You know that the has declared war on the Crypto world. They attacked both BINANCE and Coinbase. Actually even Kraken a few months ago. Furthermore, the disputes with XRP (Ripple) declared a security are old. What does it mean to be a security? Basically these crypto/tokens would be unregistered securities. All of this is valid only in the USA, however the American market is very large so these cryptos/tokens would lose a large pool of users and investors. Obviously, it will always be possible for American citizens to buy these cryptocurrencies through P2P, however it would not be a thing in the open and smart money would also be lacking. Be careful though, don't panic! XRP's lawsuit has been going on for years, furthermore Binance and COINBASE will defend themselves in court: it is not certain that the SEC will win the case. They are only his personal judgments (very confused and contradictory). The court has already stated that the SEC will have to provide greater clarity on what are the criteria for a crypto to be declared a "security".
In any case, for the moment, these are the crypto securities declared on
-Solana
-Filecoin
The funny thing is that Atom is not mentioned, also listed on Coinbase. Atom itself had been mentioned as a security in Binance's list. Currently the SEC has declared these 48 token on as securities: Ripple (XRP), Telegram's Gram (TON), LBRY Credits (LBC), OmiseGo (OMG), Dash (DASH), Algorand (ALGO), Naga (NGC), Monolith (TKN), IHT Real Estate (IHT), Power LEDGER (POWR), Kromatica (KROM), DFX Finance (DFX), Amp (AMP), Rally (RLY), Rari Governance Token (RGT), DerivaDAO (DDX), XYO Network (XYO), Liechtenstein Cryptoasset Exchange (LCX), Kin (KIN), Salt Lending (SALT), Beaxy Token (BXY), DragonChain (DRGN), Tron (TRX), BitTorrent (BTT), Terra USD (UST), Luna (LUNA), Mirror Protocol (MIR), Mango (MNGO), Ducat (DUCAT), Locke (LOCKE), EthereumMax (EMAX), Hydro (HYDRO), BitConnect (BCC), Meta 1 Coin (META1), Filecoin (FIL ), BNB (BNB), Binance USD (BUSD), Solana (SOL), Cardano (ADA), Polygon (MATIC), Cosmos (ATOM), The Sandbox (SAND), Decentraland (MANA), Axie Infinity (AXS), COTI (COTI), Paragon (PRG) and AirToken (AIR).
In addition, the SEC also considers these 13 Mirror Protocol mAssets to be securities: Apple Inc. (mAAPL), Amazon.com Inc. (mAMZN), Alibaba Group Holding Limited (mBABA), Alphabet Inc. (mGOOGL), Microsoft Corporation (mMSFT ), Netflix Inc. (mNFLX), Tesla Inc. (mTSLA), Twitter Inc. (mTWTR), iShares Gold Trust (mIAU), Invesco QQQ Trust (mQQ), iShares Silver Trust (mSLV), United States Oil Fund, LP (mUSO), ProShares VIX Short-Term Futures ETF (mVIXY).
For Coinbase and Kraken there would be problems having provided staking services on these securities. Non-decentralized staking. In reality, the Coinbase and Kraken nodes are clearly visible on many chains so it is true Staking and not Lending. Binance would also be accused of transferring client funds to third-party companies, fraud and providing services as an unregistered broker. The SEC would also request the freezing of funds on Binance US.
WHAT ARE THE REASONS TO BE DECLARED A SECURITY?
This concept is controversial because the Hovey Test is dated (dating back to the 1930s). Indeed some cryptos have foundations behind them. What does this mean? If a foundation personally manages the future of the protocol by advertising it, promising investors an economic return (both in price increases and deriving from income such as staking) it could be declared a security. All tokens that have executed IDO/ICO have this risk because ultimately they are investments for profit. However, it remains a mystery how the BUSD stablecoin can fall into these characteristics. What profit expectations could there be with a stablecoin? The earnings that Binance offers? That profit comes from Lending. Even with Bitcoin you can do lending. Is BTC also a security? For the moment BTC has never been mentioned because as you know there is no official page/society that manages the Bitcoin protocol. For ETH, the situation is more controversial due to the well-known ICO that took place many years ago.
GARY GENSLER'S SECRET PLAN
There are many conspiracy theories for this war on the crypto world: according to some, Gensler would be resentful because in 2019 he was not accepted by Binance as a consultant. According to others, it is market manipulation to accumulate more BTC. According to still others there would be references to , in this tangled intrigue:
I also remind you that it was Binance that "killed" FTX by causing the bank run. All of these theories may be equally valid, however I believe they are trying to pave the way for . I have been pro-crypto for 10 years now and I believe they are the future. The economy has been in shambles for years due to bad management. Interest rates and inflation are very high, the main fiatcurrency (US dollar, pound, euro, yen, etc.) lose more and more purchasing power. I have always wondered what world it would be like with BTC replacing fiatcurrencies. If the replacement is too dystopian as a thing, surely BTC could live with it but obviously the States would never allow it. Surely someone could now say “BTC you can't stop it”. This is correct however you can slow down the adoption. The protocol cannot be stopped but the price action can be damaged. You think if it were declared illegal in your country, what would you do? If your state told you that you can't transact on the BTC blockchain after 8PM, what would you do? You can still do them but you are breaking the law of your country with possible penalties if you get caught or if one day you are forced to cashout. They could also tax mining farms more, making them unprofitable, when it is well known that much of that energy is renewable and usable at wind, water and geothermal levels.
BTC (and crypto) cannot be stopped as a protocol but can be slowed as an adoption. The powerful do not accept nouveau riche/powerful. States are a big Mafia. Taxes are to provide you with a service, that's correct. However we want to talk about the Bahamas or Dubai? There is no taxation. Are there no services in these countries/cities? Are there no roads? I do not think so.
But what are CBDC? CBDC (Central Bank Digital Currencies) are digital currencies issued by countries' central banks. This technology should ensure security, reliability and greater efficiency in financial transactions. CBDC could eliminate cash. Banks would have more monetary control over the amount of money in circulation as CBDC can be easily traced.
Clearly there are some big problems:
-Vulnerability to cyber fraud: CBDC could be subject to scams and cyber-attacks that could destroy the entire financial system
-Financial stability: the introduction of CBDC could destabilize the existing financial system, leading to fluctuations in the value of traditional currencies
-Privacy: CBDC would completely eliminate privacy (many people underestimate privacy. Just think what could happen if such an archive were hacked with all customer balances in the clear)
-Large economic resources: the implementation and management of CBDC require a significant amount of financial and technological resources, as well as extensive collaboration between governments and central banks
What do you think of all this? What is the goal of Gay Gensler and the SEC?
If you are a US citizen, what will you do? Do you hold some of those cryptocurrencies/tokens?
you interested in ways to earn crypto bonus? Check it out here: Some Sites To Earn Crypto Bonus (Old & New)
