Is there an all out Revolutionary War occurring inside of the crypto industry between government regulators and the industry itself? Are they trying to destroy crypto from within? It certainly seems that way. Today, we’re going to be telling you all about that, but also the super secret government plan that’s right in front of everybody nose and they can’t even see. We’re going to show you where that plan is and where it may lead. And it’s not good.
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Sources:
https://cointelegraph.com/news/stablecoins-not-the-target-in-busd-crackdown-matrixport-head-of-research
https://cointelegraph.com/news/circle-blew-the-whistle-on-binance-reserves-to-nydfs-report
https://protos.com/paypal-halts-stablecoin-launch-amid-busd-and-paxos-scrutiny/
https://finbold.com/900-million-in-crypto-leaves-binance-in-a-day-as-paxos-suspends-busd-minting/
https://twitter.com/cz_binance/status/1625067484368740353
https://paxos.com/2023/02/13/paxos-issues-statement/
https://www.coindesk.com/policy/2023/02/14/binance-ceo-distances-himself-from-busd-stablecoin-as-regulators-act/?utm_medium=referral&utm_source=rss&utm_campaign=headlines
https://www.wsj.com/amp/articles/crypto-firm-paxos-faces-sec-lawsuit-over-binance-usd-token-8031e7a7
https://cryptobriefing.com/binance-usd-given-fatal-blow-by-u-s-regulator/
https://protos.com/paypal-halts-stablecoin-launch-amid-busd-and-paxos-scrutiny/
https://cointelegraph.com/news/binance-ceo-crypto-industry-will-probably-move-to-non-dollar-stablecoins
https://cryptoslate.com/cz-issues-response-to-sec-vs-paxos-lawsuit/
https://news.bitcoin.com/binance-ceo-warns-of-profound-impacts-on-crypto-industry-if-busd-is-ruled-as-a-security/
https://news.bitcoin.com/paxos-receives-wells-notice-from-sec-nydfs-orders-issuer-to-stop-minting-busd/
https://www.sec.gov/news/speech/gensler-sec-speaks-090822
https://www.theblock.co/post/211783/warren-pledges-to-reintroduce-crypto-anti-money-laundering-bill?utm_source=cryptopanic&utm_medium=rss
https://www.jdsupra.com/legalnews/sec-goes-after-staking-as-a-service-4691110/
https://beincrypto.com/silvergate-under-doj-investigation-alleged-money-laundering-ftx/
https://forkast.news/headlines/biden-administration-congress-crypto/
#bitcoin #ethereum #crypto #news #nft #economy #money #blockchain #invest #inflation #cardano #cryptocurrency
Is there an all-out Revolutionary War Occurring inside of the crypto industry Between government and regulators and The industry itself Are they trying to destroy crypto from Within it certainly seems that way today We're going to be telling you all about That but also the super secret Government plan that's right in front of Everybody's noses they can't even see We're going to show you where that plan Is and where it may lead and it's not Good let's get it My name is Ben today we're going to be Talking about what in the world is going On with busd and how it's part of a much Bigger plan going on last month in January buying Administration urges U.S Congress to pursue crypto regulation Officials warned it would be a grave Mistake to enact legislation that would Deepen its ties between crypto and Traditional Finance due to the risk of Broader connotation what is that Connotation about crypto why is it so Bad In the past year traditional financial Institutions limited exposure to Cryptocurrencies has prevented turmoil In cryptocurrencies from infecting the Broader Financial system wrote the four Officials the announcement comes Following what the White House referred To as a tough year for cryptocurrencies
The industry may remember 2022 as the Year when terralin's hourly stable coin Broke down in May and to follow the Bahamas base crypto Exchangeftx.com now It's kind of funny here isn't it when You look at these stories when you look At FTX Specifically what you find is it was a Story of power and greed And political donations mostly to Joe Biden himself It wasn't a story about crypto it was a Story about centralization and the Dangers of it why we can't let one man With a large afro try to dictate crypto Regulation and legislation in America But yet this is what is blamed when Joe Biden wants to talk about crypto Regulation Sam Bateman free and FTX they're not Crypto they're centralized Bad actors This didn't have anything to do with Crypto Just Pure Evil There are other stories as well this Year so we just looked at the paint Crypto negative light silvergate under Department of Justice investigation for Alleged money laundering through FTX SEC Goes after staking as a service crypto Exchange Kraken shuts down its U.S Taking program there's more Warren Elizabeth Warren pledges to Reintroduce crypto anti-money laundering
