Decentra Daily
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A newsletter for the NFT-curious 🗞️ founders @WigglesCEO & @TwoSeven5 | written by @joe050
Meet Aku, a very imaginative dreamer who loves listening to music while he creates. When we found out he needed new headphones, we quickly hooked him up. Plus, we let him draw on them to mix his love of music and art.
👮♂️ The SEC Endgame 👮♂️ The SEC is showing its cards and Gary Gensler doesn't believe crypto in America should exist at all 🤯 A THREAD 🧵 1/6
This afternoon, the SEC filed a motion seeking a TRO and preliminary injunction against Binance.US attempting to, amongst other things, freeze Binance.US corporate assets. User assets remain safe and secure and the platform continues to be fully operational with deposits and withdrawals functioning as normal. The filing of the preliminary injunction is unwarranted and based more on the SEC Staff obtaining an advantage in litigation versus genuine concern about the safety of customer assets. Until recently – despite years of engagement – the SEC Staff has not expressed a concern about the safety of customer assets. And through near around-the-clock dialogue over the past week, company’s counsel addressed SEC Staff’s concerns regarding the safety of customer assets. Despite the information the company has provided to ensure SEC Staff of the safety of customer assets, the Staff has nonetheless decided to file the motion seeking a temporary restraining order and preliminary injunction. While we are disappointed by this action, we look forward to defending ourselves in court.
Regarding the SEC complaint against us today, we're proud to represent the industry in court to finally get some clarity around crypto rules. Remember: 1. The SEC reviewed our business and allowed us to become a public company in 2021. 2. There is no path to "come in and register" - we tried, repeatedly - so we don't list securities. We reject the vast majority of assets we review. 3. The SEC and CFTC have made conflicting statements, and don't even agree on what is a security and what is a commodity. 4. This is why the US congress is introducing new legislation to fix the situation, and the rest of the world is moving to put clear rules in place to support this technology. Instead of publishing a clear rule book, the SEC has taken a regulation by enforcement approach that is harming America. So if we need to avail ourselves of the courts to get clarity, so be it. Btw, in case it’s not obvious, the Coinbase suit is very different from others out there – the complaint filed against us is exclusively focused on what is or is not a security. And we are confident in our facts and the law. We'll get the job done. In the meantime, let's all keep moving forward and building as an industry. America will get this right in the end.
