*rolls dice*

Is Bitcoin racist? SEC claims ‘unsophisticated’ minority investors losing large amounts of money: Critics say the SEC is actually racist for labeling minorities as “unsophisticated investors”

United States regulators such as the Securities Exchange Commission have long warned against Bitcoin and other cryptocurrencies, but now there is another reason to crack down on the investments. According to a new letter sent to SEC chairman Gary Gensler, cryptocurrencies have led “unsophisticated investors,” including “many minorities,” to lose significant amounts of money.

“As a result of targeted marketing, a significant amount of these losses have been borne by unsophisticated investors, including many minority investors seeking rapid investment growth without the knowledge or information to assess the risks associated with such investments,” read a letter from the SEC’s Investor Advisory Committee (IAC) to Gensler.

The letter attacks Bitcoin and crypto assets, arguing: “Many investors recently have suffered significant losses as a result of their investments in crypto assets. It is estimated that these losses have been more than $2 trillion In addition to unilaterally appropriating jurisdiction over digital assets.”

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The letter further argues for enhanced oversight of crypto markets, stating the SEC should “aggressively continue to assert authority over crypto assets that are securities and over trading platforms that list or transact in such crypto asset securities.” In addition, the agency should “seek appropriate additional appropriations from Congress where needed to adequately oversee the crypto securities industry.”

Recent reporting has shown that the SEC is launching a crackdown on cryptocurrencies. Politico writes: “The SEC’s campaign for compliance could cement the regulator’s authority over crypto — ushering in a new age of policing in a market that Gensler has called the ‘Wild West.’ It would also assuage concerns from progressive advocates and lawmakers who want the agency to move faster and more aggressively to protect consumers and investors.”