SEC

Thin_Top_1573

Every entity operating in crypto currently is adversely affected by the SEC and its lack of - everything. Why is this concept so difficult for everyone? I’m not talking about the bitcoin foundation. I’m not talking about the ether… I’m fucking talking about everyone. Coinbase to PayPal. Everyone in between. They’re are a lot of companies with vested interests in crypto. Black rock doesn’t have any money to fight this war? I’m not saying this is the answer but it is definitely better than the complete lack of comprehension you guys seem to have here. My favorite crypto had a legal team?!? Wtf are you even talking about? You really don’t understand there’s a ton of companies, an absolute ton, that operate in crypto in one manner or another?! Seriously, these responses… you guys are morons. I’m timing outside the box, you guys seem to be stunted even getting started with a thought… seriously… I’m not looking for anyone to agree with me, but yeah, you should be able to at least grasp the idea… fuck.

skeetskeetamirite

See top comment—link to disclosed SEC info and reporting on it. Considering this dudes take home pay is $174K, putting ~8-10% of his annual into BTC ain’t nothing

Nolapowa6286

Yes, I'm aware. I don't think they are honest people trying to help anyone. My initial post was meant more so as a smart azz response. Especially after I read it would be the largest seizure in history or some crap. Like, no one cares, the SEC isn't helping anyone but themselves and their own agenda and they make themselves look like idiots over and over.

CointestMod

#Bitcoin Pro-Arguments Below is an argument written by a deleted user which won 1st place in the Bitcoin Pro-Arguments topic for a prior [Cointest](/r/CointestOfficial/wiki/cointest_policy) round. > **First-Mover Advantage and The Network Effect** > > Bitcoin is currently the most popular cryptocurrency and market cap leader by a long shot. The [Bitcoin dominance chart](https://www.coingecko.com/en/global-charts) shows that Bitcoin represents 60% of the entire cryptocurrency market cap. This has increased from 40% in 2020. > > Bitcoin is the **gateway**. People start out with Bitcoin before checking out other cryptocurrencies. They're likely going to keep holding any Bitcoin they bought along the way. > > People will flock to whichever product has the largest user base. For half a decade, Bitcoin was almost synonymous with cryptocurrency. The Network Effect creates a **positive feedback loop** and makes Bitcoin's lead grow even more. > > If Bitcoin, Bitcoin Cash, and Litecoin were all released simultaneously, Bitcoin would lose to its PoW competitors because its competitors have cheaper fees with higher throughput. But the reality is that Bitcoin's first-mover advantage gave it such a huge head start that the others can't catch up. > > **Has the largest block reward for security** > > Due to its high price, Bitcoin has a huge [block reward of 6.5 BTC](https://www.coingecko.com/en/coins/bitcoin/bitcoin-halving) (halves every 4 years) or ~$180k per block. This gives it the security lead because its block reward is so much bigger than other PoW cryptocurrencies, which attracts more miners. > > **Anti-censorship** > > Bitcoin provides partial censorship-resistance against sanctions and totalitarian government restrictions. It's much harder to prevent Bitcoin transactions than it is to prevent financial transactions at a centralized bank. [Legal sex workers](https://www.theverge.com/2021/8/24/22639356/onlyfans-ceo-tim-stokely-sexually-explicit-content-ban-banks) (e.g. Onlyfans) and [marijuana industries](https://www.leadingretirement.com/blog/cannabis-banking) are blocked from using traditional financial services due to social stigma. Even though they can operate legally, many TradFi banks avoid operating with them. Bitcoin provides those workers a way to transfer funds around that censorship. > > **Avoids Hyperinflation**: As long as governments keep causing high inflation through money-printing, people will run to Bitcoin for safety, which pumps up Bitcoin's price. > > **Considered a commodity by both SEC and CFTC**: Bitcoin is the only cryptocurrency that both the SEC and CFTC have openly agreed is a commodity. And the CFTC is much less lawsuit-happy than the SEC. > > **Legal tender**: El Salvador has shown (despite some technical mishaps) that Bitcoin can be successfully used as legal tender for a country. > > **Ordinals provide utility** > > Even though Bitcoin Maxis hate Ordinals, this new protocol gives utility to Bitcoin and adds demand. NFT bros are using it as an **on-chain data storage layer** for their own blockchains (e.g. Ethereum, Stack). This has an advantage over IPFS since IPFS is stored in centralized databases instead of on-chain. > > This generates more fees for Bitcoin miners. Transaction fees have finally [risen to ~20 sats/vByte](https://mempool.space/graphs/mempool) on days with high Ordinals activity like Mar 22-24. This gives hope that there may be sufficient demand for Bitcoin as an on-chain data-storage layer even after the block subsidy eventually disappears due to halvings. > > **Pseudonymous**: Bitcoin's UTXO transactions can provide moderately-high levels of obscurity. A single wallet can produce a near-unlimited amount of addresses, and there's no way to link them unless they interact with each other. It's much harder to trace UTXO-based wallets than Account-based wallets because the former creates new UTXO addresses with each transaction while Account-based blockchain wallets typically reuse the same account. > > **Lightning transactions are near-instant and cheap** > > As long as you're spending small amounts of Bitcoin, you can use the Lightning network to make near-instant, sub-$0.01 transactions. Many Lightning nodes for merchants are connected to 3rd-party services that convert between cash and Lightning, making it easy to transfer Bitcoins. Consumers usually don't have to care about rebalancing issues since they're only spending small amounts. > > And the [total capacity of the Lightning Network](https://bitcoinvisuals.com/ln-capacity) in BTC keeps increasing steadily. > > **Cannot be counterfeited**: Cash can be counterfeited, but you can't fake Lightning transactions. Merchants have to deal with counterfeit cash in many markets around the world. > > **Bitcoin has a very strong community of die-hard supporters** > > A huge portion of Bitcoin supporters have become Bitcoin Maxis who will keep spreading their arguments, regardless of accuracy. Because Bitcoin is a gateway cryptocurrency, crypto newbies will encounter it first and gobble up these narratives because they don't have the experience to know their flaws. And they're very convincing when you keep repeating them in an echo chamber: > > * Maximum supply cap of 21M BTC vs Fed's money printer > * Amazing past-performance gains vs fiat > * Works as Store of Value (despite volatility) > * Had a "fair launch" without an ICO > * Is not a risky altcoin > * Is decentralized (based on largest number of miners) > * Has instant payments via the Lightning Network > > **Ultimately, people are mainly using crypto for speculative investing and long-term Store of Value. Most people don't care about technology, Defi, or utility. Thus Bitcoin is sufficient for their investment needs.** > > And since cryptocurrency value is largely based on a Keynesian Beauty Contest (i.e. you buy not based on your own value, but on what you think others are going to buy), people are going to keep buying Bitcoin as long as the investment narrative holds. ***** Would you like to learn more? [Click here](/r/CointestOfficial/comments/100p7vq/top_coins_bitcoin_proarguments_january_2023/) to be taken to the original topic-thread for this argument or you can scan through the [Cointest Archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Bitcoin) to find arguments on this topic in other rounds.

zorroww

The SEC delayed decision to late June. Could just be giving time for others to get their ETF's in order similar to BTC

BookieOnFoodStamps

Not going to get approved in May tbh. Zero comments from the SEC is not a good sign. At this point in the BTC process filers were hearing comments and making amendments. Most likely scenario imo is denial late May, followed by litigation referencing Grayscale case. Approval comes in December. Probably will be leveraging myself up with more Pudgy Penguins NFTs in late October.

robeewankenobee

CZ is my best crypto liason ... using Binanfor years, never had 1 problem with them. Booo SEC ! Let the man go after he paid you bilions ...

