The SEC’s suit against Coinbase in particular hinges on the moral presumption that cryptocurrency is inherently fraudulent and valueless. This allows them to paint Coinbase CEO Brian Armstrong as the same as Sam Bankman-Fried in the public eye – despite the fact that the first has run a stable and trustworthy service for a decade, and the second was an incompetent boob with zero moral compass or basic mathematical ability.
SEC Chair Gary Gensler advanced that muddying agenda this morning on CNBC. He first made noises about the SEC’s supposed neutrality on asset quality. But he then launched into a sweeping and frankly boneheaded disquisition against crypto as such, declaring that “we don’t need more digital currency, we have digital currency. It’s called the U.S. dollar. It’s called the euro. It’s called the yen. They’re all digital right now.”
This is not just an embarrassing misrepresentation, but one Gensler must know the truth of….
Source: The U.S. SEC Is Fighting the Last Crypto War, Charging Binance and Coinbase
