The War on Crypto
The SEC wants to protect us from earning airdrops & interest. Do you feel protected?
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Dear Bankless Nation,
The SEC is investigating Uniswap Labs.
They want to sue Coinbase.
These are honest actors building valuable products. Doing it by the books is Coinbase’s entire business model. Both Uniswap and Coinbase have created a massive amount of wealth for U.S. citizens and increased financial access for the world.
So why is the US treating its most innovative tech companies like criminals?
The SEC was created to protect retail investors.
They’re protecting us from earning higher savings rates. They’re protecting us from financial access. They’re protecting us from ownership in next-generation protocols.
Do you feel protected?
Because I don’t.
I asked former CFTC Commissioner Brian Quintez last week if he thought Americans lived in a financial prison. I asked him if he thought the restrictions, barriers, and threats from aggressive regulators were starting to drive out the immense amount of human and financial capital from America.
He agreed…this current regime is chilling crypto innovation in the U.S.
So who’s asking for this stuff?
It’s not everyday Americans. It’s not retail investors. It’s not the crypto industry.
Cathie Wood of Ark Invest thinks it’s all a symptom of the banks fighting back. They’re worried about being “hollowed out” by DeFi. Now they’re calling in favors.
🎙️ We talked about this w/ Cathie Wood in an epic 90 min podcast that you absolutely can not miss! We’re releasing the full episode this weekend for Premium Members.
If Cathie’s right…it’s actually bullish.
The banks are scared.
But crypto has grown stronger while they’ve been sleeping. This is now a multi-trillion dollar industry backed by a fervent community. We have the capital. We have the people. And we’re on the right side of history. A powerful combination.
Coinbase can beat them in the courts.
We’ll beat them in the court of public opinion.
Here’s what’s lined up for next week:
Epic podcast dropping with Cathie Wood and Chris Burniske 🔥🔥🔥
We’re doing a panel on Loot! Gimme the loot
Ben’s going to show you how to get price exposure to Layer 2
Enjoy the weekend.
- RSA
P.S. Q: Are sports NFTs are the next big thing? A: Yes. Check out SoRare where you can collect official football player cards as NFTs and use them in fantasy sports! Collect & Trade. ⚽️
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Recap for the week of September 11th, 2021
🎙️ NEW PODCAST EPISODE
Listen to podcast episode | iTunes | Spotify | YouTube | RSS Feed
ACTION RECAP 📚
Execute any good market opportunities you saw in Market Monday
Read The Ultimate DAO Report 🔥
Onboard to Arbitrum and capitalize on the market opportunities
WATCH & LISTEN 🔊
🎙️ Listen to The Digital Commodity Explosion | Brian Quintez
📺 Watch Rollup: Steph Curry & Tom Brady FTX | Crypto Regulation | Solana
📺 Watch Layer Zero | Justin Drake
METAVERSAL 🧙♂️
BANKLESS DAO 🏴
Weekly Subscriber Perks 🔥
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📺 State of the Nation
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🗞️ Latest Weekly Rollup.
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Not financial or tax advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. This newsletter is not tax advice. Talk to your accountant. Do your own research.
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9/14/2021 Update:
At the US Senate Banking Committee hearing, Sen Warren had a chance to grill Gary Gensler on Crypto.
The best she could come up with was painting a high ETH L1 gas fee scenario in which a retail investor is trying to panic sell a hypothetical NEWCOIN.
She's obviously been doing a deep dive and that's the best she could come up with.
If that doesn't make you BULLISH, nothing will.
I'm surprised that every body is shocked about that. Here my theory about the SEC reaction to Coinbase. I think it make sense unless somebody can prove me wrong.
To understand my reasoning you will need to know what is banking fractional reserve and IOU.
Let's assume for a second that the SEC let Coinbase running there lending product with high yield. Next you will see probably many others crypto startups do the same, they will compete with high yields for there users. I'm pretty sure if the average people hear about those high yields coming from centralized company. They will rush to move their accounts from there traditional banks like wells Fargo.
Now if u understand fractional reserve banking you will understand that banks can't lose their customers. The economy will become chaos. Since most of people in the USA have credit cards and loans such as mortgages...
The purchasing power of the people in the USA comes from credit. How banks give you money when you use your credit, it comes from fractional banking reserve. To make it short the money they give you from those credit comes from others people checking accounts. It work kind of like a ponzy scheme but with no exit scam. That's how banks manipulate the US dollars supply. That's why your money that you have in your checking account is called an IOU
If everybody start to cash out their money from their checking accounts, the banks will not be able to pay everybody since they don't have the money. The only way to pay everybody is to print more money from the federal reserve.They will probably block all cash withdrawal. I believe it will be worst than the 2008 crisis.
The government will never let people become Bankless because our system will probably collapse if it were to happen. I believe that's why banks are kings and above the law in the USA.
Please make your research about fractional banking reserve, it's not a conspiracy it's real you can see the definition from legit sources.
I never understand why US citizens are ok with those practices. Please comment if you disagree and tell me why. It will be my pleasure to heard others opinion about that.