Nolapowa6286

As a U.S. citizen I would like to propose to have the SEC stop wasting tax payer money to hold witch trials against crypto companies. Wasting more time a resources to go after billions of dollars they will never see from Do Kwon or Terraform labs. At some point someone should look at Gary Gensler and say, "are you done embarrassing yourself and the rest of the SEC?" Their actions are obvious attempts to strong arm crypto related companies in order to try and milk money from them in some way, shape or form. Just stop!!!

lightning_pt

Only we can fund terrorist mate . SEC to cz

dysmetric

Not really, the broad message is that 'if the SEC did its job properly we wouldn't need crypto'. It's the same situation as the war on drugs. By waging a war on relatively safe drugs that have been used for a long time in a large and diverse population they've flooded the streets with crazily dangerous drugs that haven't even been safety tested in rats. It's the same model of selective enforcement to control large poor/disempowered populations and allow the small wealthy/powerful population to exploit them.

ccModBot

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coinfeeds-bot

tldr; The SEC has proposed a $5.3 billion fine against Terraform Labs and its co-founder, Do Kwon, for misleading investors about the safety and utility of their algorithmic stablecoin, Terra USD (UST), during the 2022 Terra-Luna financial collapse. This fine, which includes $4.7 billion in disgorgement and $520 million in civil penalties, would be the largest crypto-related enforcement action in history, surpassing a $4.3 billion settlement with Binance. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.

dysmetric

Got it, jail for defi, bailouts for tradfi. Good way to demonstrate the crypto use-case is, really. Thankyou SEC for selectively enforcing accountability.

JohnniePeters

I'm for it. Any action against the SEC is very welcome. These rats are anti crypto and therefore the anti normal people trying to escape the ratrace. This organisations purpose is bring rest, peace and harmony to the markets. The SEC is doing the exact opposit. This organisation has the marks of a criminal organistion. It should end yeasterday.

Thin_Top_1573

Uhhh no! For clarity, I love David miscavige and Scientology!! That said I’m still serious. The SEC has what? 6 people? Overwhelm them with lawsuits until it’s an issue that needs to be addressed. If that’s replacing Gary because his actions are blah blah blah… This is war fuckers, seems like a viable plan to me! 🤷‍♂️

CointestMod

#Bitcoin Pro-Arguments Below is an argument written by a deleted user which won 1st place in the Bitcoin Pro-Arguments topic for a prior [Cointest](/r/CointestOfficial/wiki/cointest_policy) round. > **First-Mover Advantage and The Network Effect** > > Bitcoin is currently the most popular cryptocurrency and market cap leader by a long shot. The [Bitcoin dominance chart](https://www.coingecko.com/en/global-charts) shows that Bitcoin represents 60% of the entire cryptocurrency market cap. This has increased from 40% in 2020. > > Bitcoin is the **gateway**. People start out with Bitcoin before checking out other cryptocurrencies. They're likely going to keep holding any Bitcoin they bought along the way. > > People will flock to whichever product has the largest user base. For half a decade, Bitcoin was almost synonymous with cryptocurrency. The Network Effect creates a **positive feedback loop** and makes Bitcoin's lead grow even more. > > If Bitcoin, Bitcoin Cash, and Litecoin were all released simultaneously, Bitcoin would lose to its PoW competitors because its competitors have cheaper fees with higher throughput. But the reality is that Bitcoin's first-mover advantage gave it such a huge head start that the others can't catch up. > > **Has the largest block reward for security** > > Due to its high price, Bitcoin has a huge [block reward of 6.5 BTC](https://www.coingecko.com/en/coins/bitcoin/bitcoin-halving) (halves every 4 years) or ~$180k per block. This gives it the security lead because its block reward is so much bigger than other PoW cryptocurrencies, which attracts more miners. > > **Anti-censorship** > > Bitcoin provides partial censorship-resistance against sanctions and totalitarian government restrictions. It's much harder to prevent Bitcoin transactions than it is to prevent financial transactions at a centralized bank. [Legal sex workers](https://www.theverge.com/2021/8/24/22639356/onlyfans-ceo-tim-stokely-sexually-explicit-content-ban-banks) (e.g. Onlyfans) and [marijuana industries](https://www.leadingretirement.com/blog/cannabis-banking) are blocked from using traditional financial services due to social stigma. Even though they can operate legally, many TradFi banks avoid operating with them. Bitcoin provides those workers a way to transfer funds around that censorship. > > **Avoids Hyperinflation**: As long as governments keep causing high inflation through money-printing, people will run to Bitcoin for safety, which pumps up Bitcoin's price. > > **Considered a commodity by both SEC and CFTC**: Bitcoin is the only cryptocurrency that both the SEC and CFTC have openly agreed is a commodity. And the CFTC is much less lawsuit-happy than the SEC. > > **Legal tender**: El Salvador has shown (despite some technical mishaps) that Bitcoin can be successfully used as legal tender for a country. > > **Ordinals provide utility** > > Even though Bitcoin Maxis hate Ordinals, this new protocol gives utility to Bitcoin and adds demand. NFT bros are using it as an **on-chain data storage layer** for their own blockchains (e.g. Ethereum, Stack). This has an advantage over IPFS since IPFS is stored in centralized databases instead of on-chain. > > This generates more fees for Bitcoin miners. Transaction fees have finally [risen to ~20 sats/vByte](https://mempool.space/graphs/mempool) on days with high Ordinals activity like Mar 22-24. This gives hope that there may be sufficient demand for Bitcoin as an on-chain data-storage layer even after the block subsidy eventually disappears due to halvings. > > **Pseudonymous**: Bitcoin's UTXO transactions can provide moderately-high levels of obscurity. A single wallet can produce a near-unlimited amount of addresses, and there's no way to link them unless they interact with each other. It's much harder to trace UTXO-based wallets than Account-based wallets because the former creates new UTXO addresses with each transaction while Account-based blockchain wallets typically reuse the same account. > > **Lightning transactions are near-instant and cheap** > > As long as you're spending small amounts of Bitcoin, you can use the Lightning network to make near-instant, sub-$0.01 transactions. Many Lightning nodes for merchants are connected to 3rd-party services that convert between cash and Lightning, making it easy to transfer Bitcoins. Consumers usually don't have to care about rebalancing issues since they're only spending small amounts. > > And the [total capacity of the Lightning Network](https://bitcoinvisuals.com/ln-capacity) in BTC keeps increasing steadily. > > **Cannot be counterfeited**: Cash can be counterfeited, but you can't fake Lightning transactions. Merchants have to deal with counterfeit cash in many markets around the world. > > **Bitcoin has a very strong community of die-hard supporters** > > A huge portion of Bitcoin supporters have become Bitcoin Maxis who will keep spreading their arguments, regardless of accuracy. Because Bitcoin is a gateway cryptocurrency, crypto newbies will encounter it first and gobble up these narratives because they don't have the experience to know their flaws. And they're very convincing when you keep repeating them in an echo chamber: > > * Maximum supply cap of 21M BTC vs Fed's money printer > * Amazing past-performance gains vs fiat > * Works as Store of Value (despite volatility) > * Had a "fair launch" without an ICO > * Is not a risky altcoin > * Is decentralized (based on largest number of miners) > * Has instant payments via the Lightning Network > > **Ultimately, people are mainly using crypto for speculative investing and long-term Store of Value. Most people don't care about technology, Defi, or utility. Thus Bitcoin is sufficient for their investment needs.** > > And since cryptocurrency value is largely based on a Keynesian Beauty Contest (i.e. you buy not based on your own value, but on what you think others are going to buy), people are going to keep buying Bitcoin as long as the investment narrative holds. ***** Would you like to learn more? [Click here](/r/CointestOfficial/comments/100p7vq/top_coins_bitcoin_proarguments_january_2023/) to be taken to the original topic-thread for this argument or you can scan through the [Cointest Archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Bitcoin) to find arguments on this topic in other rounds.

nitsua_saxet

Let us take that risk. I don’t need them trying to protect me like I’m a child. The general public should know crypto is risky, which they already kind of do. Nothing is needed from the SEC.

