less effective rather than restricting the social media allowing this to publish because many were still falling into scams and Ponzi schemes.

[CryptSafe]

Perhaps, what they did in our country is to send awareness to the public either on social media platforms or on television (news) in regards to crypto scams investment.
I was thinking their role was to protect against the rise of scams and stop the mindset of easy money and quick-rich schemes as this does not really exist in real life. However, I'd find this less effective rather than restricting the social media allowing this to publish because many were still falling into scams and Ponzi schemes.

If really as you have said that their role is to fight against scam projects and get rich quick schemes then what will you say about the bills they charge new promising projects which amounts in millions of dollars to be domicile with them. Don't you think it's discouraging. How in Earth will you describe this.

[GreatArkansas]

For me, SEC is one of the superb agencies in the government right now. Even though we all know Bitcoin or cryptocurrencies are using blockchain technology that helps decentralization this agency is still there, inforcing such laws to protect the people.
In our country, there are a lot of scams some of them are using cryptocurrency as a front or using it as a product to lure poor people and scam them, but with the help of the SEC, some of them are being enforced so it's also good for everyone.

[AmoreJaz]

For me, SEC is one of the superb agencies in the government right now. Even though we all know Bitcoin or cryptocurrencies are using blockchain technology that helps decentralization this agency is still there, inforcing such laws to protect the people.
In our country, there are a lot of scams some of them are using cryptocurrency as a front or using it as a product to lure poor people and scam them, but with the help of the SEC, some of them are being enforced so it's also good for everyone.

we can look at the positive side of having SEC as the entity that is restricting these scammers to deceive naive users. some are not happy with SEC's decisions but they are created to oversee if organizations are not liable to market manipulation. let's accept the fact that there are so many people that are so gullible about projects promising high profits.
they may be seen as the enemy, but it is better to have agency assisting people to know the possible impact of their financial decisions. some people are just blind when they hear that they can earn big money at short period of time but they forgot to consider the risks involve. and that's when SEC enters, educating the public about the possible repercussions of their financial decisions especially in the not-so-familiar market.

[CryptSafe]

For me, SEC is one of the superb agencies in the government right now. Even though we all know Bitcoin or cryptocurrencies are using blockchain technology that helps decentralization this agency is still there, inforcing such laws to protect the people.
In our country, there are a lot of scams some of them are using cryptocurrency as a front or using it as a product to lure poor people and scam them, but with the help of the SEC, some of them are being enforced so it's also good for everyone.

No doubt about that but I ask this question; the new start up with real use case sourcing for fund to support their project and sec  billing them a certain figure to be domicile with the. Does it not sound worrisome to you?