Investors, either crypto or generic ones are showing their immense displeasure about the ways that the United States Securities and Exchange Commission has been adopting in recent times. SEC has a reputation to protect and no doubt, that requires going beyond bounds to dig out the facts. Investors are showing their disregard towards SEC opening about Asian countries which are a safe haven for such investments where the investor can be hailed as the ultimate hero serving the humanity and the financial world.
Japan and China have been quite accepting towards the crypto market opening up ways to incorporate crypto into their already established systems. A crypto investor, Michael Arrington discloses that he received two subpoenas from the commission asking to reveal his investment transactions and as Arrington states, to fight back is not a feasible option as that costs an unbearable amount of finance. Michael tweeted:
We received a second subpeona from the SEC, again collecting information from us as investors in a U.S. company. The legal costs of dealing with these are not insignificant. We will not invest in any further U.S. deals until the SEC clarifies token rules. Pivot to Asia.
SEC has previously been around some strong controversial crisis, being accused of making biased decisions against the crypto reforms, as evident from the cases of Winklevoss ETF and others. But as more investors are being eyed suspiciously by the commission, and with investors being coaxed into throwing their cash over fighting back trails, current investors are reconsidering shifting to Asia where the incumbent authorities are less harsh in dealing with the emerging crypto trend.
The founder of Onchain Capital/Advisory, Ran NeuNer has addressed the crypto fanbase and investors alike mimicking the SEC that the SEC has kept the book of their very own rules and regulations as to what a financial reform must cover or include, without opening up about these rules so that the ones working over these reforms can manage likewise.
SEC: We’re not going to tell you what’s right and wrong/define regulation but if you do the wrong thing we will charge you!
With investors planning on giving up on the crypto future plan for the United States of America, “pivoting” to Asia, SEC sticks to the current strict behavior as it duels up with the likes of Elon Musk over delicate matters that can potentially oust Musk from his firm for a tenure of two years. Offering a settlement, SEC sought to mend things but the row escalated to the extreme as the ever-consistent Musk rejected the settlement.
Ran NeuNer, considering this very behavior from the SEC, has concluded that if the commission does not avert to some elastic behavior, the crypto market can shower gold over Asian counterparts leaving the United States not enough resources to easily lick wounds. The era of today has emerged tech juggernauts among which the U.S., Japan, and Korea exceed other competitors. But owing to the recent acceptance regarding technology seen in the United States, things are taking a rather bad turn. Ran NeuNer tweeted:
The U.S. will lose it[s] tech hub status if it doesn’t move soon on regulation. It’s is being eaten alive by Japan,Korea and others. Perhaps less time on Subpoenas and more time on clarity?