The biggest mistake Binance did was trying to get crypto global without caring as much about crypto’s principles. When they implemented KYC to go globally accepted instead of maintaining their users’ privacy by not making it mandatory I knew something was up. And here comes Binance, trapped by the people they thought would be helpful in making his dream come true. Global crypto acceptance is cool.. only until you realize the compromise you have to accept in exchange for it.
Exchanges will attract more customers if they promote privacy. Requesting KYC from clients is not really the decision of these exchanges, the government mandates them to demand this KYC. They always claim that they need this information to curb money laundering, scam, and cyber crimes. Binance and other exchanges are not to blame for this because demanding customer KYC is part of the requirements for them to operate in most countries.
The SEC itself is not a tool. It is the people that are being appointed to run them are the tools. If a group of bankers spent millions in a political candidate's electoral campaign and if this candidate won and became a senator, a congressman or a position as powerful as a president, what would happen? The milions spent will be not for nothing. It is an investment hehehee. The bankers will certainly suggest names of the people who they can easily work with in different departments of the government.
In any case, there are many people who would not accept this reality and if you mention it, they will call you a conspiracy theorist.
They don't care about the effect of their actions on the people because they want to protect their sponsors. Imagine how much the US will lose in tax revenue and the people that will become unemployed if these exchanges are strangled out of the US. That is why these businessmen always finance the election of all the parties contesting. Don't forget that SBF donated to both Democrats and Republicans so that anyone party that wins will favor his business. As others have mentioned, Gensler will only deprive Americans of the benefits of cryptocurrency because he can not stop the sector globally.