Patient_Delivery_376

So the question is do you want to be ruled by the SEC or ruled by VCs and unregulated/unaudited private companies that can confiscate your assets and you can’t do anything about it?

Rakshear

Btc got an etf because it’s an older commodity, eth may not get an etf at all because it’s a more complicated cryptocurrency whose value is derived from use, and less stable then bitcoin since eth coil in theory be replaced by better technology, whereas btc is a store of value vs eth being a utility token. Even though ETH is classified as a commodity by the CFTC, any ETF that involves ETH falls under the SEC’s purview because an ETF itself is considered a security. An eth etf would likely be beneficial for alt coins because it means several of them could get an etf potentially.

coinfeeds-bot

tldr; Ethereum's price has shown significant fluctuations, with a recent retest of the $3,000 support level in April and a peak of $4,000 in March. Factors influencing Ethereum's Q2 performance include its recovery past $3,000, potential resistance at $3,700, and its historical high of $4,808.74 in November 2021. Positive growth predictions range up to $21,000 by 2025, with strong activity in Layer-2 scaling solutions like Shiba Inu and Polygon indicating robust ecosystem health. However, risks include potential SEC regulations classifying ETH as a security, which could impact prices negatively. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.

TheWolfofAllStreetss

Mumbling "worthless, no utility.....bitcoin...." to themselves as they read up on the SEC xrp case

Patient_Delivery_376

OK. Aren't you a bit off topic here? This thread talks about a case of abuse of power within the SEC! And the SEC has no jurisdiction over whether BTC should be part of an SWF or not. So again, can you please elaborate what change do you want from the SEC?

CointestMod

#Bitcoin Pro-Arguments Below is an argument written by a deleted user which won 1st place in the Bitcoin Pro-Arguments topic for a prior [Cointest](/r/CointestOfficial/wiki/cointest_policy) round. > **First-Mover Advantage and The Network Effect** > > Bitcoin is currently the most popular cryptocurrency and market cap leader by a long shot. The [Bitcoin dominance chart](https://www.coingecko.com/en/global-charts) shows that Bitcoin represents 60% of the entire cryptocurrency market cap. This has increased from 40% in 2020. > > Bitcoin is the **gateway**. People start out with Bitcoin before checking out other cryptocurrencies. They're likely going to keep holding any Bitcoin they bought along the way. > > People will flock to whichever product has the largest user base. For half a decade, Bitcoin was almost synonymous with cryptocurrency. The Network Effect creates a **positive feedback loop** and makes Bitcoin's lead grow even more. > > If Bitcoin, Bitcoin Cash, and Litecoin were all released simultaneously, Bitcoin would lose to its PoW competitors because its competitors have cheaper fees with higher throughput. But the reality is that Bitcoin's first-mover advantage gave it such a huge head start that the others can't catch up. > > **Has the largest block reward for security** > > Due to its high price, Bitcoin has a huge [block reward of 6.5 BTC](https://www.coingecko.com/en/coins/bitcoin/bitcoin-halving) (halves every 4 years) or ~$180k per block. This gives it the security lead because its block reward is so much bigger than other PoW cryptocurrencies, which attracts more miners. > > **Anti-censorship** > > Bitcoin provides partial censorship-resistance against sanctions and totalitarian government restrictions. It's much harder to prevent Bitcoin transactions than it is to prevent financial transactions at a centralized bank. [Legal sex workers](https://www.theverge.com/2021/8/24/22639356/onlyfans-ceo-tim-stokely-sexually-explicit-content-ban-banks) (e.g. Onlyfans) and [marijuana industries](https://www.leadingretirement.com/blog/cannabis-banking) are blocked from using traditional financial services due to social stigma. Even though they can operate legally, many TradFi banks avoid operating with them. Bitcoin provides those workers a way to transfer funds around that censorship. > > **Avoids Hyperinflation**: As long as governments keep causing high inflation through money-printing, people will run to Bitcoin for safety, which pumps up Bitcoin's price. > > **Considered a commodity by both SEC and CFTC**: Bitcoin is the only cryptocurrency that both the SEC and CFTC have openly agreed is a commodity. And the CFTC is much less lawsuit-happy than the SEC. > > **Legal tender**: El Salvador has shown (despite some technical mishaps) that Bitcoin can be successfully used as legal tender for a country. > > **Ordinals provide utility** > > Even though Bitcoin Maxis hate Ordinals, this new protocol gives utility to Bitcoin and adds demand. NFT bros are using it as an **on-chain data storage layer** for their own blockchains (e.g. Ethereum, Stack). This has an advantage over IPFS since IPFS is stored in centralized databases instead of on-chain. > > This generates more fees for Bitcoin miners. Transaction fees have finally [risen to ~20 sats/vByte](https://mempool.space/graphs/mempool) on days with high Ordinals activity like Mar 22-24. This gives hope that there may be sufficient demand for Bitcoin as an on-chain data-storage layer even after the block subsidy eventually disappears due to halvings. > > **Pseudonymous**: Bitcoin's UTXO transactions can provide moderately-high levels of obscurity. A single wallet can produce a near-unlimited amount of addresses, and there's no way to link them unless they interact with each other. It's much harder to trace UTXO-based wallets than Account-based wallets because the former creates new UTXO addresses with each transaction while Account-based blockchain wallets typically reuse the same account. > > **Lightning transactions are near-instant and cheap** > > As long as you're spending small amounts of Bitcoin, you can use the Lightning network to make near-instant, sub-$0.01 transactions. Many Lightning nodes for merchants are connected to 3rd-party services that convert between cash and Lightning, making it easy to transfer Bitcoins. Consumers usually don't have to care about rebalancing issues since they're only spending small amounts. > > And the [total capacity of the Lightning Network](https://bitcoinvisuals.com/ln-capacity) in BTC keeps increasing steadily. > > **Cannot be counterfeited**: Cash can be counterfeited, but you can't fake Lightning transactions. Merchants have to deal with counterfeit cash in many markets around the world. > > **Bitcoin has a very strong community of die-hard supporters** > > A huge portion of Bitcoin supporters have become Bitcoin Maxis who will keep spreading their arguments, regardless of accuracy. Because Bitcoin is a gateway cryptocurrency, crypto newbies will encounter it first and gobble up these narratives because they don't have the experience to know their flaws. And they're very convincing when you keep repeating them in an echo chamber: > > * Maximum supply cap of 21M BTC vs Fed's money printer > * Amazing past-performance gains vs fiat > * Works as Store of Value (despite volatility) > * Had a "fair launch" without an ICO > * Is not a risky altcoin > * Is decentralized (based on largest number of miners) > * Has instant payments via the Lightning Network > > **Ultimately, people are mainly using crypto for speculative investing and long-term Store of Value. Most people don't care about technology, Defi, or utility. Thus Bitcoin is sufficient for their investment needs.** > > And since cryptocurrency value is largely based on a Keynesian Beauty Contest (i.e. you buy not based on your own value, but on what you think others are going to buy), people are going to keep buying Bitcoin as long as the investment narrative holds. ***** Would you like to learn more? [Click here](/r/CointestOfficial/comments/100p7vq/top_coins_bitcoin_proarguments_january_2023/) to be taken to the original topic-thread for this argument or you can scan through the [Cointest Archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Bitcoin) to find arguments on this topic in other rounds.

skexzies

The sick depravity and gross abuse of power by the federal government is like saying the sun is hot. But blaming some junior SEC lawyers...and not Gensler and his direct subordinates is laughable to me.

