Justin Sun sued by SEC. Effect on Bitcoin?

[bbc.reporter]

SEC is on an anti-crypto rampage.

I'm more worried about the fact that the SEC just notified Coinbase that they basically consider Coinbase's entire operation illegal. They notified Coinbase that they are planning to come after them not just for their staking service, but their Coinbase Earn stuff, their Wallet service, and their exchange!! Like, that's the entire company! I can't imagine how SEC will make a case against the entire business but it is clear Gary Gensler and the SEC are on an anti-crypto rampage and they would like to take the entire industry down. We've got a lunatic running the SEC.

Hopefully the courts shut down the SEC's anti-crypto tirade and puts Gensler in his place. Cuz its insane that the SEC just wants to shut down the industry in America. We are definitely entering a period when the US government is starting to attack Bitcoin and Crypto. Hoping the courts and/or Congress push back on this sort of anti-crypto stuff before it gets bad. We need politicians and regulators who actually understand what Bitcoin is, and have more of a knowledge of it than just what they read in negative headlines.

Agreed. This coordinated campaign by the American government, regulators and politicians against the cryptospace will be considered as one of the biggest errors in the history of financial technology. The adoption of the whole cryptospace cannot be stopped by Gensler and the developments created in America will clearly go to other countries.

[mv1986]

SEC is on an anti-crypto rampage.

I'm more worried about the fact that the SEC just notified Coinbase that they basically consider Coinbase's entire operation illegal. They notified Coinbase that they are planning to come after them not just for their staking service, but their Coinbase Earn stuff, their Wallet service, and their exchange!! Like, that's the entire company! I can't imagine how SEC will make a case against the entire business but it is clear Gary Gensler and the SEC are on an anti-crypto rampage and they would like to take the entire industry down. We've got a lunatic running the SEC.

Hopefully the courts shut down the SEC's anti-crypto tirade and puts Gensler in his place. Cuz its insane that the SEC just wants to shut down the industry in America. We are definitely entering a period when the US government is starting to attack Bitcoin and Crypto. Hoping the courts and/or Congress push back on this sort of anti-crypto stuff before it gets bad. We need politicians and regulators who actually understand what Bitcoin is, and have more of a knowledge of it than just what they read in negative headlines.

Agreed. This coordinated campaign by the American government, regulators and politicians against the cryptospace will be considered as one of the biggest errors in the history of financial technology. The adoption of the whole cryptospace cannot be stopped by Gensler and the developments created in America will clearly go to other countries.

But what is the exact situation in the USA if for that matter Biden's administration goes hard on crypto and passes some laws. Is there still a certain federal freedom from state to state to actually bring that law into effect or could some rather pro crypto states first sue and go to the highest court before complying with what Biden says? Or do they have the freedom in every state to be more welcoming to crypto in general? That is the problem I see with the EU except for Switzerland. If the EU pushes for regulation, it is a lot of states that have to comply and the EU has the possibility to sanction states that don't comply. I guess crypto isn't worth defending in exchange for being sanctioned (yet).

[kelechi]

I don't think it will somehow affect btc cuz Justin Sun mostly was related to luna

[molsewid]

Another stressfull news for the community.
Tron founder Justin Sun sued by U.S. SEC on securities, market manipulation charges.
Market insta dumping since the news is out just after the fomc meeting, lol what a timing (seems like its all played and planned). Does anyone know how many btc does justin have to dump on us ?

Source of news: https://www.coindesk.com/policy/2023/03/22/tron-founder-justin-sun-sued-by-us-sec-on-securities-market-manipulation-charges/

It will not affect too much or maybe even a little. It can only affect to those tokens that are related to him other than that there's nothing to be afraid of. We all know Justin maybe? but I would rather say if CZ is the one who is being sued maybe that will affect bitcoin. SEC never fail to surprise us. I just wondering if what projects will be the next target of SEC?

[bbc.reporter]

SEC is on an anti-crypto rampage.

