Good morning Asia, here's what's making news today: 1. Solana is back in the green after the network restarted twice over the weekend, writes TheSamReynolds. 2. CoinDesk's Chief Content Officer mikejcasey argues that crypto needs more FTC and less SEC.
Of all the Securities and Exchange Commission’s actions against crypto entities that have stirred the industry’s ire, the agency’s recent move forcing New York-based Paxos to cease issuing its partner Binance’s BUSD stablecoin is the most deserving of an outcry. How, critics rightfully asked, can a token that’s explicitly designed not to fluctuate in price be considered a security?suggests the SEC may not have been thinking of securities law at all in that action.
Now, if there’s one area of enforcement where the crypto community, with its anti-middleman ethos of decentralization, should get behind, it’s prosecution of monopolistic behavior. But that leaves us with the question of why is the SEC getting involved here and not the nation’s trustbuster, the Federal Trade Commission?Another reminder that, in the absence of clear legislative boundaries for crypto, the SEC is striking out wherever it can to assert authority.
The crypto community has done a lousy job picking its friends and enemies within the U.S. government. Advocates should simultaneously work with the FTC to enforce a decentralized market structure for their own industry and with their allies in Congress to prevent the SEC from crimping mass adoption and undermining blockchain-based challenges to monopolies in other industries, such as finance and internet platforms.
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