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Every week, the United States government comes after a centralized exchange or firm. The usual claim is that they are trying to protect US citizens from poor investment choices, and the usual government body involved is the Security and Exchange Commission (SEC).
This week, the body is the Senate, but it's still along the same lines of attack. They are claiming that something illegal is going on, and they are going to find out.
US government officials seem like innocent protectors of the state when they do this, but the SEC just hovers around the crypto platform looking for someone to consume.
On Wednesday, Elizabeth Warren made the news again after she made blanket statements about the crypto industry. In her opinion, we are scared of the SEC, meanwhile, the SEC was feasting with FTX before its crash.
Elizabeth Warren and two other senators, Chris Van Hollen and Roger Marshall, sent a letter to Binance asking them to provide proof of transparency about their illegal businesses.
In their opinion, Binance had moved their money out of sight for criminals to manage their money so that no one can review their financial books.
How clear is it that Binance is up to something illegal? I can't tell you for sure, but I know that this will yield bad results for America's development in this digital age.
Brian Armstrong of Coinbase was just talking about how regulators are scaring away those in the crypto space only for this to happen.
I can't lie, a lot going on around Binance has been fishy, but it's not like the government has been clean about their dealings as well.
They could at least respect Binance enough to treat them the way they would like to be treated.
Another thing is that the US government simply does not believe that anything good can come out of crypto. In all honesty, I think that is what they want the public to think. In reality, they are terrified of its potential and utility.
With 16% of the US population involved in crypto, the fear that the government will lose control of the population is looming. By the time infiltration reaches 50%, like it is in Nigeria, the US government will lose their mind.
A part of all these attacks seems to be very tribal and visceral...they asked them to simply give out information on their "illegal acts" like anyone who was up to illegal acts would just give it out like that.
Do you think the US government's frequent targeting of centralized exchanges and firms is justified? Why or why not? What do you think of Elizabeth Warren's statement about the crypto industry? Do you agree or disagree with her opinion? Why?
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