Originally aired on June 27, 2023
The SEC’s case against Binance is being criticized for its alleged incompetence and lack of understanding of the crypto industry. The SEC is accused of unfairly targeting Coinbase and ripple in the past, and now they are going after Binance, claiming that some of the listed crypto assets are securities. However, the SEC’s approach is being questioned as they believe that proving just one asset as a security will lead to a win, despite multiple assets being alleged. This is seen as a waste of time and resources, with the lack of clear guidelines hindering innovation in the US.
Is the SEC vs Binance case an example of incompetence?
- The SEC’s alleged incompetence and lack of understanding of the crypto industry is frustrating taxpayers who are being told they are not intelligent enough to invest in traditional financial products if they don’t meet certain criteria.
- The SEC has previously gone after Coinbase and ripple, forcing them off-see, which has raised concerns about their targeting of crypto asset companies.
- The SEC’s claim that they can win the case by proving just one crypto asset as a security raises questions about their approach and the need to prove all alleged assets as securities.
- The lack of clear guidelines and failure to engage with Coinbase in the early stages has hindered innovation in the US, while other countries are thriving in the crypto industry.