“The SEC’s Crypto Crackdown Is About to Get Absolutely Insane” – Raoul Pal

“The SEC’s Crypto Crackdown Is About to Get Absolutely Insane” – Raoul Pal

what do you mean you can have a bank
without Bankers what do you mean you can
have you know you can have an exchange
without people what you know you know to
them this is alien concept because it it
was really the antithesis of the
existing system so they’ve never been
comfortable and then they use the
ridiculous kyc AML thing which really
all kyc AML is to increase tax takes so
everyone has to declare everything
that’s really what that’s about it
wasn’t really about terrorism financing
and stuff like that it’s really about
they need to know where your money is at
all times so you can’t leave the system
and I think that’s purposefully done I
think it’s to create speed bumps you
know the SEC kind of often knows it’s
going to lose but it does it to slow the
whole industry down the regulatory
Crackdown on cryptocurrency firms
continues in the United States posing
potential threats to the industry
Regulatory Agencies like the US
Securities and Exchange Commission are
showing no signs of backing down from an
exercise that threatens the growth and
continued development of the crypto
space in the US earlier this month
uniswap Labs the creator of ethereum’s
largest decentralized trading platform
revealed that it received a Wells notice
from the agency suggesting an
enforcement notice is imminent like
coinbase Kraken and other crypto related
firms that have been served similar
notices in the past months the SEC
warned that uniswap faces potential
enforcement action for operating as an
unregistered exchange and broker dealer
in a blog announcing the wells notice
the defi platform said taking into
account the sec’s ongoing lawsuits
against coinbase and others as well as
their complete unwillingness to provide
Clarity or a path to registration to
those operating lawfully within the us
we can only conclude that this is the
latest political effort to Target even
the best actors Building Technology on
blockchains in a post made on X in
response to the notice uniswap Labs
founder Hayden Adams wrote I’m not
surprised just annoyed disappointed and
ready to fight this fight will take
Years and may go all the way to the
Supreme Court uniswap will not be the
only crypto firm fighting the sec’s
onslaught if it does come to that
according to recent reports ethereum
developer consensus has filed a lawsuit
against the SEC in response to The
Regulators unlawful seizure of authority
over ethereum in the complaint filed
against the SEC and its Commissioners on
Thursday censes said it received a Wells
notice from the SEC on April 10th the
notice indicated that the regulator
intends to bring an enforcement action
against the ethereum developer for
violating Securities laws via its
metamask wallet consensus has denied
these charges and has pledged to fight
the sec’s intention to classify ether as
a security in a recent interview with
bankless real Vision founder and CEO rul
pal discusses his views on the
regulatory scene in the US especially
compared to more friendly countries like
the UAE and what the US government hopes
to achieve by cracking down so hard on
cryptocurrencies and crypto related
firms pal believes this is all a smokees
screen to force investors to keep their
money in the system even if they risk
forcing developers to ditch the US in
big numbers as we bring you clips from
the interview please like and share this
video And subscribe to the channel for
more thanks and enjoy the video you can
see you know the almost every other
Central Bank in the world of of certain
size is working on
cbdcs the US won’t because it’s
terrified of making the move and the US
has a history of this and I wrote some
threads about this in the past so after
the US left the gold standard right
everybody now needed to exchange
currencies with each other and the US
was like well we don’t really want to be
involved in this because they were
worried about what was going to happen
to the dollar so the UK started the
foreign exchange markets and it became
the biggest Market the world has ever
seen and the UK dominated that market
ever since second was the second one was
the offshore lending in
dollars so the US was really worried
about dollar circulation outside of the
US didn’t know what how to deal with it
same thing with a reserve currency we on
to this up so they just basically
restricted um US Bank lending to various
entities so the the UK started the euro
dollar market which is the offshore
dollar market and it siphoned through
other Global Banks it became the largest
market the world has ever
seen the US missed all of those so
that’s why liore the London interbank
offered rate is the interest rate for
the entire world or was until they just
changed to
sofa then it happened again in the very
late 80s where the derivative Market in
the US was basically the Chicago Merkle
exchange and the Chicago border
trade but then the swaps Market was
developed and it was an OTC market and
it required Bank regulatory Capital the
US
Regulators to protect their own
exchanges said you’re going to we’re
going to make it so hard for you to do
that you’re not able to so the UK
started the swaps Market which then
became the whole derivative OT
derivative Market which based out of the
UK which became a 1.4 quadrillion dollar
market so the US has a history of doing
this in its fear of screwing up I get it
you’re the incumbent you’ve got a Fear
Factor the UK has a innate ability to
Arbitrage that so they see the
opportunity that’s why the city of
London is so big the UK stock market’s
small it’s because they took all of the
business from the US and what was very
interesting is they see the US fumbling
the ball yet again with crypto and the
UK stood up and said we want to regulate
this properly we want to bring it here
to the city and we want to turn this
into a huge market and they’ve done this