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coinfeeds-bot

tldr; Ripple has responded to the SEC's demand for nearly $2 billion in fines by proposing a $10 million civil penalty instead. Ripple's Chief Legal Officer, Stuart Alderoty, emphasized that the case involved no allegations of recklessness or fraud. Ripple CEO Brad Garlinghouse criticized the SEC's actions as overreaching and harmful to the crypto industry. Ripple argues that its adjustments in selling XRP and contract changes comply with court mandates, and that the SEC's fine is excessive compared to other digital-asset cases. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.

Grunblau

That’s how you get Elizabeth Warren as the SEC chair.

Wonderful_Fun543

Any Canadian using Binance is VPN'd right to hell, I can't imagine too many of my countrymen will be affected. The Canadian version of the SEC, SEA notoriously hands out fines that they fail to collect on, with over 400 million of uncollected fines to date. It surely isn't going to hurt like the hammer blow delivered by the Americans, a small consolation for stakeholders. "Through the mud and the blood, to the green fields beyond"

Oheson

No coin is a security. It is everything that is associated with the coin such as the actions of the founder, ICOs, etc that make it a regulatory risk. The SEC is not trying to figure out if ETH is a security. It is trying to figure out if the actions of the ETH Foundation violated security laws. Ripple, the company, is not out of the woods with the SEC. Especially considering they use XRP to fund their company by dumping on retail investors. XRP the coin is not a problem, however, Ripple the company is still indeed a problem. The ETH Foundation does exactly the same thing as Ripple, the company. Both use their coins to dump on retail to fund their operations and lifestyles. Check out Vitalik and the ETH whales given basically free ETH selling patterns. They are the same as how Ripple dumps on retail. ETH is a little worse because they added staking to keep Vitalik and the rest of the ETH whales rich. XRP and ETH are both s\*itcoins used to steal your money. One is not better than the other.

Oheson

No coin is a security. It is everything that is associated with the coin such as the actions of the founder, ICOs, etc that make it a regulatory risk. The SEC is not trying to figure out if ETH is a security. It is trying to figure out if the actions of the ETH Foundation violated security laws. Ripple, the company, is not out of the woods with the SEC. Especially considering they use XRP to fund their company by dumping on retail investors. XRP the coin is not a problem, however, Ripple the company is still indeed a problem.

falsomovimento

ETH. Winning the case against SEC is not going to help XRP much as it is a dead chain anyway.

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Slideshoe

This is a battle I hope the SEC wins.

Wu-Tang-Clan47

(XRP vs ETH) HELP :) I want to invest heavily into one, wich one do yall reccomend given the curret situation with the SEC, as of mins ago I read a settlement is coming and XRP will head to the moon, so I hear, I really want to stick to one and I'd appreaciate all advice, cheers!

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mamabearx0x0

Does the president choose who heads SEC? If so, let’s go Biden, time for gensler’s replacement.

Mufasa_LG

The article states that the SEC has already filed a lawsuit against him...

MaliciousTent

My experience is the SEC does whatever it wants.

coinfeeds-bot

tldr; The New York Stock Exchange (NYSE) is conducting a survey to explore the possibility of round-the-clock stock trading. This initiative reflects growing interest in 24/7 trading, influenced by the continuous operation of cryptocurrency markets and increased retail trading during the pandemic. The survey addresses potential weekend trading, price protection, staffing for overnight sessions, and the impact on regular market hours. The move comes as 24 Exchange seeks SEC approval for a 24/7 trading platform, highlighting shifts towards extended trading hours in financial markets. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.

John_Crypto_Rambo

Why can’t the SEC go after obvious shitbags like this guy?

weaponsmiths

The Securities and Exchange Commission (SEC) is illegally collecting data of every citizen who invests in the stock market, according to a new lawsuit. The New Civil Liberties Alliance (NCLA) filed the suit Tuesday against the SEC claiming that the agency, through its "Consolidated Audit Trail," or "CAT," program, is collecting mass amounts of personally identifiable data by forcing brokers, exchanges, clearing agencies and alternative trading systems to capture and send detailed information on every investor’s trades in U.S. markets to a centralized database. The agency is doing so, NCLA says, without authorization from Congress and in violation of the Fourth Amendment, which prohibits unreasonable government search and seizure of private information. ----- This has been going on since Obama.

chintokkong

>The lawyers were both relatively new to the agency, as indicated by their LinkedIn profiles. Welsh served as a trial attorney at the SEC from December 2022, while Watkins acted as an attorney at the Division of Enforcement beginning in January 2023. No responsibility from the higher up of SEC? . This is [a comment by metalawman](https://twitter.com/MetaLawMan/status/1782496779147059514) on twitter: - But the Court found that the misconduct in Debtbox was not isolated to a couple individuals, but rather there was "pervasive misconduct [demonstrating] a pattern of organizational bad faith and broadly implicates the Commission itself." - Picking a couple scapegoats to throw under the bus does not equate to real accountability when the problem is endemic to an organization.

coinfeeds-bot

tldr; Two SEC lawyers, Michael Welsh and Joseph Watkins, resigned after a district court sanctioned the SEC for 'gross abuse' of power in a crypto case involving DEBT Box. The court criticized the SEC for false statements and misrepresentations, leading to the resignation of the lawyers who were warned of potential termination. The case highlighted issues with the SEC's enforcement strategy under Chair Gary Gensler, which has been criticized for increasing regulatory uncertainty in the crypto industry. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.

John_Crypto_Rambo

The SEC can't even prove XRP is a security. Now you gonna sue Shaq? Fuck off.

coinfeeds-bot

tldr; Richard Heart, founder of the cryptocurrency HEX, has caused division within the community with his promotion of PulseChain, a new blockchain he claims is superior due to lower transaction fees. This has led to significant financial losses for some users and a sharp decline in the value of the Ethereum-based HEX, while PulseChain's version has performed relatively better. Heart is also facing a lawsuit from the SEC, which accuses him of fraud and misappropriation of funds. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.

