The retaliation from FTX is still ongoing, and Lao Zhao (founder of Coin An) has entered a dead endLast night, there was a thunder explosion on the flat ground and another bloody scene.The SEC, the US regulatory agency, has officially released the indictment against Yuan An and Changpeng Zhao, with a total of 13 charges
The retaliation from FTX is still ongoing, and Lao Zhao (founder of Coin An) has entered a dead end
Last night, there was a thunder explosion on the flat ground and another bloody scene.
The SEC, the US regulatory agency, has officially released the indictment against Yuan An and Changpeng Zhao, with a total of 13 charges.
The indictment mentioned that since its inception, under the guidance and control of its founder, Changpeng Zhao, the Currency Security Exchange has tried to attract American customers "first openly, then secretly". Then use the market makers under their control to push up the price of crypto assets for profit from customers. The SEC pointed out that Coin An misled investors in trading control, exaggerated trading volume, and transferred customer funds. It even mixed billions of dollars of money security client funds into accounts held by entities controlled by Changpeng Zhao, which violated American law.
Suspected of illegal operations, misuse of customer funds, fraud, or a familiar smell.
This event triggered a sharp decline in the entire coin circle, with a huge amount of contract positions being sold out.
This is already the third regulatory agency in the United States this year, and the second time it has sued Coin An.
In February of this year,The New York Department of Financial Services (NYDFS), together with the U.S. Securities and Exchange Commission (SEC), killed the Stablecoin BUSD of Yen An, which led to the Stablecoin, once ranked the third largest, becoming completely cool.
The Commodity Futures Trading Commission (CFTC) sued Changpeng Zhao in March this year, accusing the company of deliberately providing unregistered Cryptocurrency derivatives in the United States in violation of federal laws.
The big stick of the United States is pounding heavily on Lao Zhao and Coin An, all of which originated from the direct responsibility of Lao Zhao for the collapse of FTX (the financial owner behind multiple regulatory agencies in the United States).
You didn't kill Bo Ren, but Bo Ren died because of you. This stick, Lao Zhao and Yuan An, won't lose.
In fact, the editor had already predicted that Coin An would be under siege, and many previous articles have also mentioned:
Be careful, Changpeng Zhao of Jin'an has recently encountered global capital and regulation, and Huobi Justin Sun is chasing and blocking!
If BNB is listed as a security? Kill Coin An, a deliberate siege against Lao Zhao is quietly unfolding!
First the media, then the capital, and finally the regulatory level, step by step.
After the media released the indictment, Coin Security was immediately on standby, even claiming in its official media that the scope of action by US regulatory agencies against Coin Security was limited.
This statement is a bit exaggerated. The largest capital and group in the encryption industry now are Americans, and everyone knows their style and global police identity. They still have the ability to crack down on currency security.
In fact, after all, there cannot be a perfect solution to this matter. Each regulatory agency in the United States acts in its own way and wants to fight for the law enforcement power of Cryptocurrency. Once FTX is killed, some U.S. regulatory officials who have received FTX contributions are also eager to retaliate, so Yuan An and Changpeng Zhao are really riding a tiger.
In fact, Changpeng Zhao has already retreated a lot (paying the money, kneeling down, recognizing his father, and resigning). At present, he has come to the edge of the cliff and can't retreat.
Can money solve this problem?
Yes, but it is bottomless.
Another thing that has a significant impact on counterfeit coins is that in this accusation against Coin An, the SEC listed multiple counterfeit coins as securities.
Affected by this news, the entire counterfeit currency market has fallen into panic.
To understand the potential impact of this news, it is necessary to understand what agency the SEC is, its enforcement authority, and the securities attributes of the United States.
U.S. Securities and Exchange Commission(United States Securities and ExchangeCommission, abbreviated as:SECIt is an independent quasi judicial agency directly under the United States federal governmentResponsible for securities supervision and management in the United States, it is the highest institution in the securities industry.
In short, the SEC is the leader of the securities industry, controlling the power of life and death in the industry.
How significant is the impact of listing these tokens as securities by the SEC to gain enforcement power?
If it is a Stablecoin, with reference to the lessons learned from BUSD, issued by a centralized institutional company and benchmarking against the US dollar, it will definitely not be able to withstand the attack of the SEC and will eventually be killed.
But making these counterfeit coins has a somewhat sinister meaning, as their symbolic significance outweighs their practical significance.
This is also a lesson from previous experiences, such as the SEC listing XRP as a "securities", which has not had much impact over the years. XEP still ranks among the top 6 in market value.
So, for a centralized platform for regulation, the SEC has the ability and authority to regulate, but for decentralized tokens, it is more about influencing people's hearts.
Supervision, currency security.
Before, I had predicted that the market would move to the next bull market cycle, and there would be thunder. The probability of thunder would come from regulation, monetary security and capital.
The result is two in one go.
The biggest problem in the current currency industry is currency security. Decentralized fields should not be dominated by one company. But it was controlled by an ambitious and dominant Changpeng Zhao, and seemed to have changed its flavor long ago.
On social media, where do you want to gain the upper hand and compete with retail investors; Standing on the moral high ground, deluding hegemony, and following the old path of the US dollar, Lao Zhao has already forgotten his original intention.
These two kings, along with Coin An, may have gone downhill this year. The road ahead is endless, and there are many corpses and bones under the cliff. Who is the winner of this struggle?
I don't think so.
Fortunately, for us who are old chives, regulation and thunderstorms are all accelerators of the bear market. Once we see through them, we can be calm!
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