Crypto is Getting Deported From the US
TL;DR
The SECs latest series of Wells notices show that this is no longer an attack on certain crypto protocols, but on the industry as whole (via its infrastructure).
Full Story
The SEC has “gone full Oprah” with these Wells notices (aka: “we plan to sue you” notices).
ICYMI — in the past few weeks, the SEC has handed out Wells notices to:
Uniswap (the world’s largest decentralized exchange).
Consesnys (the creators of the world’s most popular hot wallet, MetaMask).
And just yesterday, Robinhood (you know — the app you used to buy your $GME stock with a few years back).
It’s unclear what angle of attack the SEC will take with Robinhood — but it doesn’t really matter at this point.
What matters is the larger picture that is being painted here…
Because the attack is no longer focused on any one chain or company — but instead all of the the key pieces of infrastructure that make blockchains work.
So if you only hold Bitcoin, and feel apathetic to this regulatory blitzkrieg because it’s mostly been focused on Ethereum, Solana, and XRP so far…
We have some bad news.
If the peer-to-peer exchange of cryptocurrency via apps like MetaMask and Uniswap are outlawed in the US, that same legal precedent can be wielded to prevent you from taking custody of/spending your Bitcoin.
Point is — we’re no longer talking about an attack on certain crypto protocols, but on the industry as whole (via its infrastructure).
Glass half full: even if the SEC were to succeed here, crypto would survive.
Glass half empty: regardless of whether the SEC fails or not, these continued enforcement actions will push innovation out of the US long before any of these cases are ruled on.
Two emphatic thumbs down.