Bill It's a lot going on right now crypto is Being painted in a bad light but what's What's really going on under the surface Why is crypto being painted in this Picture well that's debris on regulation And why do we need regulation we're Going to get to that in just a second Here we go paxos receives Wells notice From SEC newer Department of Financial Services orders issuer to stop minting Busd Paxos has received a Wells notice from The ussec regarding alleged violations Of investor protection laws taxers Revealed the following day that it would No longer meant be USD it was any its Relationship with a binance brand stable Coin in February 2024. now the SEC is Playing as two paxos for alleged Investor protection violations The notice alleges that the stablecoin Binance USD Which packs those issues and Manages is an unregistered Security now this is strange because Don't you expect a return on your Investment with a security Have you ever went and bought some Tether or usdc and let it sit around in Your account for a couple weeks and came Back and checked see how much it's worth It's worth the exact same thing as when You put it in there because it's not a Return on an investment
Gary Denzel are trying to twist the Definition of a security to mean that Anything involved in anything that could Possibly lead you to make a return it's Not security so think about like this I believe Courtney Gary ginsler U.S Dollar is a security because if you need To take the US dollar And you need to on-ramp that onto a Crypto Exchange in order to buy a Stablecoin and then in turn maybe one Day with the stable coin you're able to Invest that money into a different coin And the price of that coin goes up What's the difference between the US Dollar And a stable coin at that point ask Yourself that question I know the answer We all know the answer the answer is Gary Kinsler doesn't get to regulate a Dollar So this is from Gary Gins are direct This is on the SEC website I know when I Have to read words from Gary guns I Almost threw up in my mouth but why do I Think a majority of crypto tokens are Securities okay keep in mind Justice Thurgood Marshall he died 115 years ago Before computers were even considered as Justice Thurgood Marshall put it in Describing the scope of the Securities Laws Congress paying the definition of a Security with a broad brush he further Stated congress's purpose in enacting
Securities laws was to regulate Investments in whatever form they are Made and by whatever name they're called In general the investing public is Buying or selling crypto security tokens Because they're expecting profits Derived from the efforts of others And a common Enterprise Gary what common Enterprise is investing in crypto what Common Enterprise is it when I take Money and I unramp it and then I put it Into a stable coin what am i counting on Where is the common Enterprise in fact I would say a decentralized service is Actually the opposite of a common Enterprise which this is just one thing You point to here I mean if you actually Test it against the uh Howie test which Of course Gary ginsler said how would Test your Maui test I mean if it kind of Applies it's going to apply you don't Have to fit every characteristic of the Highway test I'm telling you guys Windex is a Security why I see it all the time People go to the dollar store They buy Windex They go to Amazon they sell that dollar Windex for two to three dollars That's over turn on investment it's a Common Enterprise from others as well Because if Amazon Isn't advertising your product and Showing it to people
If they're not running the shipping Then how would you make money Telling you guys watch out for Windex It's next on the SEC list cze issues Response to SEC versus paxos lawsuit Paxos will continue to service the Product and manage Redemption sees he Said and the Packers also ensure does Funds are safe who did reiterate as long As the same point that he does not Believe the USD should be a subject of Securities laws of course obviously Here's the how we test an investment of Money In a common Enterprise With the expectation of profit to be Derived from the efforts of others what Others is he talking about here busd has Ruled as a security will have a profound Impact on how crypto industry will Develop we're not developed in the Jurisdictions where it is ruled as such So basically what he's saying here is If bus is Security in America people are Going to go other places they're going To use other things that's really what He's saying we have a statement from Paxos on what they're going to do paxos Categorically disagrees with SEC stat Because busd is not a security under Federal Securities laws we'll engage With the SEC staff on this issue and are Prepared to vigorously litigate if Necessary because my very favorite type
Of litigation is vigorous legislation How'd this affect things well when this Occurred 900 million dollars in crypto Left binance in a day is paxo suspended Bus dementing after the cryptocurrency Sector was hit by the news that crypto Firm paxos is your binance dollar pack Stablecoin was ordered by the regulars To Halt boc minting nearly a billion Dollars in digital assets flew out of The crypto platform Finance in a single Day so he's having Real Results people Are pulling money off because they're Scared what's going to happen then we've Got more Ripple effects no pun intended PayPal now has halted their stablecoin Launch at Med busd and paxo scrutiny so Here's your layout table coins beware if You are not in the club They are coming after you Finance not in The club Gemini not in the club FTX Believe it or not not in the club they Announced their stable coin in August See what happens hmm weird it's almost Like Stable coins are the most important Thing in the discussion of crypto and Regulation if you can find out how true That is when is Paypal now realizes They've been stepping on toes and They're not going to do a stable coin Financial crypto industry will probably Move to non-dollar stable coins so this Is pretty interesting here I think given
