Let's face it.
Some of us may have a bad taste in our mouths after what happened to the LBRY blockchain protocol. 1 LBC was $1.00. Now, that at the time of this writing, 1 LBC is equal to $0.046. LBRY (the company) and Odysee had split so that they can protect their investments.
Odysee is the number one multimedia blockchain platform in the world thanks to its ease of use and open source capabilities that allow developers to create their own platform on its protocol. Some may say that the SEC is stifling its innovation. Why did they target LBRY and XRP?
What is the SEC's process for classifying securities?
In this question, Commissioner Hester Peirce unpacks the definition of a security. Most may know it as a currency, stock or bond, but her definition is intentionally broad because we are seeing a growth in a market of digital assets that are now considered securities. One over her legs in the SEC even considered most digital assets as securities. This means the blog you're reading is a security. For me, this leads me to believe that the SEC may eventually overstep its involvement or will exhibit tendencies. I'm no expert but why not make my keyboard a security?
What will the SEC do to ensure they aren't detrimental to the US market?
According to Commissioner Hester Peirce, they are just one of many regulators in the US that will clamp down on crypto. Even though the SEC can damage market futures as a result of regulations, the long-term safety benefits will help keep crypto markets less manipulated or neglected.
Will we see CBDCs?
We all know that CBDC (Central Bank Digital Currencies) is a trap. It's unfortunate that there will be a vast amount of people out there who will fall for it. I'm glad to see that Commissioner Hester Peirce's position as a regulator understands that competition is key to keeping the government's greedy hands away from our precious assets. When that day comes, I think the SEC's regulation may be too slow due to jocking for authority. One thing I'm concerned about is Commissioner Gary Gensler's behavior toward specific coins that have similar or clone-like properties to coins that he and his colleagues had approved. Word has it that he had been avoiding speaking to companies like LBRY and telling them what rules they'd need to follow to abide by the SEC standards.
It's possible that the US will create a CBDC but only as an excuse to do business with other countries that have fully adopted crypto. this will eventually develop into a mandatory system that holds your money, identity, diploma health conditions ect. There will be a demand for an alternate global blockchain ID system using the Polkadot blockchain. The new oil is you and the people with money would like to capture it.