 Over the last two days, we have seen the SEC take decisive and pretty crippling actions against two of the biggest players in the crypto space. Yesterday, they went after Binance. Binance is the largest crypto exchange in the world, significantly larger than FTX. You remember FTX that went bust and accused of fraud. Binance has accused of similar things to FTX, they've been accused of using customers' accounts inappropriately, acting as an exchange illegally, all kinds of stuff. I'm not going to get into the details maybe another time, but the SEC is filing against them and against the CEO. This is devastating for the crypto market. Binance was the entity, particularly FTX. Everything went through Binance. I think crypto has an answer, decentralized exchanges where the exchange happened not in a particular place, not under a particular umbrella, but that has its own risks and its own challenges and its own costs. But the reality is that Binance was the place, the place of choice. It hasn't shut down yet, but you're going to see a significant outflow, a bank run if you win on Binance. Nobody's going to want to get stuck just in case they go bankrupt. It's going to make the running of Binance very, very difficult now that the SEC has gone after them. Then this morning in an act that was surprising, not surprising really because I told you forever since crypto became a thing that ultimately the US government would try and do everything in its power and the SEC would try to do everything in its power to destroy crypto, to destroy Bitcoin, to destroy that they have no interest in competition on money. They have no interest in innovations. They have no interest in innovations that happen outside of their control. Basically what we're seeing is they went up to Coinbase. Coinbase is a major player in the crypto space in the United States. It's publicly traded. It went public. It is a well regarded firm. It has a publication that is well regarded about the crypto space. It's an exchange. It does a lot of different things. It's an information provider. The SEC again has gone after them, basically declaring that crypto is a security and that Coinbase and Binance by trading them, by providing a market, they're trading in securities and they don't have a license to trade in securities and they don't have permission to trade in securities. The SEC hasn't granted it to them. Look, I'm not a huge fan of crypto in this context and as you know, I'm skeptical about Bitcoin and others and the ability to be successful, but let the market play out. Let it play out. Let's see what happens. People will lose a lot of money, yes, but they're taking risks. They know. They don't know what they're doing. It's not my business. It's certainly not the government's business. No individual rights are being violated here. Unless there's fraud, FTX probably committed fraud, but I don't think Coinbase, certainly I don't think they committed fraud. Binance, I'm not sure, but Coinbase is not. But the SEC does not want to lose control. It doesn't want to lose control on companies raising capital. It doesn't want to lose control on security exchanges and the feds, primarily the Federal Reserve and the government more broadly, do not want to lose control over money. They do not want an alternative money. They do not want anything competing against the dollar. And they will do everything in order to destroy them. And it's, God, it's disgusting and despicable and sad and it's going to, I think, put a real restraints in terms of what is possible on the crypto space. We're never going to know what could have happened with crypto, what crypto could have become, what crypto can do. We won't see the kill applications that might have come from this. And this is only suggestive of what the government could do to AI, what the government could do to biotech, when and if they decide to go after them, when and if they Coinbase is suit for fraud, but not a fraud we would recognize, but fraud of selling securities without defining them as securities. But of course, one of the things Coinbase is saying is, look, guys, you guys have had plenty of opportunity to define what crypto is, to tell us whether it's security, whether it's money, whether it's something else, and to give us guidelines on how to trade it. Coinbase can say this because it's true and so can FTX. We've been asking you for clear cut regulation, if you will, to let us know if we're doing something illegal. We'll stop it. We'll do something else. But you're not telling us it's illegal until you accuse us of fraud. So yeah, I mean, what you're seeing here, and you're not going to get this perspective anymore, what you're seeing here is the arbitrary use of government power, what you're seeing here is government using its power just to destroy something it doesn't like. It's not based on law. It's not based on the facts of reality. It's not based on protecting individual rights. It's not based on fraud, as I think we understand it or anybody reasonable understands it. It's simply a decision made, I think, in December of this year, of last year. In December of last year, by the up and ups in the regulatory agencies, two crushed crypto and they did it to the banks and don't think this is now related to what happened to banks in March and May. It is, it certainly signature bank was closed because of its crypto association, but everything, I mean, Silvergate was forced into closure. Who knows what we'll find in terms of even Silicon Valley Bank if things that evolve definitely with regard to crypto and banking, if they had all the charters that weren't granted for banking entities and everything else. The government just made an arbitrary decision to shut down an entire industry and they're just going after it and they're doing it systematically and nobody is going to be safe. And what's surprising to me is that the market in crypto and the market for Bitcoin is not reflecting that at all, right, not reflective at all. Thank you for listening or watching the Iran book show. If you'd like to support the show, we make it as easy as possible for you to trade with me. You get value from listening, you get value from watching, show your appreciation. You can do that by going to Iranbrookshow.com slash support by going to Patreon, subscribe star, locals, and just making a appropriate contribution on any one of those any one of those channels. 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