I'm more worried about the fact that the SEC just notified Coinbase that they basically consider Coinbase's entire operation illegal. They notified Coinbase that they are planning to come after them not just for their staking service, but their Coinbase Earn stuff, their Wallet service, and their exchange!! Like, that's the entire company! I can't imagine how SEC will make a case against the entire business but it is clear Gary Gensler and the SEC are on an anti-crypto rampage and they would like to take the entire industry down. We've got a lunatic running the SEC.

Hopefully the courts shut down the SEC's anti-crypto tirade and puts Gensler in his place. Cuz its insane that the SEC just wants to shut down the industry in America. We are definitely entering a period when the US government is starting to attack Bitcoin and Crypto. Hoping the courts and/or Congress push back on this sort of anti-crypto stuff before it gets bad. We need politicians and regulators who actually understand what Bitcoin is, and have more of a knowledge of it than just what they read in negative headlines.

Agreed. This coordinated campaign by the American government, regulators and politicians against the cryptospace will be considered as one of the biggest errors in the history of financial technology. The adoption of the whole cryptospace cannot be stopped by Gensler and the developments created in America will clearly go to other countries.

But what is the exact situation in the USA if for that matter Biden's administration goes hard on crypto and passes some laws. Is there still a certain federal freedom from state to state to actually bring that law into effect or could some rather pro crypto states first sue and go to the highest court before complying with what Biden says? Or do they have the freedom in every state to be more welcoming to crypto in general? That is the problem I see with the EU except for Switzerland. If the EU pushes for regulation, it is a lot of states that have to comply and the EU has the possibility to sanction states that don't comply. I guess crypto isn't worth defending in exchange for being sanctioned (yet).

I am not quite certain about the exact situation, however, it appears that the SEC is creating an environment that is very much discouraging for the cryptospace.

Also, while this comedy show in America begins there are other jurisdictions like El Salvador that are making the correct assessment and they are creating an encouraging environment.



El Salvador President To Eliminate All Taxes on Technology Innovations

In a recent tweet, Bukele notes that all taxes, including income, property, and capital gains, as well as import tariffs, will be eliminated. Additionally, this hasn’t come to fruition yet. The President said that he will be sending a bill to Congress next week.

Furthermore, the President notes that “technology innovations” will include AI development, coding, and apps, among others. Elaborating on the same, Bukele tweeted,

"Next week, I’ll be sending a bill to Congress to eliminate all taxes (income, property, capital gains, and import tariffs) on technology innovations, such as software programming, coding, apps, and AI development, as well as computing and communications hardware manufacturing.”

Source https://watcher.guru/news/el-salvador-president-to-eliminate-all-taxes-on-technology-innovations

[sha420hashcollision]

Maybe Justin should have considered the consequences of following in the footsteps of Vitalik Buterin, forking his code, and marketing people on a scammy poorly developed insecure blockchain with glaring censorship problems.

[Edwardard]

I don't think it will somehow affect btc cuz Justin Sun mostly was related to luna

What are you talking about mate ? Justin is related to TRX (tron) not luna. Meanwhile, there is also a new recent news that Do Kwon or whatever his name is (the founder of luna) got arrested in Montenegro.
Btw, its glad to see such ppl going to jail. They even made few ppl commit suicide out of their scam.

Maybe Justin should have considered the consequences of following in the footsteps of Vitalik Buterin, forking his code, and marketing people on a scammy poorly developed insecure blockchain with glaring censorship problems.

I dont think eth is that bad

[Ayers]

SEC is on an anti-crypto rampage.

I'm more worried about the fact that the SEC just notified Coinbase that they basically consider Coinbase's entire operation illegal. They notified Coinbase that they are planning to come after them not just for their staking service, but their Coinbase Earn stuff, their Wallet service, and their exchange!! Like, that's the entire company! I can't imagine how SEC will make a case against the entire business but it is clear Gary Gensler and the SEC are on an anti-crypto rampage and they would like to take the entire industry down. We've got a lunatic running the SEC.

