The SEC's War on Crypto: A Threat to Our Financial Freedom
In my opinion, the ploy by the SEC to label some cryptocurrencies as a security is nothing more than an attack on peoples financial liberty. If the SEC can label any small-time crypto project as a security, then whose to say they won't go after people for "insider trading" of novelty tokens? The financial system has a long history of coming after the poor and middle class so It isn't surprising to think the federal government will come after innocent people just exchanging tokens and NFTs.
Imagine someone giving you a gift of a NFT worth millions and you giving it to someone else. You having to pay taxes on the "gift" if it passes a certain threshold. Of course, for most of us it will be tough to get to that threshold, but the problem is still there.
Every transaction is a taxable transaction even if its an NFT. The financial system is broken.
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Anything to control the people.
As much as I hate government and regulations, based on the current laws, majority of crypto is a security. Most of it is complete garbage at this point and was meant to make some project founder money, hence security. Not all crypto is, but 99%
Edit: that being said, the government is corrupt as fuck and has their own lobbied agendas and they are trying to kill the one innovation that basically renders them useless and shows the world we dont need them. For all these reasons is why I love Hive, Monero, and Bitcoin.