this this would be the fourth time and
you know I I remember speaking to the
guys at coinbase about this I think it
was Brett um who runs their
institutional side I’m like he grew up
like me in the traditional Finance
industry back in the 90s all of the main
offices of all the US Banks was London
Goldman’s biggest office London JP
Morgan’s biggest office London Morgan
Stanley’s biggest office London all of
them because of this and slowly after
Basel 3 regulations came in in the early
2000s Capital went back to the US
because the US didn’t um put such string
stringent um things onto the balance
sheets of the banks so money flew flow
back so it just feels that the
opportunity here is this whole thing to
happen all over again one of the primary
concerns of the consensi lawsuit is that
the SEC is attempting a power grab over
ethereum the development company said
the purpose of the lawsuit is to curtail
the regulator’s overreach the US
Securities and Exchange Commission seeks
to regulate eth as a security the
complaint filed in a Texas court on
Thursday reads even though eth Bears
none of the attributes of a security and
even though the SEC has previously told
the world that eth is not a security and
not within the sec’s statutory
jurisdiction the entire cryptocurrency
industry is uniting to criticize the SEC
and fight back against its overzealous
regulation according to Lex sulin a
former consensus employee it is the
responsibility of every web 3 company to
join the ethereum developer and other
companies fighting to stop regulatory
overreach in the United States
during an interview with coindesk Lex
said consensus is joining some of the
leading companies in the space in a
broad industry pushback against
regulation by enforcement that is
destructive to the future of the
internet this is the responsibility of
every web 3 company that has the capital
and expertise to navigate the US power
structures let’s get back to Pal’s video
as he shares what he believes is the
real motive behind the sec’s continued
Onslaught against the cryptocurrency
industry when you’re in a monopolistic
power
situation look at Google’s inability and
I know the Google web 3 team well they
understand it yes they do they think
it’s great but even the CTO of Google as
far as I’m aware is a huge web three fan
but they can’t do anything because it’s
going to disrupt their own business the
US is the incumbent Monopoly of money
Global
money and it’s fearful of changing its
system in case it loses control of the
system
so this is why they’ve kind of if you
think about it on this kind of spectrum
coinbase good binance
bad yeah right because coinbase is
within the walls they’ve now given
they’ve blessed them with a
monopoly
basically and shut out binance which is
the world’s largest exchange which is
probably Chinese controlled in as much
as coinbase is is US controlled and
therein lies the separation much like
Chinese Tech firms US tech firms this so
this game is being played out literally
everywhere we see even the ETF for them
is quite funny because the
ETF they think of is keeping the money
within the
system right so it has to go through the
intermediaries and the middlemen and all
the checks and balances that they’ve got
so they know where it goes I actually
think of it differently I think it’s a
trojan horse of
cryptand put into fat world
because what you do is you give people a
taste of what this is and they will move
out the risk curve they always do and
they’ll come into crypto land so I think
the SEC and the US government think that
it’s a victory to channel assets through
the ETF I think it’s a victory for
cryptand as a trojan horse do you think
that these types of handbrakes that us
Regulators are pulling right now will
that slow us down at all no firstly
obviously it’s a Global Marketplace
secondly bitcoin’s got the seal of
approval eth will get the seal of
approval at some point what you’ve now
created is capital inflows now this is
not direct investment because it doesn’t
go directly into crypto land it’s like a
trade
deal that money gets recycled in the
crypto economy and out the risk curve
profits get recycled into VC VC creates
new products which create the new
opportunities for the next
cycle so I don’t think slows it down
because that still continues you know
Mom and Pop in Ohio are not going to be
using Unis swap to
trade you know some 100th token so I
don’t think it really matters the issue
actually is as you alluded to is I just
feel sorry for us
innovators right I mean that’s the
that’s the issue and that they’re having
to move you know I’m off to token 2049
uh in Dubai
shortly Dubai is attracting a ton of
talent Singapore slowed down a bit Hong
Kong getting Talent back again uh Europe
getting Talent bizarrely Switzerland’s
got some great talent going on there in
um in um crypto Valley UK’s getting
talent and others are moving offshore
elsewhere so it’s a shame while us
regulators and politicians like Senator
Elizabeth Warren remain fixated on their
anti- crypto Tade other countries and
regions are looking for ways to be more
involved in and welcoming of the
industry countries are using excess
energy to mine Bitcoin to secure a place
for future Generations in the coming
digital era yet regulators and certain
politicians seem completely fixated on
doing otherwise they see the freedom of
the cryptocurrency industry as a direct
challenge to the powers and their plans
to enforce a cbdc however as pal stated
in his interview nothing can stop the
complete and eventual transition from
trafi to cryptand do you agree with Raul
Pal’s assessment of the regulatory
environment in the United States
especially as regards the cryptocurrency
industry please leave your comments and
observations in the comment section
below also Ure you like this video
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Credit: Bankless
Raoul Pal’s Bull Market Guide

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