The SEC doesn’t understand blockchain. The claims made in SEC vs. LBRY would destroy the United States cryptocurrency industry.
What’s the big deal?
The entire blockchain industry is at risk in the United States. Big tech and Wall St. would have more power and many people could lose their jobs.
The SEC is advancing an aggressive and disastrous new standard that would make almost all blockchain tokens securities.
Classifying all actively-developed blockchain tokens as securities will be a bureaucratic nightmare for United States residents and businesses operating in the US.
Under this new standard, almost any token is a security, including the previously safe Ethereum. The nature of technology is that it is never "finished".
This change will make it much harder for startups to form new blockchain companies, cause massive job loss, and stunt the development of a critical new technology. All the while, big tech and Wall St. prosper!
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