For more than a decade Binance has made billions of dollars through its deceitful and fraudulent business practices. Though no criminal charges were made, the SEC is finally — both publicly and officially — calling out the world's crypto leaders for secretly spending customers' money and sliding funds into shell companies to enrich themselves. This will hopefully bring an end to the wild west era of cryptocurrency, one that has led to vulnerable customers' losing billions in lost investments.
While existing laws should be enforced, the government should not go any further in treating cryptocurrency like traditional currency or financial institutions. The SEC must allow a more open environment to spur innovation. This also doesn't mean traditional institutions can't participate in the crypto world — they will be the ones who invest in these technologies to make financing cheaper and more efficient. Cryptocurrency is still a viable space.