Former SEC official John Stark Reed has posted a lengthy tweet about the current crypto crackdown and has stated: “Get out of crypto platforms now, I can’t say it any plainer.
He added: “Having worked as an attorney in the SEC Enforcement Division for almost 20 years (including 11 years as Chief of the SEC Office of Internet Enforcement), I believe that we now know for certain that crypto trading platforms are under a U.S. regulatory/law enforcement siege which has only just begun.
“And before you chop my head off with vitriol, ad hominems and OK Boomerisms, please allow me to explain the situation with only facts and research. And before you label me a bureaucratic, washed-up SEC shill, please bear in mind that while I may indeed be washed up (!), I am typically an outspoken and dedicated SEC critic (see, e.g., https://twitter.com/JohnReedStark).
He went on to say: “I also have no stake of any kind in the cryptoverse. I am 100% objective, independent and neutral. Just seeking truth, always. My take is that the SEC is spot-on with their crypto-related enforcement efforts. No matter what the carnival barkers promise, it is axiomatic that crypto trading platforms are high-risk, perilous and inherently unsafe. Please read on to understand my reasoning.
“My take is that the SEC is spot-on with their crypto-related enforcement efforts. No matter what the carnival barkers promise, it is axiomatic that crypto trading platforms are high-risk, perilous and inherently unsafe. Please read on to understand my reasoning.”
You can read the rest of his thoughts on ‘Why A Lack of SEC Registration Matters’ here.
