The Great Depression Can Happen Again 


Recently, there has been a lot of reports about fraudulent activities related to crypto. Mark Scott, a lawyer, is accused of laundering millions of dollars through OneCoin. The South Korean community has expressed doubts that the new Binance project Launchpool MANTA is not a scam. The director of the Brooklyn company USI Tech was arrested on charges of cryptocurrency fraud amounting to over $150 million. Even the church is not trusted - in Colorado, for the sale of the “God-backed” INDXcoin crypto token the SEC threatened pastor Eligio “Eli” Regalado and his wife Kaitlyn with lawsuit for deceiving parishioner-parishioners.


I don’t presume to judge, and I rarely criticize anyone. But apparently history teaches people nothing. After all, the collapse of Wall Street hit the economy hard, the echo of which echoed throughout the world for a long time.



As we know, the late 1920s saw a surge in speculative interest in company shares. By September 3, 1929, this led to a meteoric rise in the Dow Jones Industrial Average. And already on July 8, 1932, a collapse occurred when the index fell to its minimum values, neutralizing all the efforts of investors. Then people lost 89% of their capital, which greatly undermined confidence in the financial markets.


Let me cite as an example the words of the former president of the New York Cotton Exchange Arthur R. Marsh, who believed: 


“... manipulation is any action the purpose of which is not to change prices under the influence of supply and demand, but to distort market prices in one’s favor, regardless of the specific market or product. Such actions are aimed either at obtaining benefits for the manipulator, or at the detriment of other participants..."


The SEC has long been heavily criticized for its regulatory inaction. Now, trying to compensate for the lost authority, the Commission is like an embittered dog who rushes with frenzy at anyone who seems even remotely suspicious to him. At the same time, the regulator’s actions seem excessive and not entirely justified.



#SEC #Crypto #Regulation #Binance #MANTA

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