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Globe says SEC case shows crypto attracts a silly bunch

2023-02-06 06:07 ET - In the News

See In the News (C-*SEC) U S Securities and Exchange Commission

The Globe and Mail reports in its Saturday edition that it has been a good month for bitcoin, which has surged 40 per cent to $23,000 (U.S.). Guest columnist Ethan Lou writes, however, that this is probably not the shining herald of a new bull market. Even has-beens such as Meta Platforms are up more than 50 per cent. Against that backdrop, bitcoin does not seem to be surging based on any qualities of its own. Further, cryptocurrencies continue to fight impressions of amateurism and clownishness. The U.S. Securities and Exchange Commission recently dragged crypto player LBRY to court for allegedly improperly dealing in securities. In a hearing, SEC lawyers read out a tweet by the company, "We cannot emphasize enough how important it is to obscure your activity from U.S. regulatory agencies." On Twitter, LBRY later labelled SEC staff as "numerous liars and psychopaths." When a former SEC official called out LBRY, its founder tweeted a SpongeBob meme involving a red nose, calling the critic a "clown." The SEC and LBRY have reached a settlement, but still, the whole affair was cringeworthy. Even Conservative leader Pierre Poilievre, who once wolfishly lusted after the crypto vote, is eerily silent on his former pal.

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