There Is A Greater Issue Than The War Between Coinbase And The Security Exchange Commission….

As a casual observer of the ongoing financial Chess moves between the SEC and Coinbase, the latter who is basically vying to enable the public, at large, access to purchase Digital Assets with the same amenities just like how one can purchase a given stock in a publicly traded company like, say, Microsoft or Amazon, the optics on the part of the SEC seem to be to stall at any cost. I am not going to go down the proverbial rabbit hole of explaining the pros/cons of offering interest bearing Stablecoins, etc, but I will say that it appears that the fight is about much, much more. The overarching gist between Coinbase and the SEC, to me, is the salient/palpable fact that the SEC and its Fiat-currency overlords are fearing a loss of plenary power and the independence that digital assets, in all its ‘freer’ manifestations, offer to the consumer, threatening the SEC/Fiat once dictatorial, non-competitive, financial territory.

Between 2009 and now, when Mr. Satoshi Nakamoto had the ingenious epiphany of ushering in a new form of monetary instruments… few then considered doing so wise, frankly, most considered it quixotic, but with all the gainsaying aside, the pyrrhic victories then are now outright overwhelming victories for the advocates of this upstart would-be legal tender (Digital Assets) and its many manifestations. The SEC, and those they represent, must realize that the battle is lost, and that the most that the SEC can leverage from this fight is to settle for a co-equal legal tender platform. The Germans are now allowing their money managers to invest in Digital Assets…; many of the U.S. banks are getting into this lucrative space; and Ukraine, El Salvador, and even Jamaica are recognizing Digital Assets as a co-legal tender.

There is a death grip by the SEC and the old guards it represents… the latter fearing losing their power and influence to effect/affect financial markets around the world; in near time, they are going to say: o, how the mighty has fallen. I am not saying that the competition is over between the Fiat currencies and the Digital Assets, because the Fiat currencies have their champions too -- lest we forget that a few months ago, China, where most of the Bitcoin mining was taking place, suddenly, stopped said mining… basically putting a halt to that endeavor on its territory… causing many miners to scramble to find other places, which, they did in mostly the Americas, to continue mining.

There is a classic song by Wyclef Jean titled, ‘Gone Til November’, I can say the same thing about the SEC who conveniently decided that they are gone until October, when, then, they are mandated to say -- yes or no -- to Coinbase. Incidentally, there comes a time when the SEC/Fiat overlords should realize that the Digital Asset’s bell cannot be un-rung, that the paste cannot be placed back into the tube, and that the genie cannot….

It is my wont to flesh out a given blog with music, and here, I have used a live version of David Byrnes’/The Talking Heads’ classic, Life During War Time… not so much for the overall themes of this particular blog, but for the times that we are living in. Drill down into the You Tube’s hyperlink to follow and enjoy the avant-garde performance and apt lyrics…. https://www.youtube.com/watch?v=v0DpBnUznd0