This hearing has completely torn away the veil of U.S. cryptocurrency regulation!
SEC Chairman Atkins was grilled hard by Congressman Ivey, and the core issue was one: Will the SEC actually regulate the fact that Sun Yuchen spent 300 million U.S. dollars to buy tokens from the Trump family?
Sun Yuchen's operation last November was too bold! He poured 30 million U.S. dollars into the WLFI token created by Trump's sons, causing the price to skyrocket by 50% before plummeting by 60%, clearly a case of pulling the rug out from under investors. Even more ridiculous is that the project team is made up entirely of Trump’s own people; who would believe there's no benefit transfer? Yet Atkins actually pulled out the argument that "tokens are not under SEC regulation"—he has no shame!
Speaking of the TRUMP coin that Trump personally endorsed, it’s even funnier; its market value dropped from 12 billion to 12 dollars, and the SEC actually said this is "like a trading card" and therefore not regulated? A Democratic congressman exposed Atkins on the spot: you personally hold a 5 million cryptocurrency fund, and your wife’s family is in the securitization business, what are you pretending to be fair for? Although he said he would sell assets, who knows if that’s just for show.
Now, U.S. cryptocurrency regulation is completely chaotic:
1. A 180-degree policy shift, from scrutinizing every coin to allowing meme coins to run wild, the SEC is practically lying flat and doing nothing.
2. Wall Street is making noise, trying to attract global cryptocurrency funds with loose policies, but ordinary investors will definitely be hurt worse.
3. The SEC's "Grayscale Regulation" is simply lazy governance: serious projects are heavily regulated while vaporware flies freely.
In my opinion, these politicians and capitalists are colluding to create a setup. On one hand, they condone the powerful using cryptocurrency for money laundering, while on the other, they use "decentralization" as a shield.
In the end, who suffers? It’s us ordinary folks.
Are you stuck in a position? When will you bottom out? Still the same old line, confused and helpless without knowing what to do, comment or leave a like. I need fans and you need references.
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