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> "A large platform utility may not establish, maintain, or operate a digital asset that is intended to be widely used as medium of exchange, unit of account, s
by jkilpatr 7y ago
> "A large platform utility may not establish, maintain, or operate a digital asset that is intended to be widely used as medium of exchange, unit of account, store of value, or any other similar function, as defined by the Board of Governors of the Federal Reserve System,"
Define large, platform, and utility please?
They do define large as 25bil.
This definition has serious issues if nothing else.
- krastanov 7y agoIsn't it normal to be vague when writing laws in a "common law" system like the US? I thought the practice was defended with the notion that judges will have to interpret the spirit of the law, having some flexibility with unforeseen cases. It has its pros and cons, but it seems to be an explicit design decision in the system of laws.
- cat199 7y agonot a lawyer, but there is 'vague allowing room for interpretation' and 'so vague it cant be interpreted'
- Qwertystop 7y agoWell, this isn't that. The interpretation may vary slightly, but there are definitely established meanings for "platform" and "utility" for a judge to work from (though "platform" might be only the plain-English meaning, "utilities" such as power and water companies are a regulated category which can be used for reference if nothing else).