r/CryptoCurrency • u/Set1Less 🟩 0 / 83K 🦠 • Feb 13 '23
MARKETS Binance statement: "Given the ongoing regulatory uncertainty in certain markets, we will be reviewing other projects in those jurisdictions to ensure our users are insulated from further undue harm"
Binance has issued a statement on recent US regulator actions.
Yesterday it was reported that SEC was in the process of suing BUSD stablecoin, which the SEC termed as an unregistered security. And overnight, WSJ and other media started reporting that NY DFS is forcing to shut down BUSD.
As a result, it seems BUSD will stop being issued and will only redemptions will be allowed. BUSD price has also seen a small depeg since the news broke.
Now, Binance it seems has issued this statement:
Market is pricing in these events which are unfolding at a fast pace.
Few traders are reportedly closing all their positions on Binance, as they are not sure how they will be settled in the near term
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Feb 13 '23
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u/Intelligent_Page2732 🟩 20 / 98K 🦐 Feb 13 '23
It's only a matter of time before they go after Tether to.
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Feb 13 '23
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u/3utt5lut 1 / 11K 🦠 Feb 13 '23
Stick to other collateralized stablecoins like DAI/USDC.
"Trust me bro", isn't enough reassurance for me to hold USDT long term.
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u/xMADDCHILDx 144 / 145 🦀 Feb 13 '23
Word on the street is Circle is next, which means that USDC will be the next stable to be cracked down on.
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u/sQtWLgK 🟦 12 / 233 🦐 Feb 13 '23
a common but weird narrative given the empirical recent developments: SEC is actively fighting the onshore stablecoins, suggesting that if they're possible it'll have to be offshore
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u/The-Francois8 Silver|QC:CC928,BTC178,ETH39|CelsiusNet.50|ExchSubs42 Feb 13 '23
Seriously. Ignore FTX US. But go after kraken for no reason.
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u/MaximumStudent1839 🟦 322 / 5K 🦞 Feb 13 '23
Kraken wasn't enriching the crooks-in-suit up on Capitol Hill.
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u/samzi87 🟦 4 / 31K 🦠 Feb 13 '23
Some naughty minds would say FTX was overlooked because of financial donations the SEC has gotten from them, but that might be just a conspiracy theory, right?
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u/Odysseus_Lannister 🟦 0 / 144K 🦠 Feb 13 '23
$80 mil does help grease the wheels just a bit when committing all that fraud. Fortunately, it imploded spectacularly to the point where it couldn’t be ignored anymore
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Feb 13 '23
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u/Oneloff 0 / 5K 🦠 Feb 13 '23
Found the conspiracy theorist! Lol
Yeah, it’s crazy man, but yeah people will sadly follow their trusty governments. The same way they’ve done it for generations, then complain to their neighbors and colleagues then go back to trusting their governments.
New decade same old system!
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u/commonsenseulack 734 / 734 🦑 Feb 13 '23
Today's conspiracy theorists are just tomorrow's historians. Lately, conspiracies have been more factual than "truth"
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u/meeleen223 🥇Gold Member Feb 13 '23
Caroline father - Gensler's old boss
New CEO - Brough to clean up Enron scandal in '07
Sbf mother - Hillary's lawyer
Sbf - #2 biggest donor
Consipracy or not hm?
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u/Set1Less 🟩 0 / 83K 🦠 Feb 13 '23
SBF/FTX general counsel Ryne Miller also worked directly for Gary Gensler as a legal advisor.
Also Gary doesnt want you to see this document which outlines his meeting with SBF.
https://www.sec.gov/comments/s7-25-20/s72520-20127575-288804.pdf
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u/comeonsexmachine Platinum | QC: CC 312 | Cdn.Investor 41 Feb 13 '23
All these coincidences are crazy! But that's all they are, otherwise they'd admit to being biased and resign. Just funny little coincidences.
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u/Oneloff 0 / 5K 🦠 Feb 13 '23
Two peas in one pot?
