TL;DR
Full Story
The SEC has “gone full Oprah” with these Wells notices (aka: “we plan to sue you” notices).
ICYMI — prior to now few weeks, the SEC has handed out Wells notices to:
Uniswap (the world’s largest decentralized change).
Consesnys (the creators of the world’s hottest scorching pockets, MetaMask).
And simply yesterday, Robinhood (you understand — the app you used to purchase your $GME inventory with just a few years again).
It’s unclear what angle of assault the SEC will take with Robinhood — however it doesn’t actually matter at this level.
What issues is the bigger image that’s being painted right here…
As a result of the assault is not centered on anyone chain or firm — however as an alternative the entire the important thing items of infrastructure that make blockchains work.
So if you happen to solely maintain Bitcoin, and really feel apathetic to this regulatory blitzkrieg as a result of it’s principally been centered on Ethereum, Solana, and XRP to date…
Now we have some unhealthy information.
If the peer-to-peer change of cryptocurrency by way of apps like MetaMask and Uniswap are outlawed within the US, that very same authorized precedent could be wielded to stop you from taking custody of/spending your Bitcoin.
Level is — we’re not speaking about an assault on sure crypto protocols, however on the trade as complete (by way of its infrastructure).
Glass half full: even when the SEC have been to succeed right here, crypto would survive.
Glass half empty: no matter whether or not the SEC fails or not, these continued enforcement actions will push innovation out of the US lengthy earlier than any of those instances are dominated on.
Two emphatic thumbs down.
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