Billionaire Chamath Palihapitiya says that the U.S. Securities and Change Fee’s (SEC) latest enforcement actions in opposition to the crypto business are an try and cowl its earlier errors.
In a brand new episode of the All-In Podcast, the enterprise magnate says that the SEC’s newest assault on the crypto business is partly as a result of the regulator didn’t do its job when it allowed crypto-focused companies to go public.
Palihapitiya additionally says that the SEC is hostile towards crypto as a result of it seems that the company had “cozy” ties with FTX, a controversial digital asset change that imploded final 12 months.
“There may be one a part of the SEC that frankly didn’t do the job that they have been presupposed to by both permitting a couple of of those crypto corporations or crypto companies to go public both as standalone companies or as a part of different companies, [such as] Coinbase, Robinhood, and so on.
After which there’s this a part of the enforcement motion after [the] FTX Fiasco, which is a number of CYA, ‘overlaying your ass,’ by the SEC, particularly as a result of it seemed like they’d some cozy relationships with them, and they also’re coming down laborious and so they’re going to go and systematically dismantle the most important actors.”
The billionaire goes on to say that he believes the SEC will proceed to take motion in opposition to the digital asset business, concentrating on different providers provided by crypto companies.
“The plain place that they’re wanting now could be the exchanges. They’ll take a look at the custodial providers. They won’t approve any (exchange-traded funds).
After which finally, I do suppose it trickles into the entire staking providers and finally, I believe it’ll contact the enterprise group and all of these companies and funds that had an enormous strong enterprise in staking these crypto initiatives with a purpose to get cash like founding cash after which having the ability to promote them.”
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