How Crypto Works? 
Why Is Crypto Down? The Truth. 
Cleveland Clinic Bans Severely Ill Ohio Man From Kidney Transplant Because The Donor Isn’t Vaccinated 
LOUISIANA WILL EXPUNGE YOUR CRIMINAL RECORD IF YOU AGREE TO GET VACCINATED 
Kraft Heinz CEO says people must get used to higher food prices 
Three forces can be said to be driving DeFi forward: innovation, inflation, and near-zero interest rates. As the disparity between DeFi and banks keeps growing, the SEC Chair is on an offensive to make DeFi less competitive through regulation.
Coinbase Foreshadowing
On September 17th, Coinbase ditched its plan to launch its lending service based on the USDC stablecoin. Abandoning this program is a major milestone, and not in a good way. After Brian Armstrong, the CEO of Coinbase exposed the SEC on Twitter, it has been revealed the SEC’s mission is not quite what it purports to be.
Led by Gary Gensler, the SEC’s core mission is to protect investors and maintain market efficiency. Yet, we have seen that the agency engages in underhanded tactics:
- Openly inviting companies for cooperation, then refusing to even meet up.
- Refusing to set clear rules and define financial terms.
- Threatening with legal sanction before setting clear guidelines.
“It’s important for the SEC to provide guidance and clarity,” Gensler said. “Sometimes that’s a clarity that will be a thumbs up, but even if it’s thumbs down, it’s important to provide that.”
-Gary Gensler, the Senate Banking Committee confirmation hearing on March 3, 2021.
From this discrepancy between public statements and actions, one could conclude that Gensler has a much narrower definition of investor protection. One that focuses on safeguarding the banking sector from competition more than protecting the public interest and investors as a whole. Unfortunately, this is a continuation of a trend known as regulatory capture:
“…phenomenon that occurs when a regulatory agency that is created to act in the public interest, instead advances the commercial or political concerns of special interest groups that dominate an industry or sector the agency is charged with regulating.”
Indeed, Gary Gensler fits that mold perfectly – a life-long banker who started his financial career with Goldman Sachs in 1979. It is also clear that banks see decentralized finance (DeFi) as an imminent threat. A few weeks after Gensler’s confirmation, Bank of America noted this in “Bitcoin’s Dirty Little Secrets” report.
