Crypto vs Government: Unpacking The SEC's Crackdown & The Ripple Effects on The Crypto Industry
Market Mondays
EYL Network
5.0 • 4.1K Ratings
🗓️ 23 June 2023
⏱️ 12 minutes
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Summary
Join us as we explore the ongoing clash between government regulators and the burgeoning cryptocurrency sector. In this clip, we delve into recent decisions by the Securities and Exchange Commission (SEC) to classify certain cryptocurrencies as securities, creating ripples of change throughout the industry.
Discover the implications of these classifications, as well as the fallout experienced by certain cryptocurrencies that faced delisting as a result. We'll dissect the intricate dynamics between governmental oversight and the inherently decentralized nature of cryptocurrency. Tune in to stay updated on these significant developments in the crypto world. #crypto #sec #regulation
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Transcript
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| 0:00.0 | Let's start out with the, um, with some crypto. So, um, the SEC, uh, start a pot, um, and has |
| 0:10.1 | people very concerned about the state of crypto a few days ago, they classified the following |
| 0:16.2 | cryptocurrencies as securities in their financing coin based lawsuit, um, which is Salana, Cardana, |
| 0:23.5 | polygon, bitcoin, sandbox, decentralized, uh, algorithm, and, um, X-ing and Finty. Um, and then, |
| 0:34.3 | yesterday, um, Robin Hood, delisted Salana, Cardano, and polygon after the SEC listed them as |
| 0:47.1 | securities. Um, so first off, can we even say why, why is, why is it significant that SEC |
| 0:54.4 | listed these coins as securities? Why they just list them as securities and not every cryptocurrency? |
| 1:00.5 | It's really interesting, um, I was telling the stock club yesterday, um, you can, I may be |
| 1:05.8 | still online, Gary Gensler did a class on cryptocurrency a few years ago. So the theory is that |
| 1:13.4 | him and Senator Warren are putting like a plan together to destroy, and we talked about this |
| 1:20.4 | before last year when everybody was calling me conspiracy theorist, but um, crypto currency is a |
| 1:27.7 | threat to fiat currency at scale. And by listening to these as securities, the truth, now if I'm going |
| 1:33.9 | to just give the honest answer for the crypto community, the truth is most of these coins were |
| 1:38.8 | kicking the, the, the, the ask the most returns and comparison to the stock market and the bond market, |
| 1:44.7 | and they saw it as a threat and they had to shut it down. They said the big coin is the only one |
| 1:48.4 | that won't, will not be a security, um, and as a result, Salana fell 22 and a half percent, San |
| 1:54.9 | fell 20% mad at fell 24% um, Cardano fell 23%. But we've been knowing for a while, and I said it |
| 2:04.1 | back in 2020 that the government is going to regulate these. That's why I kept saying there's no |
| 2:11.2 | sense, no such thing as decentralization, because when you have a primary competitor that is getting |
| 2:16.4 | better gains, if you look at a 10 year or 15 year horizon of a chart, Bitcoin is outperformed |
| 2:23.4 | everything in comparison. So that one is going to slide, but they don't, well, I think that just, |
| 2:29.7 | they didn't want a bunch of crypto currencies to have higher valuations and better returns, |
... |
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