CointestMod

#Bitcoin Pro-Arguments Below is an argument written by a deleted user which won 1st place in the Bitcoin Pro-Arguments topic for a prior [Cointest](/r/CointestOfficial/wiki/cointest_policy) round. > **First-Mover Advantage and The Network Effect** > > Bitcoin is currently the most popular cryptocurrency and market cap leader by a long shot. The [Bitcoin dominance chart](https://www.coingecko.com/en/global-charts) shows that Bitcoin represents 60% of the entire cryptocurrency market cap. This has increased from 40% in 2020. > > Bitcoin is the **gateway**. People start out with Bitcoin before checking out other cryptocurrencies. They're likely going to keep holding any Bitcoin they bought along the way. > > People will flock to whichever product has the largest user base. For half a decade, Bitcoin was almost synonymous with cryptocurrency. The Network Effect creates a **positive feedback loop** and makes Bitcoin's lead grow even more. > > If Bitcoin, Bitcoin Cash, and Litecoin were all released simultaneously, Bitcoin would lose to its PoW competitors because its competitors have cheaper fees with higher throughput. But the reality is that Bitcoin's first-mover advantage gave it such a huge head start that the others can't catch up. > > **Has the largest block reward for security** > > Due to its high price, Bitcoin has a huge [block reward of 6.5 BTC](https://www.coingecko.com/en/coins/bitcoin/bitcoin-halving) (halves every 4 years) or ~$180k per block. This gives it the security lead because its block reward is so much bigger than other PoW cryptocurrencies, which attracts more miners. > > **Anti-censorship** > > Bitcoin provides partial censorship-resistance against sanctions and totalitarian government restrictions. It's much harder to prevent Bitcoin transactions than it is to prevent financial transactions at a centralized bank. [Legal sex workers](https://www.theverge.com/2021/8/24/22639356/onlyfans-ceo-tim-stokely-sexually-explicit-content-ban-banks) (e.g. Onlyfans) and [marijuana industries](https://www.leadingretirement.com/blog/cannabis-banking) are blocked from using traditional financial services due to social stigma. Even though they can operate legally, many TradFi banks avoid operating with them. Bitcoin provides those workers a way to transfer funds around that censorship. > > **Avoids Hyperinflation**: As long as governments keep causing high inflation through money-printing, people will run to Bitcoin for safety, which pumps up Bitcoin's price. > > **Considered a commodity by both SEC and CFTC**: Bitcoin is the only cryptocurrency that both the SEC and CFTC have openly agreed is a commodity. And the CFTC is much less lawsuit-happy than the SEC. > > **Legal tender**: El Salvador has shown (despite some technical mishaps) that Bitcoin can be successfully used as legal tender for a country. > > **Ordinals provide utility** > > Even though Bitcoin Maxis hate Ordinals, this new protocol gives utility to Bitcoin and adds demand. NFT bros are using it as an **on-chain data storage layer** for their own blockchains (e.g. Ethereum, Stack). This has an advantage over IPFS since IPFS is stored in centralized databases instead of on-chain. > > This generates more fees for Bitcoin miners. Transaction fees have finally [risen to ~20 sats/vByte](https://mempool.space/graphs/mempool) on days with high Ordinals activity like Mar 22-24. This gives hope that there may be sufficient demand for Bitcoin as an on-chain data-storage layer even after the block subsidy eventually disappears due to halvings. > > **Pseudonymous**: Bitcoin's UTXO transactions can provide moderately-high levels of obscurity. A single wallet can produce a near-unlimited amount of addresses, and there's no way to link them unless they interact with each other. It's much harder to trace UTXO-based wallets than Account-based wallets because the former creates new UTXO addresses with each transaction while Account-based blockchain wallets typically reuse the same account. > > **Lightning transactions are near-instant and cheap** > > As long as you're spending small amounts of Bitcoin, you can use the Lightning network to make near-instant, sub-$0.01 transactions. Many Lightning nodes for merchants are connected to 3rd-party services that convert between cash and Lightning, making it easy to transfer Bitcoins. Consumers usually don't have to care about rebalancing issues since they're only spending small amounts. > > And the [total capacity of the Lightning Network](https://bitcoinvisuals.com/ln-capacity) in BTC keeps increasing steadily. > > **Cannot be counterfeited**: Cash can be counterfeited, but you can't fake Lightning transactions. Merchants have to deal with counterfeit cash in many markets around the world. > > **Bitcoin has a very strong community of die-hard supporters** > > A huge portion of Bitcoin supporters have become Bitcoin Maxis who will keep spreading their arguments, regardless of accuracy. Because Bitcoin is a gateway cryptocurrency, crypto newbies will encounter it first and gobble up these narratives because they don't have the experience to know their flaws. And they're very convincing when you keep repeating them in an echo chamber: > > * Maximum supply cap of 21M BTC vs Fed's money printer > * Amazing past-performance gains vs fiat > * Works as Store of Value (despite volatility) > * Had a "fair launch" without an ICO > * Is not a risky altcoin > * Is decentralized (based on largest number of miners) > * Has instant payments via the Lightning Network > > **Ultimately, people are mainly using crypto for speculative investing and long-term Store of Value. Most people don't care about technology, Defi, or utility. Thus Bitcoin is sufficient for their investment needs.** > > And since cryptocurrency value is largely based on a Keynesian Beauty Contest (i.e. you buy not based on your own value, but on what you think others are going to buy), people are going to keep buying Bitcoin as long as the investment narrative holds. ***** Would you like to learn more? [Click here](/r/CointestOfficial/comments/100p7vq/top_coins_bitcoin_proarguments_january_2023/) to be taken to the original topic-thread for this argument or you can scan through the [Cointest Archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Bitcoin) to find arguments on this topic in other rounds.

coinfeeds-bot

tldr; The New Civil Liberties Alliance (NCLA) has filed a lawsuit against the SEC, alleging that the agency's Consolidated Audit Trail (CAT) program illegally collects extensive personal financial data from all U.S. investors without Congressional authorization and in violation of the Fourth Amendment. The CAT program, which was initiated during the Obama administration, involves capturing and storing detailed information about every trade made in U.S. markets, posing significant privacy risks. The lawsuit claims this represents the largest government-mandated collection of personal financial data in U.S. history. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.

Calibased

You’re not listening. It’s about the principle of the SEC chipping away at crypto. Kraken kneeled to the SEC and left coinbase to stand up against them alone. And not just coinbase, crypto as a whole. Kraken is a mid exchange at best with cowards in leadership. Monero is overrated.

OfWhomIAmChief

Coinbase doesnt even list Monero and never has. It seems staking is important to you while I could care less for it l, so according to your principles I could see your point. In my opinion, staking crypto on a centralized exchange is the opposite of what crypto or rather Bitcoin was created for. On the other hand private digital cash like Monero is the ideal that the original Cypherpunks intended, an exchange like Coinbase fighting the SEC for their bottom line $ doesn't inspire support from me; but an exchange like Kraken listing Monero because privacy is a human right does inspire my support.

Calibased

https://www.cnbc.com/amp/2023/02/09/crypto-exchange-kraken-settles-with-sec-over-us-staking-operation.html They refused to team up with coinbase in fighting the SEC and instead settled. Now that Coinbase’s fight looks promising kraken all of a sudden wants to act like they were willing to take on the SEC as well. Not true.

hindumafia

 The SEC is going after the promoters for violating laws and disclosures required for advertising securities and other investments. And I’m not saying I agree, but that’s what they are doing.

hindumafia

 The SEC is going after the promoters for violating laws and disclosures required for advertising securities and other investments. And I’m not saying I agree, but that’s what they are doing.

hindumafia

 The SEC is going after the promoters for violating laws and disclosures required for advertising securities and other investments. And I’m not saying I agree, but that’s what they are doing.

hindumafia

 The SEC is going after the promoters for violating laws and disclosures required for advertising securities and other investments. And I’m not saying I agree, but that’s what they are doing.

ImmortanSteve

They aren’t in trouble for what FTX did. The SEC is going after the promoters for violating laws and disclosures required for advertising securities and other investments. And I’m not saying I agree, but that’s what they are doing.

SurprisedByItAll

F that clown. Capital punishment is too good for him. HE destroyed the lives of investors and now he seeks to deteoy the life of the celebrities he CONNED into thinking FYX was legit. How in the world would Tom Brady or Shaq knows the guy was a total FRAUD when he's in congress geasing maxine waters palms, gary SEC's palms, Democrat and Shady RINO plams. G that guy and FTX shad government tool for further seeking to damage crypto credibility and freeze all celebrities from having anything to do with crypto again. Fing clowns.

OfWhomIAmChief

The last major exchange to still list Monero is considered the first to kneel to the SEC by you? Care to explain?

