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21 sats \ 3 replies \ @grayruby 22 May \ on: President Biden and SEC Chair oppose major crypto bill hours before voting bitcoin
I think Gensler has a reasonable argument. It is infeasible for the SEC to rule on 16,000 shitcoins that self certify as commodities. This bill is going to make crypto even messier but hopefully will just lead to its demise as everyone realizes it's all a big scam and Bitcoin is the only valuable asset of the lot.
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60 sats \ 1 reply \ @freetx 22 May
Or the other possibility is let them try to regulate 16,000 self-certified shitcoins.
The SEC shouldn't exist and it doesn't do anything good, so maybe this is the thing to push them into self-destruction and irrelevancy.
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10 sats \ 0 replies \ @grayruby 22 May
Fair point. I do think this will actually benefit Bitcoin in the long term but probably not in the short term.
Crypto has been crying for years about lack of regulatory clarity and now they have a pathway to pretty much do what they want and see if the market actually wants their garbage. I think likely in the long term it pushes the market to realize it is all trash but after much chaos.
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50 sats \ 0 replies \ @BitcoinIsTheFuture OP 22 May
Yeah that’s how I see it. You want to give choice, but also block those garbage Ponzi coins
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