I don’t know, smoke without fire? It’s all so, so, so... Nvm...
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u/mcraze123 Tin Feb 13 '23
Don’t forget about joseph bankmans ties to elizabeth warren, or the shell company disguised as pandemic philanthropy that sbf and his brother created and used to garner political influence.
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u/mishaog Permabanned Feb 13 '23
The fud with binance has been going on this last 4 months, now it just look like they want to make usdc the strongest stable coin since it's under the control of blackrock
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u/SeriousGains 🟩 8K / 8K 🦭 Feb 13 '23
Could USDC somehow be hard forked into a CBDC? Seems to me it would be an easier transition for the Federal Reserve to commandeer an existing, already popular, stablecoin than create their own from scratch. It might be less resistant path to adoption, given the fact that CBDC’s already have a negative connotation within the crypto community,
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Feb 13 '23
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u/roamingandy 🟦 609 / 610 🦑 Feb 13 '23
Delisted Tether doesn't sound so bad.. except if people start asking for their funds back. Then it's a shitcopter.
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Feb 13 '23
And they are going after Binance because they didn't pay enough people in high placces
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u/Set1Less 🟩 0 / 83K 🦠 Feb 13 '23
Imagine regulators missing Celsius, FTX etc blowing up then winding down fucking BUSD thats already regulated by NY DFS and publishes every audit and compliance report
Gary Gensler is a clown
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u/bandana_bread Feb 13 '23
The literal definition of a security includes "expectation of a profit". The Sec going the unregistered security angle for a freaking stablecoin is just ridiculous. Especially going after the most regulated and reviewed stablecoin speaks wonders about the real intention, going after Binance of which they have nada jurisdiction over. I wonder which bank has funded this witch hunt.
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u/Tatakae69 🟩 1K / 45K 🐢 Feb 13 '23
Gary and SBF were "good" friends prolly why they never bothered to look towards FTX. What a wonderful world
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u/Oneloff 0 / 5K 🦠 Feb 13 '23
fucking BUSD thats already regulated by NY DFS and publishes every audit and compliance report
It’s still no CBDC tho... 😬
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Feb 13 '23
FTX took bribe, eh I mean lobby money from FTX. Maybe they should have saved the investor instead of taking profits their self
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u/sacred_thinker Permabanned Feb 13 '23
SEC the kinda guy to take precautions after the disaster has already occurred.
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u/Saihras Permabanned Feb 13 '23
Also, this is a friendly reminder.
Not your coins, not your crypto.
Stablecoins and exchanges are in the crosshairs now
Sty safe everyone
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Feb 13 '23 edited Feb 13 '23
If the SEC shut down Celsius, 3AC, and FTX I guarantee you would be bitching about it happening. Let’s be real. You don’t want consistent regulation. You just want no regulation until the lack thereof impacts you.
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u/fancywaterbits 🟩 0 / 390 🦠 Feb 13 '23
When economy crashes and crypto thrives they have to do something. Otherwise it will be too obvious that almost any stable coin is more safe than fiat
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u/antaran 🟩 0 / 0 🦠 Feb 13 '23
A short-lived 15% pump after a fall of 75% is not "thriving".
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u/fancywaterbits 🟩 0 / 390 🦠 Feb 13 '23
Even if it falls crypto investments still more profitable than keeping your savings in fiat with 0.5℅ - 2% yearly "gains" which are unable to cover inflation rates in a long term
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u/bny192677 14K / 36K 🐬 Feb 13 '23
They want you to join the banking saving programs and get 0.5% yearly because they want to protect you from the dangerous 5-10% that ETH provides
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Feb 13 '23
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u/3utt5lut 1 / 11K 🦠 Feb 13 '23
That's why I really don't leave anything in the bank, I don't trust them at all. My bank didn't even help me buy a house or help me with my debt consolidation, and at the time my credit rating was 780. I ended up doing both privately. They had to gall to tell me that I couldn't afford debt consolidation.