ModernLifelsRubbish

Key Provisions Dual Banking System: The Act preserves the current dual banking system, ensuring parity between state and federal charters without imposing new policy preferences. Regulatory Authority: State non-depository trust companies are authorized to issue payment stablecoins up to $10 billion. Limited-purpose state/OCC depository institutions are authorized to issue stablecoins without a specified cap. The Federal Reserve or state/OCC can take independent enforcement action against a depository institution issuer. Custody and Risk Management: Non-depository trust companies must use a sub-custodian that is a depository institution for custody, similar to SEC Qualified Custody. Comprehensive third-party risk management is imposed on service providers, except for self-hosted wallets. The Federal Reserve is granted supervision authority, except when the service provider is already supervised by another federal or state financial regulator. Receivership: A receivership regime is established under the FDIC for all payment stablecoin issuers, including order of priority, validity of claims, and classification of payment stablecoins as customer assets. Consumer Protection: The consumer protection title has provisions designed to prevent another FTX, including disclosures, proof of reserves, advertising standards, and limits on lending. Specifies mandatory notice requirements for customers, allocation of forks and airdrops, and requires a mandatory CEO compliance attestation each year. Combatting Illicit Finance: Provides focused guidance to Federal agencies to combat the use of crypto assets in illicit finance and to support law enforcement. Prohibition of Unbacked Algorithmic Stablecoins: The legislation prohibits unbacked algorithmic stablecoins and mandates one-to-one reserves for issuers.

sweet_crypto_buy

You got to be kidding us. There's no bear market in crypto this year. If you see BTC drops after halving event occurred, that's temporary only and called as a normal correction. Crypto usually pumps up hard in Q4 and Q1 during bull run year that's what happened in Q1 this year after BTC ETF was approved by SEC. The bull run for 5x-10x has not really happened to most cryptos this year but can happen in Q4 this year or Q1 next year. The bull run will conclude after May or June 2025 before next bear market kicks in officially that will depend on when Federal interest rate cut will end next year. The rate cut and ETH ETF are two big catalysts for the remaining year's bull run. Also, Hong Kong will start to allow for BTC ETF to trade by the end of this month. Any FUD now is just temporary.

Dazzling_Marzipan474

Well JPMorgan has never lied or manipulated markets or been fined by the SEC so they must be telling the truth. 😐

parkranger2000

It’s a medium exchange in El Salvador, an inflation hedge to ppl in Argentina and Lebanon, a store of value to a bitcoin maxi in the US, and a speculative risk asset to hedge funds on Wall Street. And now it’s potentially part of an SEC approved etf in your retirement account. Each of those drives adoption in a different way. It doesn’t need to be one thing to everyone. “Average Joe” will get BTC at the price he deserves

Calibased

This post won’t go over well considering this subreddit is secretly and now openly owned by kraken. The most mid exchange and the first to kneel to the SEC.

CointestMod

#Bitcoin Pro-Arguments Below is an argument written by a deleted user which won 1st place in the Bitcoin Pro-Arguments topic for a prior [Cointest](/r/CointestOfficial/wiki/cointest_policy) round. > **First-Mover Advantage and The Network Effect** > > Bitcoin is currently the most popular cryptocurrency and market cap leader by a long shot. The [Bitcoin dominance chart](https://www.coingecko.com/en/global-charts) shows that Bitcoin represents 60% of the entire cryptocurrency market cap. This has increased from 40% in 2020. > > Bitcoin is the **gateway**. People start out with Bitcoin before checking out other cryptocurrencies. They're likely going to keep holding any Bitcoin they bought along the way. > > People will flock to whichever product has the largest user base. For half a decade, Bitcoin was almost synonymous with cryptocurrency. The Network Effect creates a **positive feedback loop** and makes Bitcoin's lead grow even more. > > If Bitcoin, Bitcoin Cash, and Litecoin were all released simultaneously, Bitcoin would lose to its PoW competitors because its competitors have cheaper fees with higher throughput. But the reality is that Bitcoin's first-mover advantage gave it such a huge head start that the others can't catch up. > > **Has the largest block reward for security** > > Due to its high price, Bitcoin has a huge [block reward of 6.5 BTC](https://www.coingecko.com/en/coins/bitcoin/bitcoin-halving) (halves every 4 years) or ~$180k per block. This gives it the security lead because its block reward is so much bigger than other PoW cryptocurrencies, which attracts more miners. > > **Anti-censorship** > > Bitcoin provides partial censorship-resistance against sanctions and totalitarian government restrictions. It's much harder to prevent Bitcoin transactions than it is to prevent financial transactions at a centralized bank. [Legal sex workers](https://www.theverge.com/2021/8/24/22639356/onlyfans-ceo-tim-stokely-sexually-explicit-content-ban-banks) (e.g. Onlyfans) and [marijuana industries](https://www.leadingretirement.com/blog/cannabis-banking) are blocked from using traditional financial services due to social stigma. Even though they can operate legally, many TradFi banks avoid operating with them. Bitcoin provides those workers a way to transfer funds around that censorship. > > **Avoids Hyperinflation**: As long as governments keep causing high inflation through money-printing, people will run to Bitcoin for safety, which pumps up Bitcoin's price. > > **Considered a commodity by both SEC and CFTC**: Bitcoin is the only cryptocurrency that both the SEC and CFTC have openly agreed is a commodity. And the CFTC is much less lawsuit-happy than the SEC. > > **Legal tender**: El Salvador has shown (despite some technical mishaps) that Bitcoin can be successfully used as legal tender for a country. > > **Ordinals provide utility** > > Even though Bitcoin Maxis hate Ordinals, this new protocol gives utility to Bitcoin and adds demand. NFT bros are using it as an **on-chain data storage layer** for their own blockchains (e.g. Ethereum, Stack). This has an advantage over IPFS since IPFS is stored in centralized databases instead of on-chain. > > This generates more fees for Bitcoin miners. Transaction fees have finally [risen to ~20 sats/vByte](https://mempool.space/graphs/mempool) on days with high Ordinals activity like Mar 22-24. This gives hope that there may be sufficient demand for Bitcoin as an on-chain data-storage layer even after the block subsidy eventually disappears due to halvings. > > **Pseudonymous**: Bitcoin's UTXO transactions can provide moderately-high levels of obscurity. A single wallet can produce a near-unlimited amount of addresses, and there's no way to link them unless they interact with each other. It's much harder to trace UTXO-based wallets than Account-based wallets because the former creates new UTXO addresses with each transaction while Account-based blockchain wallets typically reuse the same account. > > **Lightning transactions are near-instant and cheap** > > As long as you're spending small amounts of Bitcoin, you can use the Lightning network to make near-instant, sub-$0.01 transactions. Many Lightning nodes for merchants are connected to 3rd-party services that convert between cash and Lightning, making it easy to transfer Bitcoins. Consumers usually don't have to care about rebalancing issues since they're only spending small amounts. > > And the [total capacity of the Lightning Network](https://bitcoinvisuals.com/ln-capacity) in BTC keeps increasing steadily. > > **Cannot be counterfeited**: Cash can be counterfeited, but you can't fake Lightning transactions. Merchants have to deal with counterfeit cash in many markets around the world. > > **Bitcoin has a very strong community of die-hard supporters** > > A huge portion of Bitcoin supporters have become Bitcoin Maxis who will keep spreading their arguments, regardless of accuracy. Because Bitcoin is a gateway cryptocurrency, crypto newbies will encounter it first and gobble up these narratives because they don't have the experience to know their flaws. And they're very convincing when you keep repeating them in an echo chamber: > > * Maximum supply cap of 21M BTC vs Fed's money printer > * Amazing past-performance gains vs fiat > * Works as Store of Value (despite volatility) > * Had a "fair launch" without an ICO > * Is not a risky altcoin > * Is decentralized (based on largest number of miners) > * Has instant payments via the Lightning Network > > **Ultimately, people are mainly using crypto for speculative investing and long-term Store of Value. Most people don't care about technology, Defi, or utility. Thus Bitcoin is sufficient for their investment needs.** > > And since cryptocurrency value is largely based on a Keynesian Beauty Contest (i.e. you buy not based on your own value, but on what you think others are going to buy), people are going to keep buying Bitcoin as long as the investment narrative holds. ***** Would you like to learn more? [Click here](/r/CointestOfficial/comments/100p7vq/top_coins_bitcoin_proarguments_january_2023/) to be taken to the original topic-thread for this argument or you can scan through the [Cointest Archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Bitcoin) to find arguments on this topic in other rounds.

