Most of you here either remember or have memories of the financial crash in 2008. Crypto was a direct result of that crash as Bitcoin was released around that time.
That crash also uncovered the largest ponzi scam in history run by Bernie Madoff. The scam was worth $65 billion when it was uncovered and fucked over pension funds and life savings of many.
It was eventually found out that the SEC was warned SIX times about the scam since 1992 and they never investigated. Bernie literally confessed to his crimes at the end when the falling economy made his ponzi scheme worthless since there was no new money to come in.
The ponzi scheme and the 2008 crash showed the world that the SEC is either inept at protecting investors or simply doesn’t want.
This should be remembered and their new actions against crypto should be seen in the light of this and other numerous shady shit that the SEC does.