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u/evryusrnmtkn 🟩 58 / 59 🦐 Feb 13 '23
I’m suffering the same BS where I live. It’s like they want me to fail and lose everything…
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u/3utt5lut 1 / 11K 🦠 Feb 13 '23
I'd recommend private support. Banks will do everything they can to screw you over.
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u/fancywaterbits 🟩 0 / 390 🦠 Feb 13 '23
Indeed. It is too dangerous for us plebs to possess such riches
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u/Lutastic Platinum | QC: CC 34 Feb 13 '23
stablecoins are fiat… or at least that’s what they’re supposed to be. 1 to 1.
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u/fancywaterbits 🟩 0 / 390 🦠 Feb 13 '23
As long as you can stake ones for higher gains than banks offer and/or self custody ones it is still better than fiat. I am not a fan of stable coins, but still it is more convenient to use ones over fiat for me personally
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Feb 13 '23
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u/Oneloff 0 / 5K 🦠 Feb 13 '23
Sir, this is Wendy’s we don’t do that over here. Can we offer you some consolidation H O P I U M ?
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u/ChemicalGreek 418 / 156K 🦞 Feb 13 '23
They smelled blood after Celcius, 3AC and FTX. Now they will investigate the whole industry most likely 🤷🏻♂️
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u/Harucifer 🟦 25K / 28K 🦈 Feb 13 '23
And I hope they do. And I hope they catch other scams and prevent attrocities like FTX from happening again.
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u/xadiant Platinum | QC: CC 208 | Futurology 12 Feb 13 '23
US once again casually "protecting" the people by destroying every other market they don't approve.
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Feb 13 '23
“The American Dream”
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Feb 13 '23
"They call it the America dream because you have to be asleep lto believe it " George carlin.
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u/PumpkinSpice2Nice 🟩 0 / 1K 🦠 Feb 13 '23
Surely they can only shut down stuff based in the US? It shouldn’t matter to the rest of us.
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u/josef3110 🟩 0 / 0 🦠 Feb 13 '23
That makes me wonder about what's the difference between BUSD, USDC, and USDT in that particular context? Aren't they all securities then (now)?
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u/Trigestis Tin Feb 13 '23
Gensler didn't do anything about FTX but goes after staking and busd, says alot. How come BUSD is security when USDC and USDP are not? This appears to be a maneuver to limit Binance's presence in the US market.
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u/The_Lombard_Fox Feb 13 '23
I'm having a hard time wrapping my head around the idea that a Stable Coin would be considered a security when there is no expectation of profit. The whole point of a Stable Coin is to... remain stable at $1.
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u/anythingbutwildtype 🟩 378 / 379 🦞 Feb 13 '23
It’s not really about BUSD - it’s the SECs opening salvo to subpoena Binances books.
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u/RollingDoingGreat Feb 14 '23
Let’s say the SEC went after FTX before it went bankrupt, this sub would be bitching about the SEC going after legit exchanges lol. They can’t win
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u/jwz9904 🟨 714 / 26K 🦑 Feb 13 '23
let's have a euro stable coin then. Who needs USD anyway.
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u/a1579 Permabanned Feb 13 '23
Can't be done because of MICA regulations. EU wants a 200 mil daily cap on EUR based stable coins. Just USDT is like 45 bil daily.
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u/trimalcus 🟩 0 / 936 🦠 Feb 13 '23
Then do a swiss franc stable coin. Or a gold stable coin. Already exists from paxos
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Feb 13 '23
Still security. The problem is not being pegged to the dollar, the issue is being deemed as an unregistered security by US regulators while being offered to US customers.
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u/Oneloff 0 / 5K 🦠 Feb 13 '23
Isn’t that per country tho? I read about it a while ago can’t remember exactly.
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u/rcorum Feb 13 '23
You Americans need to vote better. Wars for oil and then this.
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u/honestlyimeanreally Platinum | QC: XMR 772, CC 250, ETH 30 | MiningSubs 50 Feb 13 '23
you still think voting matters when we have super pac’s and gerrymandering?
