First and foremost, I would like to apologize about using a Britney Spears reference of sorts within the title, I couldn't help it.
As you know, if you have ben following or reading what I have posted. I have been tracking, to the best of my ability, what has been going on with the SEC and it's oversight regarding cryptocurrency. I think they are biased, and not treating cryptocurrency fair, and to be honest, I do not think they have any real jurisdiction regarding cryptocurrency because by objective measures, most, it not all cryptocurrency are commodities. Granted, I am a psychologist and not a financial wizard, I may be wrong. Though many in the know agree with my beliefs.
Now, I cam across this article today: https://finance.yahoo.com/news/u-senators-berate-secs-gensler-191248362.html It was titled "US Senators berate SEC's Gensler for handling of Crypto case." First of all, couldn't that be a title for all of the case the SEC has handled regarding cryptocurrency? Second of all, the point of the article identifies that the SEC had "misrepresented evidence" in a case against a crypto firm.
Now, on 2-7-2024 five US Senators sent this letter: https://www.vance.senate.gov/wp-content/uploads/2024/02/bcEg.pdf to Chairman Gensler. You can read the letter, I will not go over it in detail. However, what the letter suggests is that because of the SEC's failure regarding the DEBT Box case was that the SEC may need to be investigated on all case's regarding cryptocurrency. It was pointed out in the letter that the SEC may have been negligent, regardless of the reason for the SEC error, it erodes public confidence in the SEC to have this error.
I hope you all think about what is happening with the SEC and cryptocurrency. If cryptocurrency was actually going to fail, they would just leave it alone and let it fail. Why the purposeful, possibly unintentional attempts to undermine cryptocurrency? They are backed by big money, who have something to lose? Maybe? Maybe they are just incompetent and are not trying to Pick and chose winner and losers, and that is the reason for the inconsistencies in how the SEC is handling cryptocurrency.
I don't believe in cryptocurrency because I am "drinking the Kool Aid." I am very skeptical of most of the cryptocurrencies out there, I mean there are thousands, and then there are the "meme coins." But, there is a "there" there when it comes to cryptocurrency as a whole. It is real, and it is here to stay.
Articles like the one I talked about her are important, as it will hopefully help people understand the fight that it going on.
