Bittrex & The SEC's Fiasco: A Script We're Familiar With.
The US government and SEC do not fail to give their daily dosage of FUD. Recently it's Bittrex US, and those guys without a fight are filing for bankruptcy. To me, this feels like a written script.
It's hard to fight the government when they want to be ruthless, the US government and the Biden-led administration have been ruthless towards crypto and, sincerely, this is where I'd begin to question the US citizens over their choice of the people who run the financial sector of their country.
Those guys are totally clueless, I wouldn't call them incompetent, because they're all professionals at what they do.
The SEC is trying to kill Multiple birds with one stone
What makes this whole thing bizarre, is how their traditional finance system is in turmoil and yet, Crypto seems to be the proverbial scapegoat that should take the fall.
I've been waiting for the SEC and Gensler to come up with their definition of what some of the exchanges they're going after are holding Is it asset or security?
Gensler has infamously been unable to answer this question, a lot of people thinks this is deliberate. To me, this is just tactical deliberate. Gensler might not be as smart as we think, but being mute is part of the process, and this to me makes the pursuit of crypto a witch hunt.
Bittrex US and The SEC
In reality, I think Bittrex US might have just totally given up after being sued. Maybe they felt the US is already a lost cause when it came to crypto and they might be like "What does it matter" Why waste the time as well as the resources?
I wouldn't blame them. There's no voice of reasoning coming from the SEC at all, no round table discussion, just outright sue. I am most certain that the SEC aims to keep the FUD going.
They're not trying to establish any clarity. The crypto market thrives on clarity and they're just trying to keep the whole system in uncertainty, maybe some other exchange might shut down out of intimidation or for fear of being sued.
A Case Study Of PAXFUL
Paxful was one of those exchanges that shut down even without being sued, I feel that the CEO might be a very shady man. Maybe giving shelter to criminal transactions.
A clear investigation will unearth this, and the man has taken the first step. I feel that the intimidation is working. But the SEC can only do so much.
Recently PayPal announced 1B$ in crypto assets, and they'd surely come under scrutiny too, but the truth is, you can't stop Crypto if you cannot exactly pinpoint the infringement it causes and the financial consequences of implications that it causes.
There's no more freedom to choose what one wants to invest in
The SEC does not really know what they're doing, but this has turned out to unintentionally good for them.
In reality, this whole witch hunt wouldn't be happening if the SEC and the US government are taking a more bureaucratic process to handle the whole regulation thingy.
Crypto mirrors the traditional finance system in a more sophisticated way, so there will always be human flaws. I don't know why it's hard for the US government to scrutinize their banking system and see the rot in there.
The Fiasco Continues.....
Everyone in the US who's into crypto will be hoping for sustainable regulation, where business as usual will be maintained and people can keep buying and selling, but the SEC does not want this.
They're probably doing everything to prevent crypto from establishing momentum, because if the market gains that momentum, it'll be difficult to halt it.
The US is a huge part of the crypto economy and we'd just be waiting for what unfolds. The summer might be the beginning of something decent for crypto price-wise, let's see how it goes.
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The whole drama from SEC is really unfortunate for crypto in the US. But I strongly feel that crypto will win at the end. One only advantage from all this is that they are giving crypto free marketing. But then, if i were a crypto user or trader in the US, i would feel apprehensive right now. If crypto cannot find a free ground to operate and thrive over there, the common man lost this battle.
The SEC right now is just looking for excuses to label crypto fraud, but its struggling to find one.
It's even more appalling that they're not giving a chance to common man to make a case. Afterall, it was they who appointed them in office. The whole finance system is having issues, but crypto is the scapegoat to them. SBF is still a free man. Just shows you how fraudulent these guys are.
It seems to me that a large part of the world's finances will migrate where ceyptocurrencies will be accepted. These regions will suddenly develop faster. What kind of countries will they be?
Maybe US will be forever left alone, I don't really know. It's a step backwards for the people in US, but I do hope they stop soon and retrace their steps.
I think that the US is trying to strengthen the hegemony of the USD at all costs. And hence these nervous movements.
This is very timely. Bittrex is one of my main exchanges and as far as I am aware, i'm on Bittrex Global. Should check that my funds are still on there lol.
If course the funds are still there, I'd check it if was me too, however I think that since Bittrex Global wasn't affected, it's just a hitch in the road.
Should we now say that keeping cryptocurrency on Bittrex is quite difficult? Lol
Bittrex US is filing for bankruptcy, Bittrex Global is fine.
The SEC is just targeting all the centralized crypto exchanges and I don't think they are really doing anything wrong. The laws were left intentionally vague so people just did what they could to adapt to those laws and going after them now doesn't make sense. The only thing I see bad about the BIttrex situation is that they are declaring bankruptcy and that doesn't bode well. I wonder if they even have the funds for the customers.
I think the way the law was left, it really doesn't make sense now. The bankruptcy they're declaring doesn't bode well too. However, this should probably do with US alone because I don't know why they're suddenly filing for bankruptcy.
I think they intentionally decided to leave it vague so they could enforce it later. It's not like they couldn't make the laws clearer before they targetted corporations but they never did.
It's one hell of a checkmate there. They've decided not to cultivate clarity from the beginning which is really saddening.
I think it was a wise move for Bittrex to file for bankruptcy, when I saw that move few days ago, I couldn't help but applaud Bittrex for it, without knowing the fianacial loss they have tried to cut down or prevent from this move, it is the best thing to do against a country that has everything in its power to destroy you.
We shall see the impact of the silly stunt the US has been pulling in the future. May the smart nations be resonable towards crypto regulation and not go on like the US.
But sincerely, I feel that someone, somewhere should be able to stand up to the US and the SEC. This show of absolute power is terrible. I know they'll say it's their government and jurisdiction, but then, I feel that it's for the people to actually decide. I mean, this same people put them in power, it's not bad to at least listen to people.
They're still unwavering on their stance on crypto and it seems the heat is getting into some crypto companies. I think it feels like a lost cause trying to go against them because they're hell bent on their ways of making crypto the scapegoat for most of the financial problems they're experiencing. Crypto will thrive in other places they'll just be left behind.
That's the aim. Make crypto the scape goat for all the financial ills they've been suffering. It's bad. SBF was a major scammer, yet they blamed the whole of crypto. It's just totally saddening.
I think SBF and the failure of FTX gave them a leeway to go hard on crypto. You sometimes wonder whether everything is premeditated.
SBF is the US' golden boy. He gave a lot of money to the republicans and democrats, that's why he walks a free mab after commiting the biggest fraud in crypto's history.
:) That's true.
It's always something the loved doing
Gandhi said, "First they ignore us, then they laugh at us, then they fight us, then they join us." We have reached phase 3 where they are fighting us. Eventually, they will join us.
They're currently fighting at the moment, it's quite unreal to notice that Ghandi is dead, but this sequence bears the reality of what we have today.
The lack of clarity from the SEC and regulators is a strategic move. It keeps the net wide open. It affords them the "power" to label anything as illegal... it's a disgusting abuse of power. America appears to be going one way...
It's a disgusting abuse of power like you've labelled it. I think they deem themselves (the SEC) knowledgeable enough to judge what's illegal and what isn't and it's not representative of what true democracy is.
What's the volume data for Bittrex over the past few months though?
I'd be interested in seeing the change. If it's way down after the announcement and volume didn't representatively change on another exchange available to US citizens, I see this as a negative for Hive.
Apart from the volumes, it's just seriously not cool on how the SEC is going after these exchanges. It's not positive for Hive at all.
I don't sympathize with Bittrex, they didn't let me register "your country is not in the list of supported countries" :)
!CTP