ilmscore | The SEC’s War on Crypto! Why You Should Watch FINRA Too!

The SEC’s War on Crypto! Why You Should Watch FINRA Too!

Published: 2024-09-11
Status: Available | Analyzed

Predictions from this Video

Total: 7
Correct: 0
Incorrect: 0
Pending: 7
Unrated: 0
Prediction
Topic
Status
The classification of crypto assets as securities or commodities by the SEC is a critical and highly litigated issue, involving significant time and financial resources from both the SEC and the crypto industry.
"Meanwhile security status is a matter of life or death for crypto in the US as evidenced by the many years and likely billions of dollars spent by the SEC and the crypto industry litigating this very issue"
ETH
Pending
The SEC has reversed its stance on approving spot Bitcoin and Ethereum ETFs.
"this was evidenced by its u-turns over the spot Bitcoin and ethereum ETFs"
BTC
Pending
Prometheum, despite being in development since 2017 and having congressional testimony, has not yet become operational and has announced plans to trade UNI and ARB.
"it's still not operational now things went quiet for a while after that congressional hearing and you could be forgiven for forgetting all about this strange company but recently promethium resurfaced in the news when it announced that it would be trading uni and ARB"
Prometheum SPBD Status
Pending
The SEC has withdrawn allegations against specific cryptocurrencies in the Binance and Coinbase lawsuits.
"and the withdrawal of allegations against specific cryptos in the binance and coinbase Suits"
SEC's legal actions against crypto exchanges
Pending
Finra can appoint Special Purpose Broker Dealers (SPBDs) who have the authority to unilaterally determine the security status of digital assets without immediate legal scrutiny or clear regulatory consequences.
"but while the SEC and the crypto industry clash in court in the media and in Washington over the security non-security debate finra is able to quietly appoint spbs who can unilaterally declare security status without any legal scrutiny transition period or Clarity regarding the regulatory consequences of this determination"
Finra's role in SPBD approvals
Pending
The existence of the Special Purpose Broker Dealer (SPBD) category, despite currently only having one approved entity, is a cause for concern due to its significant power.
"and sure so far there is only one spbd and it's not like it's going to flip binance anytime soon but the fact that this strangely powerful category even exists is deeply concerning"
Future of SPBDs
Pending
Finra's increasing involvement in crypto regulation will be monitored, with the potential for more SPBDs to emerge if the SEC requires additional political support.
"so we'll be keeping a BDI on finra as it continues its intrusion into crypto regulation because who knows the next time Gary gendler needs political backup more spbd might just appear on the scene"
Finra's future involvement in crypto regulation
Pending