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All other arguments aside: the bottom line is that everyone who invested in crypto did it with the knowledge that Coinbase wasn't a securities broker.

The SEC just can't imagine a world where customers are fine without their 'protection'. We don't want your help, we don't need your help. GO away.

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> The SEC just can't imagine a world where customers are fine without their 'protection'. We don't want your help, we don't need your help. GO away.

This is all well and good until you mess up the economic system for the rest of us. The Great Depression didn't just hit those with stock certificates. And the Great Recession didn't just hit those with mortgage-backed securities.

You might be sufficiently informed on the topic and sufficiently good at managing your crypto, but if you've seen the whining after any crypto company has turned out to be a scam or has otherwise failed, it's pretty obvious that most people cannot be trusted with the ability to participate in an unregulated crypto market.

In a way, the mere existence of these big centralized exchanges is indication enough of the fact that the average person cannot be trusted to handle crypto without government backing them.

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