The SEC is trying to control how we invest in cryptocurrency and that needs to stop. After looking at the entire history of SEC enforcement actions against crypto one thing stands out —the SEC is all bark, and no bite. Sure, crypto companies have been served a lot of enforcement letters, especially lately. But as these cases get settled, one thing becomes clear: full control of crypto is far outside of SEC control.
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0:00 Intro
1:20 SEC Cases Against Crypto
2:51 ICOs, Scams, and Celebs
5:21 SEC vs. XRP
6:24 SEC vs. LBRY
7:30 What About These?
8:41 SEC vs. Staking
10:23 Conclusion
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Sources:
https://ca.video.search.yahoo.com/search/video;_ylt=AwrFSQbWfS9kedUHQWPrFAx.;_ylu=Y29sbwNiZjEEcG9zAzEEdnRpZAMEc2VjA3BpdnM-?p=godzilla+clip&fr2=piv-web&type=E211CA1456G0&fr=mcafee
https://www.sec.gov/spotlight/cybersecurity-enforcement-actions
https://www.sec.gov/news/press-release/2014-111
https://cryptocoin.news/analysis/the-ico-boom-2018-eclipses-previous-years-15657/
https://www.cooley.com/news/insight/2020/2020-05-07-sec-v-telegram-key-takeaways-implications
https://www.sec.gov/news/press-release/2020-146
https://decrypt.co/49070/meta-1-coin-crypto-sec-default-judgment
https://www.sec.gov/litigation/litreleases/2022/lr25573.htm
https://www.polsinellibitblog.com/new-blog/2022/11/17/shhhh-sec-wins-summary-judgment-over-library
https://beincrypto.com/lbry-judge-limits-sec-ripple-case/
https://www.sec.gov/news/press-release/2023-25
https://www.coindesk.com/policy/2023/03/22/sec-warns-coinbase-its-pursuing-enforcement-action-over-securities-violations/
https://cointelegraph.com/news/stablecoin-issuer-paxos-to-face-sec-lawsuit-over-binance-usd-report#:~:text=According%20to%20a%20Feb.%2012%20report%20in%20The,is%20an%20unregistered%20security%2C%20according%20to%20the%20people.
https://www.sec.gov/oiea/investor-alerts-and-bulletins/exercise-caution-crypto-asset-securities-investor-alert
https://www.sec.gov/oiea/investor-alerts-and-bulletins/exercise-caution-crypto-asset-securities-investor-alert
https://www.coinbase.com/blog/we-asked-the-sec-for-reasonable-crypto-rules-for-americans-we-got-legal
https://www.coinbase.com/blog/coinbases-staking-services-are-not-securities-and-heres-why
#bitcoin #ethereum #crypto #news #nft #economy #money #blockchain #invest #inflation #cardano #cryptocurrency #xrp #litecoin #dogecoin #shibainucoin #world #asia #americas #europe #middleeast #africa #southafrica #unitedkingdom #france #brazil #argintina #mexico #spain #korea #india #germany
The SEC is trying to control how we Invest in crypto that needs to stop After looking at the entire history of SEC enforcement actions against crypto One thing stands out the SEC is all bark And no bite sure crypto companies have Been served a lot of enforcement letters Especially lately but as these cases get Settled one thing becomes clear full Control of crypto it's far outside of SEC control let's get it [Music] Thank you Welcome to Big Boy crypto my name is Ben And I figured out that this irrational Fear of crypto being destroyed by a Tyrannical lizard person is nothing more Than a bad dream today I'm exposing the Truth I'm going to show you the details About the SEC in its attempt to regulate Crypto this is something they do not Want you to know and we're going to give You the info today I want to take you through the history Of SEC enforcement actions against Crypto to show you one important fact Nothing the SEC has ever done has Affected crypto much at all and that has Zero percent chance of changing anytime Soon so to start let's go back to 2013 When SEC enforcement actions were pretty Rare and they were mostly taken against Scammers who use digital assets to Defraud investors but before we really
Get into it if you like crypto content Make sure to go ahead and hit subscribe To the channel and the notification Button and make sure you're at it smash That like button first crypto SEC case That happened on July 23rd of 2013 looks Like they had it coming it's SEC versus Shavers and they received enforcement Actions for defrauding investors in a Bitcoin denominated Ponzi scheme sounds About right the SEC also went after a Bunch of stuff on hacking and insider Trading Market manipulation false tweets Fake websites the dark web all the Things they should probably go after After the first case there are a few More between 2014 to 2017. like SEC Versus Eric Voorhees versus toji dice a Company that made him only 15 grand and Ended up costing him 50k in restitution And fines but it's not until 2018 when The funding crypto really starts for the SEC this was a time when icos or initial Coin offerings were pumping like last Cycles dog coins over 200 crypto icos Were launched in 17 which was a lot of That time they're all the rage and you Can see from the history of enforcement Actions that the SEC was scrambling to Keep up with Ico Mania also similar to The last bull cycles meme coin Mega Pumps were the numbers of outright scams In the Ico boom many of us who have been Here a few Cycles aren't surprised to
Find Paragon coin on the list a company That raised or let's be honest scammed 12 million dollars to merge blockchain Technology with cannabis Sounds like someone is getting high on Their own Supply when they thought that One that's a good line DJ Khaled another One was in the hot seat for showing an Ico that he held a lot of and Floyd Mayweather Jr found himself in trouble For the same thing and of course William May weather Vegas for not being able to Read the room or even able to read the SEC enforcement letter to him yeah That's why I read it to him this gets Used well into 2020 with SEC versus John McAfee for promoting an Ico and SEC Versus telegram where they had to return 1.2 billion dollars to investors pay an 18.5 million dollar fine And this is consistently how these cases Are resolved fines repayments money they Don't go to court and some of them Haven't even been settled the telegram Case foreshadows another element of how The SEC has attempted to regulate crypto Today trying to classify digital assets As Securities even in 2020 with the Telegram case it was clear that the Company was sufficiently decentralized The Ico would not be considered a Security but because telegram is a Centralized company they had to return 1.2 billion dollars to investors and