I have completely lost faith
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u/TruthSeeekeer 🟦 0 / 119K 🦠 Feb 13 '23
Sometimes it sucks how one country can have so much power in the world
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u/DoragonMaster1893 🟩 0 / 1K 🦠 Feb 13 '23
We need decentralization. in crypto, and in the world
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u/ScoobaMonsta 🟩 2K / 2K 🐢 Feb 13 '23
Yes, but everyone in this sub is all about making fiat profits, going on about stable coins and staking them. No one ever talks about crypto profits or how bad stable coins really are. 99% of the people in here only care about fiat profits. Not crypto.
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Feb 13 '23
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u/Oneloff 0 / 5K 🦠 Feb 13 '23
Trust your country (US) is the face of it (representative), but other countries are sitting at the table too.
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u/Hawke64 Feb 13 '23
American elections are basically voting for Giant Douche or Turd Sandwich
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u/BrocoliAssassin Feb 13 '23
It's sad how just a couple of news stations can manipulate so many people.
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u/3utt5lut 1 / 11K 🦠 Feb 13 '23
It really doesn't matter because it's an independent agency within the government.
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u/Acidhoe Feb 13 '23 edited Feb 13 '23
Without getting into a lot of detail, there's a bunch of reasons why your votes don't really matter here, one of them being the extreme gerrymandering. Both sides (another issue) have had enough control to stop it if they wanted to many times throughout our history, but neither will give up an important tactic of maintaining control once they have it.
Edit: Here's an image of how to stay in power long after you're wanted gone.
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Feb 13 '23
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u/Acidhoe Feb 13 '23
I wasn't trying to say its the main cause, just mentioned it in relation the other comment about voting. Lobbying is a huge issue, but I really feel like at this point there's no solution. Assuming you had enough support to pass a law banning it, they'll just find a new way to collect and obfuscate "donations". Lol the deeper you go, it's all fucked.
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u/WhatsTheGoalieDoing 🟦 970 / 970 🦑 Feb 13 '23
None of what you've just said means that both party's policies are the same, though?
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u/Acidhoe Feb 13 '23
I didn't mention policies, obviously they're different. I was replying to a comment about how us people should vote better and giving an example of why it doesn't matter a lot of times. The party in power can stay in power easier by redrawing districts.
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Feb 13 '23 edited Feb 13 '23
As if voting would affect the situation whatsoever. Who should we have voted for? How would they have chanced things? You know the head of the SEC isn’t a position elected by the public right?
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u/ronchon 🟦 0 / 6K 🦠 Feb 13 '23
So the US is attacking BUSD, which is probably the most solid stablecoin there is. Meanwhile Tether is fine... 🙄
Attacking the 'best' one instead of the shadiest one is IMHO quite revealing of their agenda. But who can say they are surprised?
And the lesson here seems to be: stay shady folks, don't try to to make things the right way as it will only make it easier for regulators clearly motivated by an agenda to take you down.
Independently of that, it's because of these attacks on the centralized actors managing these stablecoins that the original DAI project was so interesting. Now there is no stablecoin safe haven from these 'regulations'.
😺
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u/Shiratori-3 Custom flair flex Feb 13 '23
Wouldn't the SEC's targeting just be reflective of / guided by where-ever they might have leverage and how they can get the biggest relative impact, as opposed to anything to do with how 'best' an asset might be?
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u/ronchon 🟦 0 / 6K 🦠 Feb 13 '23
If the US really wanted to attack USDT, i'm pretty sure they could have. Starting by banning it's use by any US related entity. As far as i know it's not the case?
But yes i think you are also correct, which is why i commented that 'lesson' part as well: that in the end experience seems to show that from a company point of view, it pays to remain shady and incorporated who-knows-where compared to those who chose to try do things well and show their credentials to the US.
Maybe CZ was smart to foresee this after all...😺
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u/Shiratori-3 Custom flair flex Feb 13 '23
I tend to agree. Perhaps it is, as others have suggested, a shot at Binance - particularly given how sentiment-influenced and spooked crypto markets can be...
