nami grand line collector's edition-Is SEC Trying to Hurt the Industry by Tagging Binance.US Unregistered?
The crypto community is divided over the aims and objectives of the US Securities and Exchange Commission (SEC) in concluding that the Binance US subsidiary was operating an unregulated securities exchange.
Mike Alfred, a crypto influencer who started the conversation on Twitter, argued that the SEC was not trying to regulate securities because they wanted to hurt the people or the crypto industry. Citing the bankruptcy cases of Celsius, Blockfi, Voyager, and FTX, Alfred concluded that crypto enthusiasts have already been harmed and that the regulator was seeking to mitigate further casualties instead.
Famous crypto promoter Ben Armstrong argued that it was not about Binance.US alone but every asset manager in the Web3 industry. A Twitter user with the username @SuperElonMars commented that the SEC and its chairman Gary Gensler aimed to change precedents outside the law. Given that exchanges are not selling initial coin offerings, SuperElonMars cited the judge in the library case as saying secondary sales are not securities.i’m sure exchanges aren’t selling initial coin offerings, and as the judge in the library case has stated secondary sales are not securities so the @SECGov and @GaryGensler are trying to change precedent outside of the lawthis is why the sec needs to go
— SuperElonMars (@SuperElonMars) March 4, 2023
In another conversation, crypto analyst Adam Cochran contended that the US regulator was playing a game of “brutal 4D chess” against Binance, the largest crypto exchange. The analyst believes that the SEC’s move was calculated and designed to force Binance to settle the matter or face the prospect of discovery by a US agency.1/4SEC suggesting Binance is unregistered securities exchange, on grounds BUSD is unregistered security is brutal 4D chess.Binance has to settle, or else they'd be open to discovery by a US agency…
— Adam Cochran (adamscochran.eth) (@adamscochran) March 4, 2023
Last month, the SEC issued a Wells Notice to Paxos Trust Co, the issuer of the Binance stablecoin BUSD, informing the firm of an impending action for selling an unregulated security.
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