Mason Versluis1.5 Million+ Creator, Founder, Investor

Crazy Crypto Regulation News - MUST WATCH

Name: Crazy Crypto Regulation News - MUST WATCH
Uploaded: 2023-01-28T22:03:04+00:00
Duration: 58 s
Channel: Mason Versluis
Description: In this commentary, the speaker denounces the U.S. Securities and Exchange Commission's (SEC) handling of cryptocurrency regulation. Citing SEC…

28 Jan 2023 · 1 min

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In this commentary, the speaker denounces the U.S. Securities and Exchange Commission's (SEC) handling of cryptocurrency regulation. Citing SEC Commissioner Hester Peirce (misnamed as Esther Pierce), the speaker highlights her claim that the SEC’s current approach would require 400 years to evaluate all alleged crypto securities. The speaker argues that the SEC appears to treat all cryptocurrencies as securities to expand its regulatory reach, but deliberately avoids issuing clear rules that define what constitutes a security. By keeping regulations vague, the SEC retains the ability to pursue lawsuits or fines against crypto founders at its discretion, according to the speaker.

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What the SEC just said about crypto is absolutely crazy, and you need to hear this. Esther Pierce, who is an SEC commissioner, says that the current approach that the SEC is taking will take 400 years to go through the cryptos that it alleges are securities. So we know at the SEC that they think all cryptos are securities, and they would probably love to just deem them all securities so that they can regulate them. And Hester Peirce directly says that the SEC does not want to come out with clear rules and regulations on what classifies a crypto as a security or not, because if they did that, the SEC would have to admit that it is not within its authority to regulate some cryptocurrencies. Therefore, the SEC keeps the rules very gray and muddy and blurry so that they can turn around at any minute and sue or fine any crypto founder who's trying to follow the vague rules they've put out.