/biz/ - Business & Finance

My brother works for Coinbase as a VP in their IT department. He says word has come down from the SEC and other alphabet agencies responsible for the financial realm that all "cryptographic products purporting to be an asset or currency" will be frozen by June 18th of this year. They are literally shutting it all down. They only place crypto will have a place in future marketplaces is in the form of NFT style goods but they can only be purchased through fiat. There is going to be a big announcement any day now but they are waiting for a "lull in the bad news". Coinbase will never have a public IPO and it's evaluation is effectively zero now. This sell off we saw tonight is nothing. It is expected China and the EU will make similar announcements but they are waiting on the US. Biden will most likely announce it with his rebuilding bill that is slated to be released in April and will be sold as "fixing the financial excesses that are ruining the real economy". So expect to see that line used more and more in the media. "Real economy".