The SEC is coming after CZ and BNB once more and while I think Gary Gensler is way in over his head, I still feel that it's actually time, CZ learns how to play the SEC's game, about 130 pages of charges, sure, no one will bother reading them, but what everyone understands is that Gensler is poking at BNB and waving the unregulated wand.
There are two things I feel this charge has established, to some people, they'll be like ahhhhhhh here we are again and this is because they're used to the lawsuits and expects the coast to clear as soon as possible, to some others, a period like this is when they validate their claim of not getting into coins like BNB
a push or a dip in price, validates the investment choices of people who are going or coming, at the end of the day.
However, we've come to see that the SEC's attack creates a dippy impact
Ooppppsss, the big guns
The market has not gotten to that position where these lawsuits will majorly have no impact.
However, while crypto activities might even increase in so many places and prospective adoption happens, it's like CZ and Binance seem to be the arrowhead that tends to dent whenever the SEC approaches with their latest attack in the US.
When the sec came for Ripple about two years ago, I believe up to 90% of people in crypto never felt it, and CZ has come under fire for not creating a united front when it was Ripple
To be very honest I think these conjectures might have some sense of correctness to them
Here's why
If we were to go back in time to when the SEC began its attack we'd realize that the major way to fight them was present a united front. Of course, I know it's easier to say "but ohhh different folks for different projects"
and it's also true that the SEC have not truly defined what assets and securities are, but then, I think some of the projects know this already and try to present an open and spotless book for the SEC to endlessly dig and come short whenever they do so.
The market is really tired of these endless lawsuits and for once, I feel this is getting to CZ too.
There's No Understanding The SEC
Some parts of the industry are beginning to look at CZ funny and urging him to give the CZ their bone so they can stay off his back for now. It's relatively easy to get your trust hammered when that one big shot in the crypto industry is getting constant lawsuits upon lawsuits, but at the beginning of the year, CZ totally predicted this.
He probably knew a lot of hits would come for him, but my point is, how many steps has he taken to reduce some of these litigations?
He probably didn't predict Gensler would come this hard for him, and I'm guessing he's a man in the industry who is beginning to learn what it Means to face so much legal pressure as Ripple did.
In reality, I think he'll survive, BNB will survive
It's a bump in the road and he's now beginning to understand what it means to present a united front. He's basically garnering support here and there because he needs everything.
I even heard rumors that he might be considering stepping down as the CEO, but I believe if he does, will the next person have that much endurance to face all that pressure that comes with staying on the hot seat?
I don't know, but I think it's time for him to make collectively smart decisions.
The Night Time Eventually Ends
The time for dilly dallying is over. He needs to educate his customers, create spontaneous responses, so everyone can easily feel his transparency.
A lot of people know the SEC is not really trying to protect anyone's money or investment, they're just doing what the Biden-led administration has charged them to, however, there also has to be a level of transparency to dissolve whatever shinanigan the SEC is pulling.
These guys (the SEC) are tapping I to the possibility that CZ will leave a bone for them to chase, this is why the man (CZ) must take steps in making some important adjustments.
I believe a win for him is a win for all, this is why everyone seems to be interested. At the end of the day, I believe it's just another major bump in the road.
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I remember how CZ was pretending that he has no idea what was staking/powering up when he helped his buddy JS, so I don't believe in anything that he says either... SEC is an even worse evil than him... lol...
Anyways, I think that all this will be solved in a traditional "American way"... By bribing politicians... pardoning, "settling down", or lobbying... 😃 Unfortunately, in the meantime, crypto will suffer a bit...
I have picked this post on behalf of the @OurPick project which will be highlighted in the next post!
CZ isn't a saint, because he also has close affiliation with people like JS and I think for the sake of BNB and Crypto at large, he has to rethink his stances. The SEC as as bad as they come, but they deem themselves to fight the holy war. I don't know if CZ will choose settlement but he definitely needs to make a stand.
Thanks for the curation
As I mentioned somewhere else today, the market needs to "wise up" in regard to these SEC "attacks"... it's the only way we move ahead. Otherwise, they will simply keep controlling and resisting the market. Eventually, the market will just have to ignore these announcements... because they have no intention of stopping!
This is true, I don't think the SEC will take a break, they just want to keep coming and coming and centralized exchanges needs a strategy even if they're not as spotlight as we deem them to be.
Yep, this is why I believe many shut down, or replaced CEOs. Nobody really wants to go up against the SEC and face ongoing scrutiny and pressure.
I hope CZ and Binance win but this is going to be a long drawn out court case. I expect things to take years to play out just like with XRP. The SEC is just going after anything they find centralized to undermine people's faith in crypto. I don't see this as anything different from how they hit Coinbase.
Hahaha this is true, the SEC have come with a strategy, I just think these centralized exchange owners should also come up with good strategies to win and limit the FUD around them.
I think the SEC will not stop going after CZ until they find a way to anchor the Binance ship. Most crypto users are getting used to these allegations from the SEC but one can hardly what the impact will be. I also think CZ has to play the game now, hopefully better than them.
They want to seriously nail the man but the truth is that, I believe CZ hasn't been taking this seriously as well. I think it's time to stop playing defence and act up as well...
I can't believe how heavy handed the action is vs Binance yet absolutely nothing about FTX when it happened.
SBF is US' boy. He's done a lot of donations in preparations for a period like this. He did his homework well and now he's practically untouchable.
I couldn't believe how it all went down when it happened! They literally took forever to press charges and mainstream media was making him out to be the victim!
I have the impression that all these accusations and blockages have always made no sense and it has always been just about dumping the price.
I guess it's now obvious for cryptocurrency users or investors to know that SEC is not our friend
They may portray themselves to be friendly but the truth is that they are not protecting us or our money
The SEC agender will not work on us and beliefs CZ will win this one but even if sec eventually wins, we crypto OG are going nowhere.
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To date, we have never seen a recovery in the market as quick as the one we have seen, which shows that people have a lot of faith in what these guys are going to do.