SEC’s War On Crypto Heats Up With New Attack On Coinbase, After US Regulators Shut Crypto Banks

Video Transcript:

Alright, we have some really big news on the crypto front. This is crazy. The SEC has been going on a crusade against crypto. I think the first time I saw them going after a cryptocurrency was with LBRI, the coin that Odyssey uses. And what they're doing is the SEC is going around and calling the coins securities, which makes bind and selling them a huge headache, especially it seems for the brokers, for the exchanges. So the latest news is that Coinbase is being investigated by the SEC. Here's the letter that's going around. This was from today to Steven Paken, who I think is the CEO of Coinbase. From the United States Security and Exchange Commission, who's the agency that's really hounding the cryptocurrency companies. And also, before we get into this letter, let's remind ourselves, just last week it seems. Maybe two weeks ago, we had those two banks that were shut down, both of which Coinbase bank debt, huge sums of money stored in these banks that were seized by the US regulators. And speaking of US regulators, here come the SEC, the Securities and Exchange Commission, gunning for Coinbase. So the letter reads, we advised you that the staff of the Securities and Exchange Commission had made a preliminary determination to recommend that the Commission file an enforcement action against your client, Coinbase Inc. This proposed action would allege violations of Section 515A and 17A of the Securities Exchange Act of 1934. In Section 5A and 5C of the Securities Act of 1933, the recommendation may involve a civil and junktive action. Public administrative proceeding and or cease and assist proceeding. So this could be huge. So here's the CEO of Coinbase four hours ago. Today, Coinbase received a Wells Notice from the SEC focused on staking and asset listings. A Wells Notice typically precedes an enforcement action. So this could be a major blow to crypto. And it seems like the US regulators are going on a full-fledged attack, first targeting the crypto banks, and now one of the biggest companies in the crypto space, a pillar for the crypto infrastructure. This is major. And what's also happening at the moment, while the Federal Reserve is launching their FedNow coin, which might be the central bank digital currency we've all been worried about. So it's a little murky what FedNow exactly is. But the Federal Reserve is rushing this out, and touting instant transfers, secure transfers. Here's a quote from the Fed. FedNow will enable every participating financial institution to offer a modern instant payment solution. So in my opinion, it's very concerning to see Coinbase under attack like this. And also we sell this previously with LBRY, the coin that they use on Odyssey. They really don't want anybody using anything other than the Federal Reserve Notes. And soon I fear the central bank digital currencies. This is a really big deal because crypto is a current modern technology that enables people to collaborate in exchange of value and resources. Outside of the banking system. Outside of the money printing system. Now I don't think crypto is perfect by any means. There's a lot of nuances and intricacies to economic systems, of course. But cryptocurrency can allow people to fund media operations, for example, Rockfin. Funds its creators with cryptocurrency. And Odyssey.com was a great experiment that would have worked, it seems. If the SEC had not come in and struck and attacked them with a lawsuit. Odyssey was using their LBC coin to entice their viewers to keep coming back. And entice creators to make better and better content that more and more people would want to watch and share. They proved the concept. And the SEC saw that. And they couldn't have that. They couldn't have an environment where people were funded to create great content. Without censorship. They needed to herd everyone back onto YouTube. So people should really consider the ramifications of these actions. So this crusade on cryptocurrency isn't just going to have a huge ripple effect. This is going to be a tidal wave. Negatively impacting the online ecosystem. And the goods and services and content that's provided to us on the internet. So I just wanted to get this out there so everybody knows what's going on. Let me know what you think in the comments, but it seems like the SEC is antithetical to American freedom. If any semblance of that even exists anymore. This is Soviet Union crap if you ask me. For bidding the circulation of real money. So we all have to use the slave coins from the Federal Reserve. Absolutely, Bollocks.