Last night, the air was hot and muggy. Suddenly, news came from the sky that the US Securities and Exchange Commission (SEC) asked Nasdaq and the Chicago Board Options Exchange to pass on a message that the applications submitted by BlackRock and Fidelity’s second son were not acceptable, not clear enough, not comprehensive enough, and not... tempting enough.
The so-called application forms are naturally the application forms for the two exchange-traded funds (ETFs) of BlackRock's iShares Bitcoin Trust and Fidelity's Wise Origin Bitcoin Trust.
Bitcoin, which had been hovering above $30,000 for a week, suddenly took a sharp dive and fell below $29.5k in a short period of time, leaving the market in shock.
After just a moment of swordplay, Bitcoin quickly rose back above $30,000.
Perhaps the trader came to his senses and thought about it. He did not throw the application form into the wastebasket quietly, nor did he reject it out of sheer emotion. Instead, he asked someone to pass on a message and expressed his suggestions for improvement. There is hope!
It is not clear enough, not comprehensive enough. Then adjust the wording to make it clear; add content to make it comprehensive! It is not like you need Satoshi’s original ID card and a copy with the official seal, or donate the 1 million bitcoins he mined to the US government before you can approve the application.
It's like you are a handsome man who falls in love with a lady from a rich family. You send someone to propose marriage, but the girl doesn't just throw the invitation out the door, but asks the matchmaker to pass on a message, saying that there are two points: one is that you need a more detailed introduction to your resume, and the other is that you need to provide more detailed information about your family tree and family strength. It's not that she knows you are 1.7 meters tall but says she won't marry unless you are 1.85 meters tall or above. It means that there is a chance.
What exactly is the SEC's intention? As a part of the entire dollar hegemony system, the SEC is naturally serving the entire system. This has nothing to do with who is the chairman of the SEC, nor with any individual. The top-level design of the system determines the direction and motivation of the SEC's actions. The SEC's demand for crypto assets is simple: assets return to the United States, transactions return to the United States, and are regulated and controlled by the United States. They cannot become pathogens in the United States, causing the United States to vomit and diarrhea, and the capital that the Federal Reserve has worked hard to raise interest rates and the U.S. intelligence agencies have coordinated internal and external cooperation to drive back to the United States is vomited out or excreted from the United States through this secret channel.
These capitals that have worked hard to return to the United States are to take over the financing that the U.S. Treasury will issue bonds with no debt ceiling. How can we allow these uncontrolled crypto exchanges and crypto asset circulation channels to abduct the takeover capital?
If the global capital flowed back, what was the point of the debt ceiling exemption that Biden and McCarthy had worked so hard to show? How could the Treasury Department, led by Yellen, issue bonds and raise funds? If the Treasury Department could not issue bonds and raise funds, where would the U.S. government get the money to pay interest and plug holes, where would it get the money to pay high-interest debts and maintain the strength of the dollar, where would it get the money to transfuse blood to U.S. agents in geopolitical conflicts and continue to fight? Finally, where would it get the money to buy up the high-quality assets that were discounted after deleveraging around the world when it re-entered the dollar expansion cycle?
Without money to pay interest and plug holes, the US government's credit will go bankrupt. Without money to pay high-interest debts and maintain the strength of the dollar, without money to continue to transfuse blood to agents in geopolitical conflicts, it will not be able to continue to drive capital back to the United States. Without money to buy up high-quality assets around the world, it will not be able to complete the closed loop of the dollar circulation. In the end, all the layout and efforts will be fruitless. Without harvesting the world's best leeks, how can the great United States prolong its life?
This is not a simple technical question of whether ETH is a security or whether a certain coin can pass the Howey Test. This is a matter of life and death, a matter of life and death, about whether the current round of the US dollar cycle can survive, live well, and successfully extend its life.
SEC was reluctant to accept but also reluctant, because she knew in her heart that giving herself to Ximen Qing would not help her get Wu Song. But how could a weak woman like her bear all the blame for Wu Dalang's death? She had reason to feel wronged.
