I think it’s a no brainier. The SEC is using a horrible excuse to go after Crypto. They are constantly waging a propaganda campaign against Crypto. To state their own concerns, they call Crypto a “flavor of the year for fraudsters”. Yet despite them trying to look like saints, they continue to lobby for banks.
They call Crypto a ponzi scheme while completely ignoring the shit banks do. The entire purpose of banks is to take your money and scam you by giving you a horrible interest rate while using the same money to loan to others and saddle them with debt using high interest rates. If this doesn’t sound like a scam or a ponzi scheme, then I don’t know what is.
Moreover, their entire motive for going after Crypto is to save banks. Imagine if everyone knew about Crypto. Who the fuck on earth would deposit their money into banks for a 0.01% interest rate while they could put that money into any Crypto exchange for an interest rate hundeds or even thousands of times more? Their entire pursuit is to stop Crypto from giving banks a run for their money.
These people have a mindset from the 19th century and are funded by banks. They keep trying to convince people that banks are superior and that Crypto won’t last long. They can’t cope with the fact that Crypto is already becoming legal tender of some countries in just 10 years of existence, while banks are failing due to their shady policies.
But alas, Crypto is used for scams right? I mean, even if you look at some of the most high level Crypto scams, it is nothing considered to the scams you can fall for using banks and fiat. Banks themselves are scamming people at an institutional level. Yet these people ignore banks because their paycheck relies on them.
TLDR: Fuck the SEC. Their only way to cope is to spread a bad PR campaign against Crypto while shielding banks from anything that comes towards them. Fortunately, these 80 year old corrupt politicians and billionaires can only live for so long.