Hopefully the courts shut down the SEC's anti-crypto tirade and puts Gensler in his place. Cuz its insane that the SEC just wants to shut down the industry in America. We are definitely entering a period when the US government is starting to attack Bitcoin and Crypto. Hoping the courts and/or Congress push back on this sort of anti-crypto stuff before it gets bad. We need politicians and regulators who actually understand what Bitcoin is, and have more of a knowledge of it than just what they read in negative headlines.

I have a different view, they are not against cryptocurrencies, they are doing is showing power and wanting to enter the market and regulate it. They don't want the cryptocurrency to grow freely, and they don't get any benefit from it. They intentionally make it difficult for the market and intentionally create false evidence that the crypto market is dangerous and risky for investors if not regulated so that they get support and get a legal takeover. As far as I know, the SEC and CFTC are vying for the right to regulate cryptocurrencies.

[darewaller]

Another stressfull news for the community.
Tron founder Justin Sun sued by U.S. SEC on securities, market manipulation charges.

Who's that person?? I don't know him at all
Ohhh he's the current founder of Tron. The founder who has lots of controversies already way back a few years ago. I can't remember, but there was a time where he said something that caused uncertainties to the whole crypto market. Anyway, I can't see it a stressful at all because after this, Bitcoin will just rise up again.

As far as I know Tron didn't change founders but it was still Sun (please correct me if I miss out something here) and yeah this wasn't the first issue they got involved with. They already have others in the past, this is why many people lose trust in the coin because they are afraid that it's going to be the next that will go down the drain. This news is still negative especially to those who hold Tron.

This can make someone stressed but for those who HODL other coins, they must not worry as their coins can still recover in case it will be affected a little. The price of BTC was still over $28k so $30k was still achievable. Negative news are always there but let's hope that they won't come very often.

[mv1986]

I am not quite certain about the exact situation, however, it appears that the SEC is creating an environment that is very much discouraging for the cryptospace.

Also, while this comedy show in America begins there are other jurisdictions like El Salvador that are making the correct assessment and they are creating an encouraging environment.



El Salvador President To Eliminate All Taxes on Technology Innovations

In a recent tweet, Bukele notes that all taxes, including income, property, and capital gains, as well as import tariffs, will be eliminated. Additionally, this hasn’t come to fruition yet. The President said that he will be sending a bill to Congress next week.

Furthermore, the President notes that “technology innovations” will include AI development, coding, and apps, among others. Elaborating on the same, Bukele tweeted,

"Next week, I’ll be sending a bill to Congress to eliminate all taxes (income, property, capital gains, and import tariffs) on technology innovations, such as software programming, coding, apps, and AI development, as well as computing and communications hardware manufacturing.”

Source https://watcher.guru/news/el-salvador-president-to-eliminate-all-taxes-on-technology-innovations

This is what would certainly be happening if countries like the USA decide to create a hostile environment. I am saying "country" because the SEC alone can't destroy an industry , no matter how independent they are. If there is consensus about the approach to a certain technological development, I am sure the SEC would follow any instructions or would commit to basic agreement about how to approach new developments in whatever area. Why the SEC is turning hostile is raising questions for me. It is inconsistent to some degree because if they really wanted to crack down on the industry, they could take measures with much harder impact on the crypto space. I think for now we can only be patient and see how it plays out. But if they crack down on it, it is the smaller countries that will take initiative and try to benefit from potential foregone opportunities by the larger economies.

[bbc.reporter]

@mv1986. Another argument on why the American government has made a wrong assessment and the wrong action on cracking down the cryptospace is because of the stablecoin argument. Much of the stablecoins in existence are American dollars and stablecoins can become as a mechanism for worldwide distribution for American dollars for people to use American dollars. If they take this down, it will give away an opportunity to the Chinese Yuan to widen their distribution mechanisms for their own currency. 

