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40 sats \ 3 replies \ @Cje95 OP 9 Nov \ parent \ on: Majority of Candidates Backed by Pro-Crypto PACs Won the Elections Politics_And_Law
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.
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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