Major opinionated headline, but this is in truth a possible fact... A heads-up: SEC Could Now Be Legally Ignored By Coinbase, Here Is Why!
Well, well, well, it looks like the SEC has gatecrashed the Cryptocurrency party again, and this time, they're throwing a real stinker of a tantrum. In recent news, the SEC has stated that COINBASE cannot prove The SEC's need to show Coinbase cast iron Cryptocurrency Regulations, which is absolute garbage if you ask me. Any company that wants to operate within the law and play by the rules needs definitive regulations in place. It's a no-brainer.
Without clear guidelines from the SEC. It seems companies like Coinbase are left to make it up as they go along, and that's not a recipe for success. It's like wandering blindfolded through a minefield... Thus Coinbase are protecting the industry in claiming such against The SEC. One false move, and boom, the whole thing blows up in your face. The lack of regulatory clarity is stifling the growth of Cryptocurrency, plain and simple.
You might be thinking; "Well, what's the big deal? Can't Coinbase just ignore the SEC and carry on with business as usual?" Unfortunately, it's not that simple. In the United States, all businesses are subject to the law, and the SEC is a governing body that cannot be ignored. U.S. Business Law dictates that companies must operate under clear rules and regulations, and the SEC's lack of definition here is truly problematic... however there is a loophole in that regulation in that, the Regulators also have to adhere to those very regulations... it's a two-way game - as in business and U.S. Business Law.
By admitting they cannot define these regulations, the SEC has effectively left companies like Coinbase out in the cold. It's like being told to play a game without the rule book. How are you supposed to keep score when you don't even know what the rules are? It's absurd.
Be fair? Okay let's be fair to the SEC here. It's not like we're dealing with an organization that's renowned for its clarity and efficiency. In fact, the SEC has a reputation for making things needlessly complicated and confusing. It's like they're making up the rules as they go along. One minute, they're cracking down on Cryptocurrency, and the next, they're singing its praises. It's like watching a yo-yo, up and down, with no rhyme or reason.
And that's the real issue here - It's ridiculous, The SEC's lack of regulatory clarity isn't just problematic for Cryptocurrency, it's indicative of a larger problem within U.S. governance. The SEC's arbitrary decision-making is stifling innovation and progress in a key industry, and they seem to be doing it with a total lack of care or forethought... in other words The SEC are extracting the absolute urine out of the Cryptocurrency world.
Couldn't organise a p1ss-up in a brewery? It's like trying to run a race with your shoelaces tied together... you might be able to hobble along for a while, but sooner or later, you're going to trip and fall. And that's exactly what the SEC is doing to Cryptocurrency. They're setting it up to fail for absolute sure.
Okay... So you might be thinking; "Well, surely someone can do something about this?" In this thinking you would be right. It's a definite fact, the SEC's lack of clear regulations means that they could be legally ignored. U.S. Business Law specifically states that for a company to be held accountable for breaking the law, those laws must be clear and well-defined. If the SEC can't provide that clarity, then they're effectively holding companies to an impossible standard... so who is breaking the law here? Well it isn't Coinbase asking for a clear rulebook is it now?
In my opinion The SEC's recent decision to deny Coinbase the ability to prove the need for Cryptocurrency regulation, is absolute clear as day garbage. Companies like Coinbase need clear regulations in place to operate within the law and ensure that they're on the right side of it including if legit, The SEC. Without that clarity, they're left to make it up as they go along, which is not a recipe for success.
The SEC needs to get their act together and start providing clear regulations for the Cryptocurrency industry... and we need to wake The SEC up to that together - even if that is collective ignorance, like the 'decentralised' Cryptocurrency world we are supposed to live within. Otherwise The SEC are clearly and out-in-the-open setting up a key industry in crypto to fail. Alongside that they are stifling innovation and start-up's in the process. Arguably in court if they can't do that, then they could and should be legally ignored. After all, you can't hold someone accountable for a crime when the rules haven't been clearly defined... PERIOD!
