Within 24 hours, the SEC sued two crypto exchanges simultaneously: Binance, the world’s largest, and personally the director of the company, and Coinbase, the largest US exchange. In both cases, the basis of the charge is violation of securities laws. But the cases are different: in the Binance case, the prosecution insists on money laundering, Coinbase is accused of not having a brokerage license, so the state charges less.
However, according to the Dnyuz columnist, there is a more important point behind the legal subtleties. The SEC drew a line between the crypto industry and the dollar. Gensler has dubbed cryptocurrencies “wildness” and “Wild West”, always showing their pointlessness.
As noted, such an important step by the state regulator, led by Gary Gensler, has been in preparation for a long time. Since Bitcoin started gaining popularity, the federal government has made scattered recommendations from various agencies. And in the end, Gensler clearly said: either digital assets or dollars. At the same time, he believes that the dollar is a comprehensive and universal asset, so there is no need for cryptocurrencies. And now, if the owner of a digital asset does not register it as a security, severe restrictions are imposed on the user.
Source: Ferra
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