The current pressure and current stance Is taken by The Regulators on the US Dollar based table coins I think as you Said the industry will probably move Away to non-us dollar-based stable coins So far we'll see more euro-based or Japanese Yen Save More Dollar based Stable coins which actually promised us Deliver more options in different places And by the way If you like the fact that we use this Sexy whiteboard look how sexy this thing Is so a company called d10 if you're Interested in one of these got a link Down Below in the description thank you Then for allowing us to use these boards We absolutely love them and I think the Audience does too the point is will People be running to other stable coins Hahaha no they won't no they won't why There already is one stable coin to rule Them all Circle blew the whistle on Binance reserves to the New York Department of Financial Services circle Of course is Goldman Sachs if you didn't Know that according to February 13th Bloomberg report circle alerted into Nydfs and Autumn 282 complaint the Binance reserves were insufficient to Support its tokens seemingly including Stablecoin PUSD here we get to what really matters Now if you missed my video where I Recorded in my truck on Saturday about
Binance about busd about stable coins Make sure to go watch that video keep in Mind I made that video a day before all this Stuff about busd came out so it was very Obvious what's going on here somehow I Didn't see it at first But now I understand why everyone's Blaming Finance or FTX Because they were preparing to go after The next Domino which is the binance Stable coin it's not about CZ it's not About the exchange it's not about are They doing right or wrong about the Stable coin there's a top 10 coin on Coin market cap Crypto Financial Service Matrix reports Head of researchable these Regulators Are not targeting all stable coins with The regulatory Crackdown on the USD issu Or paxos oh this is a story like they're Not going after all those difficult to Be careful they're going after the Battle it's like busd Recruiter Financial Services Matrix Sports head of research release the Recent scrutiny impacts those as busd Token is not a direct attack on seven Coins itself absolutely not paxos had it Violated obligation to conduct tailored Periodic risk assessment and due Diligence of Finance impacts those Issued busd customers they don't argue So what are they saying here well they
Violated a rule obviously violated rule We need to go after them dealing note Some of the regulatory actions could Have also been sparked by the January 24th incident when binance mix customer Funds with collateral so there you go They weren't perfect they made a mistake You know what this reminds me of You ever uh had a tail light out in your Car I know I did one time I had a tail Light that was out early 20s maybe a Teenager and I got pulled over and you Know what I had some weeds in the car Some weeds I did got in trouble for it I Pulled over for a bunch of tail light They were not pulling me over for a Busted taillight they were pulling me Over because I looked like a car full of Teenage hoodlums that would have drugs In the car And we did should I pull this over we Got in trouble had nothing to do with a Busted tail light binance was driving Around with a busted tail light And circle said Hey Regulators go check out that tail Light And of course they come in make these Moves against paxos then you start to See why Because Circle had vested interest in Stable coins Circle maintains that usdc is a Regulated digital dollar currency issued
A stored value under U.S money Transmission law Not all stable coins not all stable Coins are bad Usdc are stable coin the future digital Dollar you will use that because the Rest of them are all driving around with Busted tail lights Circle is positioning itself To prop usdc up as a digital dollar This will increase demand It's going to have a lot of Reverberating effects when this happens This is how they usher in the cbdc it's Coming It's actually already here it's called Usdc but I think now I've been saying it For three years People are finally starting to wake up And realize wow it's actually some Credibility to what he's saying here We learned more and more every day if You're a stablecoin you better watch out Because they're coming after you Circle Goldman Sachs the elite traditional Finance they're all in it together To make you a financial slave it's all Got to be blessed take chains off the Way up