Paid the 18.5 million fine you're seeing The SEC Playbook right it's called pay Up During this time we started to see a few Legitimate crypto projects get slammed But mostly just a lot of scams like Metacoin1 a cult of pseudo-religious Scammers who claim to back its assets With a one billion dollar art collection And two billion dollars in gold Brunswick returns of 200 000 percent Wow where do I sign up sounds good these Are the kind of psychopaths we want Stopped I wish we lived in a world where No one Falls for this kind of thing but It's clear that we don't and people fall For it all the time all right how many Times we warn them [Applause] Now the actions we've taken a look at so Far I mean pretty reasonable to be Honest with you the SEC was borderline Tolerable until December 22nd 2020. the SEC fought and actually gets Ripple labs And two of its Executives co-founder Chris Larson and CEO Brad garlinghouse The SEC said Ripple raised over 1.3 Billion dollars through unregistered Securities in the sale of the xrp token This one hit hard and the price of xrp Was always stripped of its Bull Run Taking immediately from 55 cents to 30 Cents while other all coins were getting 20 30 50x price pumps at the peak of the
Market at best xrp saw 9x the entire Bull Run and that's only because people Like us realized that Ripple had a shot Of winning the case against the SEC The case isn't subtle yet and as you Know I think xrp is poised to be one of The top performing digital Assets in the Cycle if not the number one we think They're either going to win or settle But I think that won't even really Matter because the xrp token will have Zero chance being regulated as a Security on the secondary Market Here's why Library versus the SEC let's Start at the beginning so a year later On March 29th 2021 the SEC issues an Enforcement action against Library Inc For you guessed it offering unregistered Digital asset Securities and making Money from it all told they generated Just over 11 million dollars In this case what actually settled and Library lost yes it was a sad day when On November 17 2022 the SEC won summary Judgment over Library INC now we can Talk about how the case was settled in New Hampshire one of the smallest Court Districts in the entire country and the Library didn't have enough funding to Even have a shot at winning the case But whatever the circumstances are the Truth is crypto did take an L here Or did we because on January 31st of 2023 a judge ruled against libraries
Token being a security on the secondary Market and as far as the regulation of Crypto goes from this point forward That's all that matters the secondary Market is not a security the president Is there and it's clear so as it stands The SEC can't regulate crypto in the Secondary Market it's mind-blowing You'll see the steam throughout SEC Enforcement actions in the following Year as well they don't actually do much Stop giving them too much credit it's All fines settlements backroom deals and Slots on the wrist Next we've got big connect Who wears cameras SEC versus Kim Kardashian for her annoying are you into Cryptocurrencies Instagram post showing Ethereum Max what we told you was a scam And they feel bad I mean that's just Like stupid and sure these are the Enforcement actions we probably need to See in some form or fashion You Know This one belongs up there though SEC Versus Bateman free Um in in in in in in you know for Orchestrating a scheme to defraud Equity Investors Yeah no kidding terraform lab for a Multi-billion dollar crypto asset Securities fraud and then I think had One burrito Burrito these all make sense they should Be up there on the SEC enforcement
Website don't forget though some of them Are so ongoing so we don't actually know How they plan to deal with the real Crimes happening in crypto probably just More fines and more paybacks like in 2013 but hopefully at least on a much Larger scale and now here we are 2023 And the SEC has turned its attention to Crypto staking his unregistered Securities the SEC has gone after Genesis for its lending arm Gemini earn Pay or Adventures or Kraken who agreed To discontinue unregistered offer and Sale of crypto asset staking and pay 30 Million dollars in a settlement And now Wells notices warning of Enforcement actions go into coinbase and Paxos the company that issues binance a Stablecoin busd so what's next the SEC Is telling everyone stay away from Crypto securities They released an official statement and Said under the federal Securities laws a Company may not offer or sell Securities Unless the offering is registered with The SEC or exemption to registration is Available But there is no come in and register With the SEC just ask Brian Armstrong He's been trying to make coinbase SEC Compliant and says that they won't even Come to the table to talk Coinbase makes a compelling argument for Why staging Services aren't Securities
Under the four tenants of the Howie test Which by the way was defined to regulate Citrus orchards in 1946 in a blog post They say that staking isn't an Investment because it never leaves your Wallet there's no common Enterprise Because it's decentralized there's not a Reasonable expectation of profit because Rewards are payment probably to secure The network and stakers don't make money Off the efforts of someone else maybe It's the efforts of someone's computer Equipment or software which coinbase Calls more of an I.T service than Anything else It's obvious for that explanation that The SEC is going to have one heck of a Time fitting crypto and one little Howie Test box So what's the takeaway here it's simply This Stop being scared of the SEC they've Never done anything Earth shattering to Crypto they've sent a few letters made People pay some money that's it and this Whole unregistered Securities narrative Isn't shaping up so well for them Because we finally have the results of The library case yes they sold Unregistered Securities and it's Ico Into a judge sail to its token on the Secondary Market does not fall under Securities laws catch up to all this Stuff and more my new book in case you
Have to crypto I just finished recording The audiobook it'll be out soon talk About a lot of this in the book Link in Description so I got be blessed way out [Music] [Music] Thank you [Music]