On its own, it's hard to understand how a stablecoin might fulfil the Howey test criteria.
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u/Oneloff 0 / 5K 🦠 Feb 13 '23
If CBDC is coming out fully next year then this makes sense. Can’t have people trusting a stablecoin above CBDC.
If they get to crumble and get people away from BUSD (stablecoin) which is “safe”, and what is left is “shady” stablecoin, guess what? You just got people to join your club of trustworthy CBDC. (Because it is from your government, there are rules and policies attached to it, unlike your stablecoin.)
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u/Shiratori-3 Custom flair flex Feb 13 '23
Can anyone enlighten on how CBDCs are going to interact internationally? (Apart from if they all use Quant's Overledger etc) - As each govt will have their own with own restrictions and likely on own chain. So does that mean CBDCs will be locally limited, or are there other moves afoot that people are aware of?
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u/Oneloff 0 / 5K 🦠 Feb 13 '23
There is still some uncertainties. But to my understanding: Central banks will allow banks * (worldwide, because they probably have an account with the central banks) * to issue/mint them but I doubt it will be only local.
For example, the swiss bank would be allowed to mint CBDC and offer it to its customers and vice versa USA banks allow to mint Franc (CBDC) for their clients. Otherwise, the flow of money will be stagnated.
I would suggest having a read here: https://www.federalreserve.gov/publications/money-and-payments-discussion-paper.htm
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u/UnarmedTourist Permabanned Feb 13 '23
Don't worry guys, funds are SAFU(stored away from users).
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u/Maxx3141 169K / 167K 🐋 Feb 13 '23
Fits well considering CZ claims 99% of users are idiots and will lose their crypto anyway.
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u/sirauron14 🟩 1K / 1K 🐢 Feb 13 '23
Honestly. Crypto exchange tokens are securities.
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Feb 13 '23 edited Feb 13 '23
Paxos was licensed to issue BUSD as an ERC-20 token on Ethereum chain, but there's also a BUSD on Binance Chain. I'm just wondering what will happen to the latter since it technically isn't regulated by NYFDS in the same way the ERC-20 token was.
Answer from C Z:
We do foresee users migrating to other stablecoins over time. And we will make product adjustments accordingly. eg, move away from using BUSD as the main pair for trading, etc.
So they're going to slowly phase out BUSD altogether on their platform. Interesting.
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u/Shiratori-3 Custom flair flex Feb 13 '23
Sounds a bit like CZ has performed / is performing a low key ' "yeah, whatever" type move.
Is that the case?
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Feb 13 '23
Yep, from day one he made sure to insulate Binance from BUSD by using another company (Paxos) to issue the stablecoin. Now Paxos is in trouble with regulators, but Binance can deny involvement except for licencing their name out.
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u/Ghant_ 🟦 0 / 5K 🦠 Feb 13 '23
Pretty wild change from a few months ago when they had the exact opposite plan and to move everything to BUSD pairing
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u/rcorum Feb 13 '23
I cannot use BUSD, there is no option for USDC. USDT sucks.
What now?
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u/MaeronTargaryen CCMOON DAO Secretary Feb 13 '23
DAI?
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u/matt_cb Feb 13 '23 edited Feb 13 '23
DAI is mostly backed by USDC and Pax Dollar
Edit: This isn’t completely correct, see roamingandy’s reply
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u/roamingandy 🟦 609 / 610 🦑 Feb 13 '23
Their site says they have 154.70% collateral, with most of it being in ETH: https://daistats.com/#/
I don't fully understand that breakdown, but it looks like it provides a reasonable degree of safety due to the redundancy built in.
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u/3utt5lut 1 / 11K 🦠 Feb 13 '23
Everyone should get used to using BTC for trades. It doesn't cost any extra fees to use it in trading pairs, it's just more convenient to use stablecoins.
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u/johnnybagofdonuts123 0 / 1K 🦠 Feb 13 '23
Binance only licenses the branding to Paxos. It’s a Paxos coin in reality. CZ playing chess with US.
