The regulatory boots are about to drop, but this time you'll get to scream first before they step!
Brothers, Gary Gensler, the chairman of the SEC that everyone is familiar with (and possibly has a headache about), has made a statement: from now on, they will regulate our crypto world (cryptocurrencies, exchanges, DeFi, etc.) without surprise attacks! They will follow a formal process called 'Notice and Comment'.
What does this mean? Simply put:
If the SEC wants to establish new rules to regulate you, fine! First, they will present the draft rules in black and white for everyone to see. For example, they might want to define 'what is not considered a security', or 'how exchanges should custody user assets'.
This stage is going to be lively! It’s not just up to the SEC anymore; it’s time for a national discussion! You, me, coin bloggers, miners, big exchange bosses, small retail investors, professors watching the show... as long as you want, you can rush to the SEC's official website to leave comments, write essays, or bang the table and yell (let's call it 'submitting comments' in a civilized manner)! Reasoning, presenting data, crying about difficulties, pointing out problems, all is welcome.
Oh, my friends, do you remember the recent time when exchanges were caught off guard? Like that certain someone (for example, Coinbase) suddenly receiving a 'Wells Notice', looking as confused as if they received a terminal illness notification, and suddenly having to face the court as a defendant. So annoying!
Now it's better! From now on, if the SEC thinks that DeFi platforms like Uniswap should be regulated as 'exchanges', or if they want to mandate that you must custody your coins at designated institutions (instead of keeping them in your own wallet), they must first present the draft! At that time, we can unite and shout: 'On what basis? Isn’t custody at centralized institutions more dangerous? If users lose coins, will the SEC compensate them?!
Where do you think the SEC's next blow will fall? Is it on DeFi lending? Stablecoins? Or NFTs? Call out your predictions in the comments, and let’s keep a close eye on how this boot lands!
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