0 sats \ 7 replies \ @grayruby 9 Nov \ parent \ on: Majority of Candidates Backed by Pro-Crypto PACs Won the Elections Politics_And_Law
Yeah I still don't buy the clarity line that the crypto people love to parrot. There was clarity, they just didn't like it because it would cost them a lot of money and not allow them to abuse retail investors. I have always said, if they didn't like the existing laws I have no problem with lobbying to change them, if they don't like the SEC and want to abolish it, then lobby to do that to. No problem. I do however have a problem with scammers and fraudsters using a "lack of clarity" as an excuse to not follow the rules everyone else is required to follow.
The crypto industry is a net negative for humanity. Nothing of value has come out of it that requires a blockchain. And now some of the worst people on the planet will get a free pass. Fortunately eventually crypto will just collapse into the dust bin of history but in the meantime we have to watch terrible humans enrich themselves exploiting others and dragging an honest project like Bitcoin down with them.
I am not trying to be an intolerant bitcoin maxi here where everything besides bitcoin is shit because I said so. I am open to the idea that something positive could come out of digital assets besides bitcoin and there are some nice ideas but nothing has yet because the incentive structure is totally fucked. Even eth people have been talking about this lately. The incentive structure is so skewed to try and get rich quick instead of building something valuable and sustainable. From what I have seen out of crypto, I don't know how any bitcoiner, who believes in the promise of Bitcoin as a tool for good and not just number go up, could possibly not be anticrypto.
Well I mean Gary has flip-floped on so much with both BTC and ETH. One of the best examples I have seen of a magic wand being used by Chairman Gensler is when Democratic Rep. Richie Torres brought up the conversation he had with the Chairman about a Pokemon Card and how he responded which you can see what Rep. Torres talks about here. This is the type of stuff that has to be cleaned up because it doesn't make a ton of sense.
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So because Gensler doesn't like crypto and refused to be definitive about what constitutes a security you think that should give the industry a pass on scamming people and subverting the law?
It's really a terrible whataboutism. Gensler bad so crypto poor little oppressed industry. Both can be bad.
Your bags must be real heavy my friend.
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Oh hell no it means that Congress needs to address it. People like Sen. Brown refused to hold any sort of markup for regulation of crypto in the Senate essentially keeping the status quo and thus leading to the SEC getting caught up in lawsuit hell. If the SEC had clear guidance I think they wouldn't be caught up in cases like Ripple, Coinbase, and Robinhood where honestly its not looking good for the SEC.
The judges have even talked about how the scope of the legislation that the SEC is relying on isn't very solid and Congress needs to either help them or give jurisdiction for some of it to others like the CFTC.
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Agreed. Congress needs to decide. My point has been crypto has said congress has not laid out ground rules so instead of following the current known rules we will do whatever the hell we want and wait for the SEC to sue us. They don't have the capital or man power to prosecute all of us and even if they did it will likely take years and we can get rich in that timeframe.
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I can't speak for all of Congress or if Biden would even sign off but in the House one of the few significant bills passed this Congress was the FIT21 Act that would do this. Sen. Brown though is the head of the banking committee in the Senate and refuses to touch it. That's why we saw crypto money go to the Republican running against him.
I think regardless of party or even technology preferences I guess you could call it something like crypto has grown into something Sen. Brown shouldn't be allowed to unilaterally shut down. I think that's bad policy, politics, whatever you want to call it. Ideas like this need to be paid attention to and part of Congress job is to hold hearings to learn about these things. He really has refused to do what I would say is his job.
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I guess we will see how it all plays out.
I expect the VCs and coinbase crew might find their purchase of political influence to be a waste of time and money in the end. I don't think the investing public will be falling for the "crypto" hype cycle again. But we will see.
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