Hi,
Unless you have been living under a rock these last few years, you would’ve seen a very clear direction occurring with cryptocurrencies in the US and that is complexity, fees and fear. SBF and FTX were trojan horses, I said this many times over the years leading up to his demise. They were sent in on purpose and I think they blew up the exchange on purpose, Sam even though found guilty on all counts and faces huge jail time I think will slowly just disappear out of all our minds here as we quickly forget for the next new shiny object of this week.
Its Monday and already the SEC has now finalized its extortion it wants (for this round) with Binance and its $4Bn, of course none of that will go towards anything useful, its all gonna be “lost” or misallocated, don’t worry we will find out about that years from now when its finally all audited.
As that seems to be coming to a close, the SEC just opened up its next round of extortion on Kraken. If you sitting there thinking, wait didn’t Kraken just pay out $30M 10 months ago, you right but daddy Gensler back for next round of funding or I mean fees.
I can’t embed tweets anymore (due to API changes with X) but here is Jess Powel’s response to the news, he is the CEO of Kraken by the way and seems to be a really solid dude.
The end goal is obvious, extort and lie till there aren’t any native crypto exchanges left in the US, so the only option is the bankers owned exchanges that force KYC and accredited investor status. Maybe Coinbase makes it, but the others, I sadly dont’ think will, because the SEC will just keep coming back for more.
They always frame it in the same way as well, they lie and demand you provide information on things that dont’ exist/you can’t possible come up with, so how do you prove your innocense you ask? You don’t, that’s the whole point and it leaves this whole thing open ended so they can keep coming back. They do this with individuals as well, which is a direct violation of your constitutional rights, but they don’t care, you already lost before you even attempt to respond.
If you think I am being hyperbolic here is a small snippet from the filing…
Sad to see the current state of finance in America and that so many countries are following suit.
I think America and other “democratic” nations have to start asking some hard questions, like is infinite expansion for expansion sake is really worth it? Where does all this end? How much profits/yearly bonuses is enough for 1 man/women? Feels like we are a freight train rushing towards a wall and people think that because they got their bag that they are somehow insulated from the crash.
Would love to hear your thoughts in the comments
Rooting for you,
Jameson
P.S. I hope you have an epic Thanksgiving and Christmas if we don’t talk again before then!
People are learning how to privatize their businesses and I think a crypto exchange would greatly benefit with the protection. These guys are helping LLCs and Corps privatize away from the prying eyes of the government. https://www.williamsandwilliamslawfirm.com/services