The SEC's War on Crypto

The SEC Chair Gensler openly labeled every crypto asset other than Bitcoin to security./nSenate Committee on Environment and Public Works held a hearing in landbased Bitcoin./nBiden administration proposed a bill that singles out crypto miners for owners' tax treatment./nNew York Attorney General declared Ethereum, which is the second largest crypto asset of security./nThat's a huge change, by the way./nSEC continued to say anticonsumer protection efforts by doubling down their attempt to block a spot Bitcoin ETF./nOCC let crypto bank protect those applications for a national trust charter expire./nAnd then the SEC just sent Coinbase a wellsnoted./nThe conversation highlights the fact that there is a concerted effort now to crack down on crypto by a wide variety of government agencies and authorities, starting with Gensler at the SEC, who seems incredibly hostile to crypto. However, it is unclear if this is correlated with the stress that the banking system is under, or if it is just a coincidence.