I don’t know why this is being taken at face value with so many upvotes. The Gensler SEC was right to go after actual scammers and ponzis, but they went much further and clearly had an agenda.

Gensler targeted the most reputable exchange in the US alleging that their core business is illegal, because the Gensler SEC decided to classify crypto assets as securities rather than define a new regulatory framework that actually fits.

https://www.sec.gov/newsroom/press-releases/2023-102

Coinbase wanted to follow the rules and spent years asking for clarity. Rather than provide clear rules, the SEC provided a lawsuit.

The one thing I’m holding out hope for is that things like this won’t lead a significant number new people into getting duped.

There’s a certain portion of the population that seems to question nothing and got duped long ago by all of those “every immigrant is a rapist and murder”-type Facebook posts with links to totallyrealnews.com. That segment of idiots remains unchanged. They will believe any wild claim and never fact check as long as the misinformation fits their world view.

The question is, how many people who aren’t already lost see these low-effort AI posts and take them at face value?

Disclaimer: I say this knowing full well that well that better quality and more subtle misinformation is also possible with AI, but this ain’t it.