iStayedAtaHolidayInn

JP Morgan is secured by the FDIC and is under the regulations of the SEC

Braviosa

A lot of the stagnation is related to the lawsuit which is almost done. The SEC has nothing left. The sentiment you hold seems common amongst crypto investors, but you hear a very different story from professional traders.They alll seem too think its going to go apeshit with chart analysis. I don't know if it will, but I'm confident it won't go down enough to drop 10k on it.

voice-of-reason_

Yeah exactly, I randomly watched his YouTube videos of MIT lectures about blockchain before he became the head of the SEC so I knew he wasn’t clueless but some people here didn’t want to hear that.

my-man-fred

I've been there man. I DO NOT use those clowns. Once you get through to support, forget ANY kind of escalation. The foreign support is operating off a script and they simply do not have any way of escalating. They just wont and I swear they don't even understand the concept. In order for me to get my account operating again I had to open a case with my state's attorney general. They were very prompt and on RH's asses and voila, no problems with my account. Yeah, it took a few days. Yes, I lost out on trades as a result. RH is up to some shady shit and it is NOT going to surprise me one morning to see an FBI/SEC seizure notice on their domain. T

Practical_Pen_7730

If this is truly against federal regulation the Email the appropriate SEC office, each rep/office has an email address. Schedule it for Monday morning. Add all evidence and facts. Email them anyway - add to the watch, who cares.

primordial-gloop

Do you think ETH is a security and should the SEC investigate?

Existing_Web_1300

Jesus after reading his manifesto. It really shows how serious mental illness needs to be taken - this dude lit himself on fire over this? He think crypto is a government Ponzi scheme to further their fascist/globalist control over people? If the government was using bitcoin to destroy everything, why is the government so anti crypto? The SEC has been attacking it for years, making claims of alts being securities, suing numerous crypto organization and exchanges as well as claiming Bitcoin is mostly to pay for illegal acts. It’s really sad, but at least he’s probably at peace now.

a_stray_bullet

Why do you think the SEC isn't providing clear regulations for the industry and stonewalling growth? Why do you think despite all this, the SEC approved the Blackrock BTC ETF? How do you think thhat despite the SEC's power, Blackrock, the institute managing the US government's asset book, got the SEC to approve the ETF? This isn't some conspiracy, big players have entered this market now. Players that want to control the flow, get paid all the fees, get their pockets filled. USDY is Blackrock's stablecoin, and will be backed by Wall street's most influential. Banks don't want to work with Tether because banks want Tether to fuckin die. They are stonewalling waiting for their desired replacement. I hope you enjoyed this lesson.

Harold_Kensington

SEC and Gary going to new extremes to spread FUD. Honestly give them credit I didn’t see the whole manifesto/man lighting himself on fire in their playbook. LOL joking of course, he is absolute batshit crazy his theory doesn’t even make sense.. uh really crypto is the totalitarian Ponzi scheme and not centralized banking? Crypto and defi are literally the solution and the enemy of the corrupt state. Your either as batshit as him or vegetable level IQ to let this effect your financial decision good grief get a handle.

AodaFyr

Why ban, when you can sue with SEC for unlicensed selling of securities and milk it speculating on token price..

AodaFyr

Why ban, when you can sue with SEC for unlicensed selling of securities and milk it speculating on token price..

MjolnirTheThunderer

But the halving is not a “rumor” the way the SEC Spot ETF approval was a rumor. The halving is a predetermined, unavoidable, and historically repeating fact.

3utt5lut

It is a digital currency though, it is the primary digital currency in the cryptocurrency market, as it is still bought, sold, and used to buy other currencies, making it a currency. If this wasn't the case, trading pairs wouldn't have /BTC as an option? It's as much of a store of value as you believe it is. But literally anything can also be a store of value, the only saving grace currently is that the SEC is on BTC's side (for now).

jps_

Major Questions Doctrine is an argument. It's just not a winning argument. Every judge that's ruled so far has trashed it, for various reasons, but the common thread is that SEC actually does have statutory authority to regulate securities. Instead, this is merely a binary question of fact: is the exchange trading in securities? The Supreme Court has already established a bright-line test to answer this question. And the lower courts are bound to apply this test - namely the Howey Test. This is just an argument being raised on the record so that it can be eventually heard at the Supreme Court. But don't hold your breath that even the Supreme Court will take it up.

Disastrous_Week3046

Nothing to do with Howie. Coinbase tried to claim (as part of the major questions doctrine) that crypto is so unique and revolutionary that it is too politically and/or economically significant to be taken up by agencies like the SEC and should instead require congressional authorization. Of course, this is obviously not the case and the judge shut Coinbases attempt down. Now kraken is trying to do the same.

HeinousHaggis

Hey Jamie, remind me again how many times the SEC has fined your company for markets manipulation? Oh that’s right I forgot we don’t talk about that inconvenient truth.

coinfeeds-bot

tldr; In a lawsuit filed by the SEC against Kraken for operating as an unregistered securities exchange, broker, and clearinghouse, Kraken has invoked the Major Questions Doctrine (MQD) as a defense. Kraken argues that the SEC is overstepping its authority, claiming the traded assets are commodities, not securities. An amicus brief filed by Democracy Forward on behalf of law experts supports the SEC, arguing that the MQD should not apply as the SEC's actions are within its legal boundaries and do not constitute a major economic impact. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.

NoVegas0

I prefer Kraken because they have taken steps to be seen as a legal bank in the US. I like Coinbase beause they are one of the few exchanges fighting back against the SEC instead of rolling over and just taking their arbitraty interpiration of laws for crypto. dont care for Binance, theres alot of things going on behind the doors with them which makes me question how much money they really have.

chintokkong

>Acknowledging the passing of Roberta Karmel, the first female SEC Commissioner who served from ‘77-‘80. In her book, “Regulation by Prosecution,” she bravely encouraged companies to fight back against the SEC’s bullying by enforcement tactics. Roberta - we hear you still. https://x.com/s_alderoty/status/1781100893150072938

C-Class_hero_Satoru

One day we will have pump, it cannot go down forever, reaching 2023 bottom in 2024 would be not logical because we don't have FUD about FTX, SEC and Ukraine war

C-Class_hero_Satoru

But it already dumped like 3 times, of we keep dumping alts will reach 2023 bottom soon which is not logical, because we don't have any did like before with FTX, SEC, Ukraine war etc.

Nimoh_Da_Crypto_Fish

Blockdag under SEC scrutiny for promising 10000 % ROi .. some people fall for anything..

puckmugger

GOVERNMENT FUD, Paid for by the SEC.

BigDeezerrr

How is ETH on the rise again? The ETH/BTC chart is an absolute bloodbath, ETH is getting heavily scrutinized by the SEC and likely won't get ETF approval, and Vitalik himself seems worried about how centralized its become

Calibased

Kraken sided with the SEC and helped give them fuel they needed to go after crypto. They refused to join arms with coinbase in fighting for fair crypto regulatory clarity.

One_Boot_5662

When it goes tits-up and the "investors" go running to the SEC and other regulators and demand tighter controls on "crypto", can we agree; that will be a bad day for achieving the actual mission of cryptocurrency? Duping the mainstream to put funds into such an obviously flawed system is morally bankrupt.

