SEC Targets Bittrex, Fallen Giant of U.S. Crypto Exchanges - Seattle-based company, winding down American operations, is told it faces potential enforcement action [WSJ]

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[–]SoCo 1 insightful - 1 fun1 insightful - 0 fun2 insightful - 1 fun -  (2 children)

The SEC has gone crazy. Bidden stuff all the regulatory bodies with crypto hit-men/women. They are trying to go in for the kill before anyone has time to revolt.

They've insanely deemed all use of crypto a security. They are just not being forthright to the public and are only pursuing exchanges and lenders, so as not to draw too much concern.

Their secret:

They've declared that if you run a simple client crypto node that relays, seeds peers, mines, stakes, or otherwise facilitates the network in any way, then you are a money service, who is required to preform KML identity checks and enforce Biden's, sometimes, racist, sometime war supporting, and sometimes market manipulating sanctions.

You'll note that they frequently say simple peer to peer nodes aren't discussed here, but in a way that sounds like their not covered by Biden's blanket Crypto death rules.

[–]noice 1 insightful - 1 fun1 insightful - 0 fun2 insightful - 1 fun -  (1 child)

Monero is unaffected

[–]SoCo 1 insightful - 1 fun1 insightful - 0 fun2 insightful - 1 fun -  (0 children)

The recent explanations by the SEC of their new rules, explain them in a way that, to me makes it clear that everything everywhere is illegal and now they just have to enforce it on whatever and whomever they want. Their argument that crypto currencies aren't as decentralized at they think they are, even came with a breif mention of the software developers. It seems clear to me, that they could hunt down developers, even who aren't active an more, They basically could say that ISP's contribute as well.