Well the only thing in the news today is about CZ so I guess we will be covering that and offering up some speculation and some other details around it including the SEC.
The SEC has been very aggressive towards crypto and up until this moment has pretty much always come out on the bottom having cases dismissed or outright losing them. It currently has new lawsuits again the likes of Coinbase and Kraken of which these two firms are now fighting and there very well might be another with Paypals stablecoin in the near future.
Many don't currently know about these on going lawsuits that are happening right now but they did know that CZ was under the gun for a long time now.
CZ Info
CZ was the CEO on Binance one of the largest centralized exchanges and one of the most popular blockchains. Including the BSC which is used by a number of platforms and DeFi.
However today that took a big hit with two big headlines.
'CZ' Zhao resigns as CEO and pleads guilty to charges from the US government in which it allowed funds to be transacted on it from US customers that was not allowed.
Binance to pay 4.3 billion dollars to settle the U.S Criminal case
Now to me 4.3 billion dollars for this size of a company seems like a rather small price to pay. And Binance will continue to run through a new CEO Richard Teng.
- 'CZ' Pays 50 million dollar fine and faces up to 18 months in prison
The grounds for all of this coming from the U.S is that it operated money laundering violations. Mainly on its guides of allowing money to flow to terrorists, cybercriminals, child abusers etc.
Now the amount of money this happens with in terms of crypto is most likely very small compared to the amount of FIAT money that gets currently used for these things. However the U.S government will never admit to that and simply just keep attacking crypto on the grounds of that. To be fair though anyone doing such things should be punished especially child trafficking or human trafficking it takes a real special kind of person to do that kind of crap.
One of the biggest news pieces to come out of this however is for the company to exit fully from the United States.
This is just one of many blows that continue to happen to centralized exchanges and why DEX will be a pivotal part in the next bull run and will take years for the U.S government to try and target that next.
US Citizen Sentiment
It honestly feels the vast majority of citizens are tired of their government and those in power and are speaking up louder then ever. While this was a win for the DOJ it really wasn't that hurtful to crypto even though the markets over reacted. The days of centralized exchanges are dead and the days of the U.S government being on the top of everything are also fading and it's because of these constant shady actions of which people have just grown so sick of.
When people are hurting for money and not able to buy things they want and it all comes back to the corrupt and skewed nature of the current people in the white house people start to really get emotional.
These continue actions from the white house and senator warren are only going to continue to get more of the population against them to a point of where it will boil over unless they can figure out the inflation issue. It's very clear that there's also a huge attack on the free markets of the crypto world in the United States and more and more people are seeing this. I honestly feel the days are numbered for the government and SEC currently in power unless things change and it's going to boil up into something real gross that many of us have tried to prevent for years by allowing free markets and crypto to be allowed.