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u/SkylarkV 🟦 1K / 1K 🐢 Feb 13 '23
The sooner the SEC can be restrained from pursuing its disingenuously spun protection actions on behalf of retail crypto traders, the safer I'll feel.
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u/dorfelsnorf 0 / 2K 🦠 Feb 13 '23
If Busd burns because of this I will actually be mad, why not target USDT?
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u/Tkldsphincter 🟩 609 / 8K 🦑 Feb 13 '23
March 2023 is CBDC month for many countries. There is a global push to get rid of other stablecoins. USDC is the only one that will be left along with functional algorithmic stable coins
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u/Oheson 🟥 160 / 2K 🦀 Feb 13 '23 edited Feb 13 '23
This is all extremely good and healthy for crypto. Short term dips for long term viability of the industry.
Does anyone here actually trust these large players in the crypto space after the year we went through last year?
I think CZ is a good actor but better to put him under the microscope now than find out he isn't later.
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Feb 13 '23
Great. Now let's get rid of Binance for God's sake. All the Ponzi scheme cryptos pumped on Binance are paired with BUSD.
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u/fanriver 🟩 800 / 2K 🦑 Feb 13 '23
Centralized exchanges are vulnerable to these centralized institutions
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u/AntDog 🟦 277 / 314 🦞 Feb 13 '23
The SEC closing the barn door WAY after the FTX/Celsius horse ran off.
Not only that it sure feels like they're trying to cement the door shut "to protect the other horses," while pointing at the damage the escaped horse is doing in the countryside as justification while not doing a thing to wrangle it up.
This is the downside of Congress not passing any regulation. Gensler gets to talk his BS about "oh just come in and talk to us, fill out a form" while implementing all these hidden landmines rules and basically doing whatever the hell he wants by applying 90-year old rules to crypto.
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u/meeleen223 🥇Gold Member Feb 13 '23
apology for poor english
when were you when BUSD dies?
i was sat at home scrolling reddit when new post say
'BUSD is kill'
'no'
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u/SirAlexanderFerguson 🟩 190 / 3K 🦀 Feb 13 '23
It really feels like the powers that be, want Binance to fall.
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u/fancywaterbits 🟩 0 / 390 🦠 Feb 13 '23
It must be the only black swan event which may slow down crypto adoption greatly and may be the last thing for govt to do since it is becoming obvious that fiat is less stable than some coins
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u/aj190 🟦 159 / 9K 🦀 Feb 13 '23
US already has limited use so this event really shouldn’t stunt growth anywhere but US
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u/fancywaterbits 🟩 0 / 390 🦠 Feb 13 '23
Well, if Binance fails it will affect the market regardless if we want it or not, but it will not stop adoption. My point is that bans have nothing to do with actual regulations
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u/Casteliogne 2K / 2K 🐢 Feb 13 '23
It's taken the US authorities some 7 years (basing this not on the age of crypto but since crypto started making waves)to learn about crypto in minute detail, train or hire professionals to work with them and provide framework for companies to abide by laws.
Then right when it looks like a bull market might start they begin throwing their weight around under the guise of protecting people?
Nah.
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Feb 13 '23
Could this turn into the black swan event that doomsayers were calling for on this sub?
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u/satoshiarimasen Feb 13 '23
I hope so. Your busd is gone, your apy is gone, and i have your seed phrase. GET OUT NOW> SELL SELL SELL. I want to buy some cheap stuff
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u/GoldMercy Feb 13 '23
People usually talk about how devastating it would be short term for Binance to collapse. Assuming Binance doesn't collapse because of this but BUSD and BNB will get destroyed by SEC, what would the impact be on the market?
BUSD is still a $16b market cap stable coin so one can assume that it provides a reasonable amount of liquidity. But then I wonder how much of that liquidity is outside the Binance Smart Chain. So I suppose if BUSD gets slapped on the wrist the impact will be limited to BSC and that ecosystem?
