TL;DR
Full Story
The SEC has “gone full Oprah” with these Wells notices (aka: “we plan to sue you” notices).
ICYMI — previously few weeks, the SEC has handed out Wells notices to:
Uniswap (the world’s largest decentralized trade).
Consesnys (the creators of the world’s hottest sizzling pockets, MetaMask).
And simply yesterday, Robinhood (you realize — the app you used to purchase your $GME inventory with a number of years again).
It’s unclear what angle of assault the SEC will take with Robinhood — but it surely doesn’t actually matter at this level.
What issues is the bigger image that’s being painted right here…
As a result of the assault is not targeted on anybody chain or firm — however as an alternative all the the important thing items of infrastructure that make blockchains work.
So in the event you solely maintain Bitcoin, and really feel apathetic to this regulatory blitzkrieg as a result of it’s principally been targeted on Ethereum, Solana, and XRP to this point…
We’ve some dangerous information.
If the peer-to-peer trade of cryptocurrency through apps like MetaMask and Uniswap are outlawed within the US, that very same authorized precedent will be wielded to stop you from taking custody of/spending your Bitcoin.
Level is — we’re not speaking about an assault on sure crypto protocols, however on the business as complete (through its infrastructure).
Glass half full: even when the SEC had been to succeed right here, crypto would survive.
Glass half empty: no matter whether or not the SEC fails or not, these continued enforcement actions will push innovation out of the US lengthy earlier than any of those instances are dominated on.
Two emphatic thumbs down.
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