IT’S WAR!!! Now The SEC Is Being Sued!!! Crypto Will Explode!

IT’S WAR!!! Now The SEC Is Being Sued!!! Crypto Will Explode!

oh how the tables have turned every time
we turn around the SEC is suing some
other company cryptocurrency person
leader in the crypto space just suing
somebody because they feel like it
because they’re money hungry or because
they don’t want to be left out and they
right now they are left out so any type
of positive news pushes the crypto
market up they’re not heavily invested
into it they’re left out right that
could be the case but also a lot of the
other things that I did mention and we
honestly don’t know the reason um we can
say it’s tax related we can say that um
you know I don’t know the statistics but
let’s just throw some numbers out there
85% of Statistics are made up on the
spot anyways right so let’s make up one
right it has to be a low amount of uh
low percentage of people that are paying
taxes
on crypto because it’s honestly not as
traceable you know you have um they
could do it but it takes a long time
even for one person imagine doing it for
millions of people right or even
billions of people so obviously I don’t
think we have that many people that are
invested into crypto but still doing it
for that many people is a lot um and
when we’re talking about the US I guess
when we would just worry about that we
would be talking about millions or
hundreds of millions I don’t know how
many people are invested in the crypto
in general but the point is is that we
are going to we have maybe a tax issue
we have the SEC that wants to sue just
because they need some money right well
now the tables have turned the SEC is
being sued right um and I want to talk
about that article and I want to kind of
uh kind of glorify this and just really
be excited about the fact that the SEC
is on the other side of things rather
than um you know being the person that’s
suing or or saying that they violated
some sort of Securities laws or
something like that so let’s talk about
this guys if you can hit that like
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wanted to go through this article now
before we do get into it understand that
the article that we’re talking about
will be below if you want to read it at
your own pace which is probably faster
than mine um but if you want to go ahead
and check it out and see what it’s all
about and maybe even go into some other
articles as well feel free to do so but
we’re going to be looking at this
article it comes from
it comes from
coindesk um consensus sues over or sues
SEC over unlawful seizure of authority
um over ethereum by offering their
metamask wallet software the SEC says
consensus is acting um as an
unregistered security
broker um ethereum ethereum developer
consensus has filed a lawsuit against
the US Securities and Exchange
Commission striking back against what
the company calls an unlawful seizure of
authority uh over ethereum by the
federal regulator the company wants a a
Federal Court to declare that uh eth is
not a security any investigation of
consensus based on the idea that eth as
a security would violate the company’s
Fifth Amendment rights um and the
administrative uh procedures act that
metamask wait that metamask is not a
broker under the federal law now that
metamask staking service does not
violate Securities Law and um and an uh
injunction against the SEC investigator
investigating or bringing an enforcement
action uh tied to metamask swaps or
staking functions um in the in the
complaint filed Thursday against the SEC
all five of its uh
Commissioners um consensus revealed it’s
uh revealed or it’s received a Wells
notice from the SEC on April 10th
indicating its uh intention to bring an
um
enforcement action against the company
for violating Securities laws via its
metamask wallet product um consensus
denies uh that it acts as a broker
stating that the wallet is simply a an
interface and either and neither holds
customers digital assets nor carries out
a transaction function that’s very true
the complaint uh added adds that the SEC
this just shows that the SEC don’t
doesn’t understand crypto the complaint
added adds that the SEC encroachment
authority over ethereum goes against its
uh own past statements that the
cryptocurrency is a commodity uh not a
security citing former director Bill
Hinman uh 2018 speech uh as well as um
the SEC sister regulator uh agency the
commodity’s future trading commission F
uh
cftc um own authority over ethereum
which oversees uh uh derivative products
tied to
Ether um in its suit consensus claims
that um that it built its business
against the backdrop of its regulator
regulatory uh uh
consensus uh and the the SEC sees a new
grab for power which it calls um an
about face over ethereum would uh
therefore violate the Constitutional
requirement of fair notice under the due
process clause this is over my head a
little bit the sec’s unlawful seizure of
authority over ethereum would spell
disaster for ethereum’s Network for a
consensus and the suit claims or the
suit claims
um a representative for the the SEC
declined to comment uh on the suit uh
the suit also leans uh on major question
uh questions Doctrine a Supreme Court
ruling barring Federal Regulators from D
dramatically uh exceeding the scope of
their uh Congressional uh
mandates two judges have um already
rejected the idea that crypto falls
under the doctrine during the uh
argument uh brought by uh terraform labs
and
base contess has filed the suit in the
in the direct court uh for a Northern
District of Texas joining groups like
blockchain Association and companies
like uh legit exchange uh which filed
similar uh preemptive suits uh seeking
to block the SEC from treating certain
crypto companies uh or assets as
Securities in uh recent months the SEC
has also brought suits against crypto
exchanges like binance
uh. us binance and Kraken um Unis swap
Labs revealed earlier this month that it
also received a Wells notice from the
regulator like this is ridiculous the
level that they are going to and I’ve
said this plenty of times before the
level that they’re taking in order to
kind of uh I don’t know stay on their
ground I don’t know what their mission
is no one actually knows what their
mission is and if we figure out where
they’re supposed to go or what they’re
going to do right
um we can understand how their how their
mind works right it just doesn’t make
sense right and uh you see it how it’s
an about face how things have completely
changed completely shifted from where um
Gary guinsler was all about crypto at
one point and then now just because of
maybe a job just because of um you know
the fact that maybe uh you’re not
getting as many taxes that are going
through and it seems like money is
slipping through money is being spent
but no taxes are being paid out um or
very little tax are being paid out now
it’s like you have to sue everybody and
and kind of um push that this is a a
security that’s a security when we know
that we should just be trying to figure
out what crypto is it’s brand new right
well not brand new but it’s brand new to
a lot of people and brand new to the
government honestly um but how we take
action and how we utilize it is more
brand new so why are we not trying to
find the right way to implement crypto
and not necessarily just Sue everyone
right suing everyone for a certain
amount of money is not the way to go if
we’re trying to figure out what things
um what things mean like I don’t go to
school and go okay I want to know this
definition and then the teacher sues me
because I don’t know the definition and
then when I finally figure out the
definition then you know we can go on
about our way but I already paid a
certain amount of money right so I’m
trying to figure out what it what it
means I’m trying to figure out where
things stand same thing for crypto I
don’t know if that analogy really works
but the point is
we should be trying to figure out where
crypto is going not necessarily suing
every single crypto company or project
or or a person that’s in a leadership
role right it’s ridiculous so anyways
guys let me know what you think about
this it’s good to see the the shoe is on
the other table um it’s good to see that
we are we are in uh um a place to where
the can be sued I believe this is like
the second time I think you’ve seen
coinbase that is like counter sued but I
don’t think that is going anywhere but
you see that um this is a a whole
another level up which is great so guys
let me know your thoughts in the comment
section below hit that like button hit
that subscribe button hit the
notification Bell for more of these
videos I’m going to get out of here and
I’ll catch you guys in the next one see
you

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