ForthInLine

A better analogy would be the image of a tractor labeled 'SEC' pushing something lebeled 'MONERO' out of a land fill named "Crypto Market".

Appropriate_Night235

No, the SEC sued…not the DOJ. And the case is very much alive after Coinbase lost its request for early dismissal of the case.

Appropriate_Night235

It’s the SEC that sued coinbase not DOJ.

KiritimatiSwan

Oh manz. FBI snoopin, gonna find the insiders who were lootin, while reasonable prices were scootin, SEC gave a free pass to buterIN

HurricaneHarvey7

SEC needs to step in and make all US exchanges stop selling unregistered securities

CaptainRelevant

It’ll never go that high. At one point XRP was #2 in market cap and ETH was #3. So if XRP were to equal ETH’s current market cap (post SEC settlement), it’d still only be worth about $4. Now I bought a ton at $0.17, so $4 is my sell point.

Void_Sloth

Forget the halving then, the approval of the ETFs by the SEC have given legitimacy to Bitcoin. Its no longer a fringe asset and is now available though some of the largest financial institutions on earth.

CointestMod

#Bitcoin Pro-Arguments Below is an argument written by a deleted user which won 1st place in the Bitcoin Pro-Arguments topic for a prior [Cointest](/r/CointestOfficial/wiki/cointest_policy) round. > **First-Mover Advantage and The Network Effect** > > Bitcoin is currently the most popular cryptocurrency and market cap leader by a long shot. The [Bitcoin dominance chart](https://www.coingecko.com/en/global-charts) shows that Bitcoin represents 60% of the entire cryptocurrency market cap. This has increased from 40% in 2020. > > Bitcoin is the **gateway**. People start out with Bitcoin before checking out other cryptocurrencies. They're likely going to keep holding any Bitcoin they bought along the way. > > People will flock to whichever product has the largest user base. For half a decade, Bitcoin was almost synonymous with cryptocurrency. The Network Effect creates a **positive feedback loop** and makes Bitcoin's lead grow even more. > > If Bitcoin, Bitcoin Cash, and Litecoin were all released simultaneously, Bitcoin would lose to its PoW competitors because its competitors have cheaper fees with higher throughput. But the reality is that Bitcoin's first-mover advantage gave it such a huge head start that the others can't catch up. > > **Has the largest block reward for security** > > Due to its high price, Bitcoin has a huge [block reward of 6.5 BTC](https://www.coingecko.com/en/coins/bitcoin/bitcoin-halving) (halves every 4 years) or ~$180k per block. This gives it the security lead because its block reward is so much bigger than other PoW cryptocurrencies, which attracts more miners. > > **Anti-censorship** > > Bitcoin provides partial censorship-resistance against sanctions and totalitarian government restrictions. It's much harder to prevent Bitcoin transactions than it is to prevent financial transactions at a centralized bank. [Legal sex workers](https://www.theverge.com/2021/8/24/22639356/onlyfans-ceo-tim-stokely-sexually-explicit-content-ban-banks) (e.g. Onlyfans) and [marijuana industries](https://www.leadingretirement.com/blog/cannabis-banking) are blocked from using traditional financial services due to social stigma. Even though they can operate legally, many TradFi banks avoid operating with them. Bitcoin provides those workers a way to transfer funds around that censorship. > > **Avoids Hyperinflation**: As long as governments keep causing high inflation through money-printing, people will run to Bitcoin for safety, which pumps up Bitcoin's price. > > **Considered a commodity by both SEC and CFTC**: Bitcoin is the only cryptocurrency that both the SEC and CFTC have openly agreed is a commodity. And the CFTC is much less lawsuit-happy than the SEC. > > **Legal tender**: El Salvador has shown (despite some technical mishaps) that Bitcoin can be successfully used as legal tender for a country. > > **Ordinals provide utility** > > Even though Bitcoin Maxis hate Ordinals, this new protocol gives utility to Bitcoin and adds demand. NFT bros are using it as an **on-chain data storage layer** for their own blockchains (e.g. Ethereum, Stack). This has an advantage over IPFS since IPFS is stored in centralized databases instead of on-chain. > > This generates more fees for Bitcoin miners. Transaction fees have finally [risen to ~20 sats/vByte](https://mempool.space/graphs/mempool) on days with high Ordinals activity like Mar 22-24. This gives hope that there may be sufficient demand for Bitcoin as an on-chain data-storage layer even after the block subsidy eventually disappears due to halvings. > > **Pseudonymous**: Bitcoin's UTXO transactions can provide moderately-high levels of obscurity. A single wallet can produce a near-unlimited amount of addresses, and there's no way to link them unless they interact with each other. It's much harder to trace UTXO-based wallets than Account-based wallets because the former creates new UTXO addresses with each transaction while Account-based blockchain wallets typically reuse the same account. > > **Lightning transactions are near-instant and cheap** > > As long as you're spending small amounts of Bitcoin, you can use the Lightning network to make near-instant, sub-$0.01 transactions. Many Lightning nodes for merchants are connected to 3rd-party services that convert between cash and Lightning, making it easy to transfer Bitcoins. Consumers usually don't have to care about rebalancing issues since they're only spending small amounts. > > And the [total capacity of the Lightning Network](https://bitcoinvisuals.com/ln-capacity) in BTC keeps increasing steadily. > > **Cannot be counterfeited**: Cash can be counterfeited, but you can't fake Lightning transactions. Merchants have to deal with counterfeit cash in many markets around the world. > > **Bitcoin has a very strong community of die-hard supporters** > > A huge portion of Bitcoin supporters have become Bitcoin Maxis who will keep spreading their arguments, regardless of accuracy. Because Bitcoin is a gateway cryptocurrency, crypto newbies will encounter it first and gobble up these narratives because they don't have the experience to know their flaws. And they're very convincing when you keep repeating them in an echo chamber: > > * Maximum supply cap of 21M BTC vs Fed's money printer > * Amazing past-performance gains vs fiat > * Works as Store of Value (despite volatility) > * Had a "fair launch" without an ICO > * Is not a risky altcoin > * Is decentralized (based on largest number of miners) > * Has instant payments via the Lightning Network > > **Ultimately, people are mainly using crypto for speculative investing and long-term Store of Value. Most people don't care about technology, Defi, or utility. Thus Bitcoin is sufficient for their investment needs.** > > And since cryptocurrency value is largely based on a Keynesian Beauty Contest (i.e. you buy not based on your own value, but on what you think others are going to buy), people are going to keep buying Bitcoin as long as the investment narrative holds. ***** Would you like to learn more? [Click here](/r/CointestOfficial/comments/100p7vq/top_coins_bitcoin_proarguments_january_2023/) to be taken to the original topic-thread for this argument or you can scan through the [Cointest Archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Bitcoin) to find arguments on this topic in other rounds.

smellybarbiefeet

1) It’s a given that there will be financial crime, It’s completely unavoidable 2)Regulations won’t stop fools parting with their money 3) The Ripple court case, Tera Luna, FTX are setting into motion case law to address future crypto crimes 4) Binance is being brought under the thumb of established regulations for crypto, CZ has been forced to step down 4) SEC has been held accountable for its mishandling of Crypto related cases, and tbh their influence is over exaggerated 5) Crypto exchanges that have the appropriate licenses are putting pressure on governments for clearer regulatory policy I think people are a bit quick to criticise the current situation. Bitcoin came out in 2009, while things are still a bit Wild West, we’ve definitely come a long way.

SnowyFlam

Okay, I will need to look more into the SEC cryptocurrency ETF procedure. I had thought that the regulations weren't made yet to prevent this type of scam.