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They don't like bitcoin and crypto because they cannot control it.
Me: OK
SBF: * takes my money
* doesn't write it down anywhere
* puts it into a giant slush fund without any accounting controls
* loans some of it to his investment fund
* buys millions in beachfront real estate with my and other victims money
* goes around to all these interviews lying about what he's doing
* plays Dota during a fundraising meeting
* gets caught, the whole thing blows up and I lose all of my money.
Did I forget anything here?
The SEC should exist to help investors know what they’re buying, and should essentially be publishing due diligence reports and assisting in fraud cases. The idea that they get to essentially legislate via administrative fiat, with no input from congress, and certainly no input from American voters is absolutely an absurd overstep.
Back to Binance, regulators are alleging that Binance commingled customer funds in offshore accounts, according to NYT. One pattern that seems to emerge consistently is that the anti-regulatory and anti-banking sentiment among these companies leads them to be careless and disorganized about their business operations, we saw it with FTX.
A lot of those accounting control and financial rules exist to prevent things like fraud and tax evasion, and it’s no surprise to see companies that try to get around the rules committing fraud and tax evasion.
This has zero to do with “numbers in a ledger” and everything to do with “you’re taking in billions in customer funds, and it’s our job to ensure that you’re not going to fail in a way that harms the markets.”
https://www.nytimes.com/2023/06/07/business/binance-cash-ban...