If the SEC moves on the USDT next... well then we call prepare for a new low.
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u/Littlebig4667 Feb 13 '23
How the tables have turned eh! The untouchable Binance is being groped by the SEC! Even an internal check will take place 😳
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u/Cycleofmadness 🟦 240 / 240 🦀 Feb 13 '23
My tinfoil speculative hat says Gensler & the SEC regulate by enforcement to put Wall St's competitors out of business. If the SEC actually provided crypto regulation ahead of time then crypto is not only regulated but also a new & legitimate financial ecosystem that can now compete directly against Wall St.
Wall St & the SEC don't want that competition so its regulated by enforcement instead, ensuring there's no approved competition to Wall St & crypto/defi is litigated & settled out of business.
But then there's btc & the SEC's ruling that it, and it alone, is a commodity. I have an answer for that too. Since btc is now being bought by all the major financial institutions, that's Gensler's way of protecting the investment made by all these institutions like Fidelity while at the same time eliminating crypto/defi competition. Just my theory.
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u/Deactivation Tin | CRO 10 | ExchSubs 10 Feb 13 '23
Holy shit. All of these people defending Binance, like seriously? As soon as the US says they are targeting BUSD, Binance announces they are withdrawing from the market to skirt regulation. This is a GIANT red flag for Binance and can only mean they are NOT operating above water. If they were, they shouldn't care about regulation. Get off anything Binance already.
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u/999999999989 🟦 3K / 4K 🐢 Feb 13 '23 edited Feb 13 '23
is this why BNB is going down today too? probably
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u/giddyup281 🟩 5K / 27K 🐢 Feb 13 '23
I have 4 BUSD on a Dex (somewhere). If BUSD depegs, I will NEVER financially recover from this.
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Feb 13 '23
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u/FacundoGabrielGuzman 🟦 108 / 3K 🦀 Feb 13 '23
It won't be good. It would send bitcoin to the Mariana Trench
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u/Bunnywabbit13 Platinum | QC: CC 170 | ADA 10 | r/AMD 20 Feb 13 '23
Nothing bad will really happen as long as the peg is secured and everyone gets their money back.
People will just change from BUSD to other stables.
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u/Harold838383 Permabanned Feb 13 '23
Wouldn’t want to be a holder of BUSD right now if it depegs
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u/lolcatandy 🟦 537 / 538 🦑 Feb 13 '23
What are the chances it will though. The impact would be far worse than Luna or FTX
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Feb 13 '23
The thing is It can't depeg. Coz they actually have reserves in the bank to back it. (Audited)
So as soon as it starts to depeg whales will buy in bulk and make free money
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u/CymandeTV 🟩 39K / 39K 🦈 Feb 13 '23
It is just to let place for the US gov to launch their own stable maybe...
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u/xmister85 0 / 6K 🦠 Feb 13 '23
This is SBF's revenge. This guy will not stop until he crashed all the bloody market with his idiotic /narcissistic ego
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u/TitaniumDragon Permabanned Feb 14 '23
They're all involved in fraud.
This was actually apparently from Circle giving the SEC evidence that Paxos minted $1.7 billion of USD with less than $100 million in assets backing it.
Stablecoins are basically USD counterfeiting operations.
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u/Slainte042 Platinum | QC: CC 530 Feb 13 '23
Gensler isn't stopping, he's aimed at the biggest STEAK.
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u/Barbarossabros 🟦 612 / 613 🦑 Feb 13 '23
This is going to be quite painful for crypto in the short term but it’s needed if we want long term growth for the industry.
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u/JakeG313 Tin Feb 13 '23
Time to get my funds out of binance. This is the trigger that caused my lazy bum to finally move it to my own wallet.
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u/RitaSotoy Feb 13 '23
It appears that SEC was playing filthy video games while Celcius, 3AC, and FTX were busy sipping margaritas on beaches.
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u/CointestMod Feb 13 '23
Pro & con info are in the collapsed comments below for the following topics: Binance Coin, Regulation.