[BALIK]

Sun is a well-known figure in the market, but the news will not be too big to affect the market and bitcoin. Recently CZ was also sued by the CFTC, and bitcoin immediately reacted to this news, if CZ is prosecuted, it will be a bigger problem that we have to fear because the influence of CZ on the market is too great. The CFTC and the SEC are vying for control of cryptocurrencies, so they are constantly targeting crypto individuals and institutions. But sometimes fud is not necessarily a bad thing but a good signal to buy cheap BTC.

[electronicash]

is anyone wishing this guy actually ending up paying all his money to SEC?

he keeps trying to grab attention and even attempts to buy a bank using a Twitter post. well, he must have manipulated the market with the billions of TRX he has. he must be guilty but then again part of me still wishes him to win the case.

[sha420hashcollision]

These centralized actors always act against bitcoin in the end because they cant control it.

[bbc.reporter]

is anyone wishing this guy actually ending up paying all his money to SEC?

he keeps trying to grab attention and even attempts to buy a bank using a Twitter post. well, he must have manipulated the market with the billions of TRX he has. he must be guilty but then again part of me still wishes him to win the case.

He has diplomatic immunity because he is presently the Ambassador for the country of Grenada to the World Trade Organization hehehe. They call him His Excellency Justin Sun.

There are also some speculations that he is really protected by the Chinese government. Changpeng Zhao of Binance is also speculated to have some backers from influential people from China.

[BenCodie]

Tron does not have anything to do with Bitcoin. Justin Sun being sued by the SEC would (if anything) only effect Tron [TRX]. If anything is more likely to effect Bitcoin it would be the CTFC suit against Binance, as if the result is for the exchange to shut down, it would mean the company would probably liquidate its holdings after users have withdrawn.

[FahriZah]

Never Thinking SEC Who Justine Sun And Anymore If Anyone Want Stops Crypto Currency & Bitcoin It's Not Possible Because Crypto Currency One Of The Most Popular Currency In The World's So Never Effect For Justine Sun Sued In The Bitcoin.

[The Sceptical Chymist]

But somehow as of this reply, Bitcoin price already recovered above $27k.

Yep.  Bitcoin somehow doesn't give a shit about what any government does (so far, anyway). 

So the SEC is claiming TRX is a security?  Are they considering all cryptocurrencies, including bitcoin, to be such as well?  I haven't paid much attention to what's been going on as far as regulation goes.  It is kind of funny to hear that all of those celebrities are being sued as well.  Celebrity endorsement is exactly what crypto doesn't need, as evidenced by Matt Damon hyping FTX or whatever that was he got paid for.  It just attracts the attention of 'regulators' who really want to do away with bitcoin and every other crypto as well.

[sha420hashcollision]

The reality is that most "altcoins" are securities simply because they had huge insider pre-mints and also do not have a fixed monetary policy. Bitcoin has evidently burned the majority of the initial distribution at this point, has no insiders, and also has a fixed monetary policy. It has no CEO, no "shareholders", it was not pitched as an investment or distributed to anyone before it's launch. Bitcoin set an amazing example and such is not being considered a security by the SEC, altcoins saw that shit all over it and now the SEC is going after them. Seems like fair game to me.

[Franctoshi]

Another stressfull news for the community.
Tron founder Justin Sun sued by U.S. SEC on securities, market manipulation charges.
Market insta dumping since the news is out just after the fomc meeting, lol what a timing (seems like its all played and planned). Does anyone know how many btc does justin have to dump on us ?

It is becoming worrisome why SEC is not being specific with their regulations on cryptos, what should be called security and what should be called commodity, they're just going around hunting and sueing people. Ripple case is still not settled yet, now it has become Tron founder. We could see how the Ripple case has so far affected the price of xrp, and just as it was news that Tron founder got sued, the price of Trx plumet.

Generally it may have a short term effect on the price of Bitcoin, However, since then the price of Bitcoin has continued to rise.
The SEC should stop playing politics and come out with regulatory clarity on cryptos, in order for people to follow the guidelines.