The US SEC (Securities and Exchange Commission) yesterday charged Binance and its founder Changpeng Zhao (CZ), with multiple securities law violations.
First let me start by saying I am an advocate for blockchain, the long term benefits associated with defi and the democratizing of capital at large. Yes regulation and government oversight is often very inefficient and onerous but what I struggle with is those that believe collective oversight by the masses can work if exchanges are controlled not by the masses but by individuals without oversight. The same thing goes for ICO's at at large. We seem to want protection only when it suits our personal best interest and not the interest of those that get hurt when they are affected by lack of regulations. I think we we will get there just not without independent oversight. I do believe clarity and definition will eventually or hopefully come out of all of this, and things will evolve for the better. It just will not be what we see today. Everyone has their own agenda exchange operators, SEC, banking regulators and individuals who are on both on extreme sides of the fence. Some do not want any regulatory oversight because they are simply bad actors, and others who wish to push the envelope for progress. It is because of the former that we need regulations. Bureaucratic inefficiency and clarity are a big challenge, but they are a necessary evil.
First let me start by saying I am an advocate for blockchain, the long term benefits associated with defi and the democratizing of capital at large. Yes regulation and government oversight is often very inefficient and onerous but what I struggle with is those that believe collective oversight by the masses can work if exchanges are controlled not by the masses but by individuals without oversight. The same thing goes for ICO's at at large. We seem to want protection only when it suits our personal best interest and not the interest of those that get hurt when they are affected by lack of regulations. I think we we will get there just not without independent oversight. I do believe clarity and definition will eventually or hopefully come out of all of this, and things will evolve for the better. It just will not be what we see today. Everyone has their own agenda exchange operators, SEC, banking regulators and individuals who are on both on extreme sides of the fence. Some do not want any regulatory oversight because they are simply bad actors, and others who wish to push the envelope for progress. It is because of the former that we need regulations. Bureaucratic inefficiency and clarity are a big challenge, but they are a necessary evil.
I think binance will win the case