Community Rips SEC’s New Crypto Risk Warning Amid TradFi Crisis
- Crypto maximalists attack the SEC for partiality in regulating the crypto industry.
- Analyst Ben Armstrong sarcastically says, “Crypto is bad, but the Ponzi scheme banking system is good.”
- Other Twitter users question the SEC why gambling is acceptable but not crypto.
The crypto community is having a field day dragging the US Securities and Exchange Commission (SEC) for being biased in regulating the crypto industry and the traditional financial system.
Crypto enthusiasts voiced their reservations to the regulator following a warning message where the SEC claimed that crypto assets constitute a risky investment venture. “Investments in crypto asset securities can be exceptionally volatile and speculative,” the regulator wrote in a post on Thursday.
The SEC further argued that the platforms where investors buy, sell, borrow, or lend crypto might lack essential protections. Given the current crisis in the US banking system brought about by the collapse of two banks that controlled over $300 billion in customer assets, a crypto influencer asked the SEC, “Where is the warning about banks not actually having [our] money?”
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