The Security Exchange Commission (SEC) is Picking a Losing Battle Against Blockchain and the Crypto Space
The SEC has been on a muscle-flexing campaign lately and doing whatever it takes, to bring down crypto projects, including the good ones. SEC claims to be protecting the general public from losing money in any kind of investment. If this is true, why are the majority of the lottery machines and liquor stores, located in low-income neighborhoods across America?
Why is it OK for the general public to lose money when buying lottery tickets, like Powerball, mega million, scratch-off and more but it’s not OK for them to invest that money in a growing technology? The time and money spent by the SEC, trying to destroy a growing technology, can be spent educating the public on how to make better investment choices. Then make sure the bad actors are eliminated in the process.
There was a time, when attorneys would carry big suitcases and try to make it to the courthouse before the clerk office closes. These days, attorneys are legally allowed to file a case online, from their offices or the comfort of their homes. They can even file a motion, as late as 11:59pm, without worrying about the clerk’s office closing at 4pm. When a new technology, which makes life better, faster, convenient and more efficient becomes available, the rule of law has no choice but to adapt in the best way possible. Today, it’s about Blockchain and Cryptocurrency.
If the agency is going to be responsible for regulating the crypto space, it must be willing to CHANGE, learn and understand the space. Not just from so-called self-proclaimed experts but also from the general public and users, who they are claiming to protect.
If the SEC truly wants to protect the general public from losing money on Blockchain or Crypto investments, then the agency must first create laws to help regulate the new technology, which will provide safer investment opportunities for the general public. Preventing the public from investing their hard-earned money, in an investment of their choice, is NOT the same as protecting the public. It’s an unconscionable act of injustice and power-grabs, which only serves the needs of the few wealthy people in our society.
Don’t get me wrong, the SEC is a great entity, which helps with regulating securities, etc. However, when it comes to the crypto space, the agency currently lacks the ability to interpret or enforce its own laws. This is because the old fashion law contradicts itself. The only thing more complicated than the securities exchange laws, is the efforts of the SEC wrongly focused on telling the law what to say. The focus should be on amending the existing laws or creating a new set of laws, for a new technology, which we all know is better, faster, smarter, sustainable and highly desired by the general public. The lack of massive crypto adoption is also due to the lack of clear regulations.
In my opinion, the SEC will be better off admitting that a new regulatory body is needed for the cryptocurrency space, especially if the SEC is so reluctant to analyze each project on an individual basis. Based on the HOWEY test, the SEC does not see Bitcoin (BTC) as a security. But the SEC automatically assumes, without conducting due diligence, that everything else is a security. There are other projects in the same category as Bitcoin, based on the same HOWEY test. SafeBLAST (BLAST) token, is a clear example, with No Initial Coin Offering (ICO), no Presale or other investments and no ownership or control of the smart contract. This is why the broad-brush mentality will not work!
It is important to note that websites like Bitcoin.com have no affiliation with the cryptocurrency known as Bitcoin. The website is informative and allows users to trade cryptocurrency, but the website does not control the activities on the blockchain. Naming a business or other activities after a currency, does not mean ownership. Example, The Dollar Store or The Dollar General.
Similar to the above-mentioned Bitcoin website, SafeBlastCrypto.com also does not own or control the activities of BLAST tokens on the Blockchain. SafeBLAST is owned by the “DEAD wallet” which has NO JURISDICTION just like the Blockchain. SafeBLAST (BLAST) is a utility token/currency with a community of volunteers. The individual or collective businesses built around the SafeBLAST name, are able to operate separately from the smart contract and have no ownership stake in the smart contract. SEC must stop overreaching and focus on reaching across the aisle to create a better way for people to invest their money.
DISCLAIMER: The entire content of this post is mine (Founder — SafeBLAST) and it’s my personal opinion, which I have the legal right to express. This is NOT financial or legal advice. Always do your own research and due diligence in crypto and life in general.
