The United States Securities and Exchange Commission: An Absolute Struggle?

02/13/2023 09:17 • Metaverse Matters • 135 views

According to reports, Frank Chaparo, the News Director of The Block, tweeted that the United States Securities and Exchange Commission (SEC) was engaged in an absolute struggle. After the United States Securities and Exchange Commission threatened to sue, Paxos will stop issuing BUSD. I wouldn’t be surprised if they were specially reviewing the USDC. A few days ago, a senior executive of an exchange told me that the Securities and Exchange Commission of the United States was actually implementing its own encrypted version of “Long Knife Night”.

Frank Chaparo: The US SEC is actually implementing the encrypted version of “Long Knife Night”

Interpretation of the news:

The tweet of Frank Chaparo, the News Director of The Block, has raised concerns about the United States Securities and Exchange Commission (SEC). According to Chaparo, the regulatory body is currently facing an absolute struggle that was triggered by its threat to sue Paxos, a financial services firm. This threat led to Paxos halting the issuance of BUSD, which is its stablecoin. Furthermore, Chaparo suggested that the SEC might be scrutinizing USDC, another stablecoin that is pegged to the US dollar.

The message seems to indicate that the SEC is not relenting in its oversight of the cryptocurrency market. The agency has already taken several actions against crypto firms that it deems to be violating securities laws. For instance, it has charged Ripple, a blockchain firm, with illegally issuing unregistered securities worth $1.3 billion. The SEC’s stance has sparked criticism from some crypto enthusiasts who argue that the agency’s regulations are stifling innovation in the industry.

The tweet also includes a reference to the SEC’s encrypted version of “Long Knife Night”. This phrase seems to allude to the famous “Night of the Long Knives”, a brutal purge carried out by the Nazis in 1934. Chaparo might be implying that the SEC is wielding its authority in a similarly ruthless manner. Alternatively, he might be suggesting that the SEC is facing its own internal power struggles, which could be leading to erratic decision-making.

In conclusion, the message suggests that the SEC is still grappling with its oversight of the cryptocurrency market. The agency’s threat to sue Paxos and its scrutiny of USDC have raised concerns among industry stakeholders. Moreover, the reference to “Long Knife Night” could mean that the SEC’s activities in the crypto space are causing controversy and instability. As the crypto market continues to evolve, it remains to be seen how the SEC will balance its regulatory responsibilities with the need to encourage innovation.

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The United States Securities and Exchange Commission: An Absolute Struggle?

Frank Chaparo: The US SEC is actually implementing the encrypted version of “Long Knife Night”

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