Bearish on alt coins
Interesting how Coinbase gets a Wells notice from the SEC near midnight lol.
Interesting Twitter thread for more on the subject by @_log_scale_ on this.
Seems like, with more adoption, more regulation will be at play to determine which coins are commodities vs securities via the Howey test; where a security is an "investment of money in a common enterprise with a reasonable expectation of profits to be derived from the efforts of others".
Meaning there is a chance that bitcoin comes the U.S.'s native currency as it is considered a commodity. But for 99% of altcoins... its over for them as many of them have employed teams building the code, startup capital from ICOs, DeFi lending yields, etc. making them a security... which is at risk of being delisted from CeX's.
Overall, go short on altcoins. Long on BTC and any true commodities on the crypto space deemed from the SEC.
Interesting Twitter thread for more on the subject by @_log_scale_ on this.
Seems like, with more adoption, more regulation will be at play to determine which coins are commodities vs securities via the Howey test; where a security is an "investment of money in a common enterprise with a reasonable expectation of profits to be derived from the efforts of others".
Meaning there is a chance that bitcoin comes the U.S.'s native currency as it is considered a commodity. But for 99% of altcoins... its over for them as many of them have employed teams building the code, startup capital from ICOs, DeFi lending yields, etc. making them a security... which is at risk of being delisted from CeX's.
Overall, go short on altcoins. Long on BTC and any true commodities on the crypto space deemed from the SEC.
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I got irrelevant but let's not forget that the US Gov. has seized and auctioned off billions of dollars worth of bitcon ever since the takedown of the silk road's wallet back in late 2020
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The Altcoin dominance chart better represents this idea
