When the SEC began persecuting Ripple, they were so arrogant that they decided to skip going after the CEO and Ex-CEO first for what appears to be the old "Premine and Pay yourself, instead of reinvesting in company growth" scam; THEN litigating XRP's status.
Nope, they went straight to the "XRP is a security that was illegally peddled" to kill two birds with one stone (Ripple and the two top thieves).
Now with LBRY, since it's a plain "security status" play, it's clear that it's not about punishing greedy CEOs and "Protecting the Investors", but going after a whole industry by picking off low hanging fruit, one by one.
It seems irrelevant to the SEC that, much like Ripple, LBRY has cooperated and complied with the SEC well beforehand. The SEC's hubris will certainly backfire.
And the people who will be harmed are exactly the people they are supposed to protect - U.S. citizens!
Instead of making companies bend to their "will and wishes made law", they're fueling an immediate mass EXODUS of innovation.
And then the United States will know what it feels like when a whole country experiences "Brain Drain" - a phenomenon that's been plaguing Asian countries for over a century.
If the SEC continues such self-destructive behavior, current and future projects in the Crypto Space will just say, "Fu€k it! Time to move our company outside of the U.S. as soon as possible!"
Just like the SEC, those companies will give No Warning and have No Remorse!"
Provided for you to ponder in a quiet place.
May you and yours be well and love life today.
In lak'ech, JaiChai
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About the Author:
Believing that school was too boring, he dropped out of High School early; only to earn an AA, BS and MBA in less than 4 years much later in life – while working full-time as a Navy/Marine Corps Medic.
In spite of a fear of heights and deep water, he performed high altitude, free-fall parachute jumps and hazardous diving ops in deep, open ocean water.
After 24 years of active duty, he retired in Asia.
Since then, he's been a full-time, single papa and actively pursuing his varied passions (Writing, Disruptive Technology, Computer Science and Cryptocurrency - plus more hobbies too boring or bizarre for most folk).
He lives on an island paradise with his girlfriend, teenage daughter and two dogs.
(image source
(JaiChai 3-31-2021. Simultaneous multi-site submissions posted. All rights reserved.)
