The U.S. Securities and Exchange Commission (SEC) announced yesterday they're suing major cryptocurrency exchanges Coinbase and Binance for dealing with unregistered securities.
After letting FTX, Luna, Three Arrows, and many other cryptocurrency scams slip through the cracks, it seems like the SEC is trying out a new "let's sue everyone" approach instead. Lest we forget, this is the same SEC that let Bernie Madoff slip through their fingers for eight years.
Allow me to drop some unfiltered thoughts in your inbox:
Whatever the SEC says about cryptocurrency doesn't move the needle for me. Nor does it seem to for the rest of the market, judging by how swiftly Bitcoin's (BTC) price rebounded after the Binance lawsuit was announced.
See for yourself:
Binance, for starters, has been knowingly violating U.S. law for years. Why else do you think their American executives all quit? And while I do believe Binance has been incredibly reckless with their regulatory compliance (or lack thereof), I don't think they're thieves. Worst case scenario, they give up on the U.S. market like most other exchanges already have.
Coinbase, on the other hand, is a publicly traded U.S. company. They'll likely pay a considerable fine, flip the SEC the bird, and move on.
The digital asset space is 50% dummies and 50% forward-looking stone-cold folks who don't flinch at short-term volatility. We're the latter-those who can see past the here and now to focus on the big picture, 18 to 36 months out.
And 18 to 36 months from now, it won't be dummies or the stock investors laughing their way to the decentralized bank. While these situations feel panicky, they provide essential opportunities for long-term investors to capitalize on the chaos.
I dished out my complete take on the SEC vs. Binance & Coinbase during my livestream this morning, including a full Market Review stacked with today's top crypto picks.
Watch the replay below:
Stay liquid,
Chief Crypto Strategist, American Institute for Crypto Investors
The post SEC vs. Coinbase and Binance: What You Need to Know appeared first on American Institute for Crypto Investors.