Why The SEC Is Now Fighting A Losing Battle

https://images.hive.blog/DQmPjDnT6LVDTjnAaAWDGFhmorwjnkqMJkY7jaKvUsuqmAw/Blue%20Simple%20General%20greeting%20Independence%20Day%20Twitter%20Post%20(1).jpg

It's been clear that the appointed SEC chairman Gary Gensler appointed by the Biden administration is fully against crypto and that some how this all new digital asset class that laws created before it even came into exisistance or ever thought about some how apply to crypto.

What's funny is no one cared about it until crypto exploded into a nearly 3 trillion dollar market. It was at that point everyone felt like they needed to kick things into high gear. What happened next where countless fines, non answers as to what's classified a security and what's not. Even being asked by the house multiple times to say if Ethereum is a security or not. Didn't answer yet says it's clear.

The Three Systems

This constant battling comes down to three parties really that make up the USA.

The Whitehouse which always has their own agenda anymore it seems. Which appoints people like Gary to the SEC to get their view of things pushed.

The house and other voted officials from each state which are the real ones that pass new laws (not the SEC) which is one of the biggest arguments of late is that the house and congress has not given the SEC permissions to act in such a way.

The court system which is suppose to keep everything in check including the house and the white house.

When we hear of companies like Coinbase going to the court system to take on the SEC that's actully a very good thing as it's then up to the courts to decide if what the SEC is doing is legal with the real current laws in place and not some random made up ones.

Two Outcomes

What I personally feel will happen will be one of two things.

The first the court cases just drag on forever something like the XRP vs SEC case which has been going on for over three years now. This wouldn't be a good thing as there would be a heavy cloud of uncertainty in the air which would keep new and existing businesses out of the USA related to crypto.

The second would be the court system finally tells the SEC they are out of place and trying to push rules and regulation on laws that simply don't exist. I'm unsure if they can push the house then to create such laws but at least that would make it so all those fines and lawsuits would go bye bye as there would be no laws governing the assets so no one would be at fault in terms of breaking them.

What is clear is the house and senate feel new rules need to be created and in place which they are actively working on. This is what would then give the SEC the structure to be able to actully push fines and lawsuits by law and not just by randomly saying it is.

This move by the house and senate clearly undermines what the SEC has been trying to do which is a VERY good thing. It means the house and elected officials would be the ones to create the laws and rules of crypto within the USA the way it should be and as of right now those seats are filled with people who are semi pro crypto.

This along with many other aspects show that the SEC is clearly overreaching and trying to bypass the democratic process of which bills must be created and passed by the house. This most likely stems from the recent over abuse of presidents lately who continue to sign in executive order after executive order which in my opinion is creating a overly oppressively government that is almost near communist in being a single person is allowed to pass new laws.

Most likely the courts will see the same and a central point of that will be the APA act drafted back in 1946 which is designed to ensure that agencies like the SEC remain subordinate to democratic lawmaking processes.

One of the things the SEC chairman has said over the last two years is simply "These companies just need to come in and register" but when you see cases like Coinbase and Robinhood which continued to try and work with the SEC for months and then just get slapped with fines and now lawsuit cases is yet another clear example of the SEC acting unlawfully.

I firmly believe in our system here in the USA and the courts over the other aspects of it which continue to try and take more and more power away from people. My hopes and my insights on this so far is that the courts should slap down the SEC and allow the house to do their job of creating fair and legal information to allow for companies dealing in crypto to operate here lawfully and out of fear of the SEC coming after them for no reason.

Posted Using LeoFinance Alpha