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It's funny and sad: the US govt thinks it can regulate a foreign exchange based in an independent country. And now the govt wants its pound of flesh for having
by 1996 6y ago
It's funny and sad: the US govt thinks it can regulate a foreign exchange based in an independent country.
And now the govt wants its pound of flesh for having been shown to be clowns, because (OMG!) foreign businesses may not respect the laws of other countries!
TBH I think Hayes only mistake was to incorporate in the Seychelles instead of HK or Russia: BitMex would then be in a place that can't be trampled on with impunity.
Some people in the West lament that most mining is done is China. I think it's clearly in crypto best interest to be in bed with the underdog, as the incumbent may not willingly give up its position as the world currency.
Some people say "eat the rich"? Their appetite for justice would be better satiated by taking a bite of politicians and their lackey prosecutors.
- PKop 6y agoWhat do you mean "thinks" it can? It is clearly doing so here. Not that there's a short supply of examples, but just look at the current meddling in oil pipeline agreement Nordstream 2 between Russia and Germany; the US financial empire regulates whichever foreign nation's affairs they can get away with.
- 1996 6y ago> What do you mean "thinks" it can? I mean that the government can claim whatever it wants, the validity of the claims still have to be demonstrated in court - since we are not yet in a dictatorship the executive and the judicial branch remain separate. > the US financial empire regulates whichever foreign nation's affairs they can get away with. Germany is a lapdog, but Russia less so. I get the feeling it won't be allowed to fly: if Germany really wants its Sputnik vaccines, it will have to show some spine. And let's talk again when the "US financial empire" thinks it can do the same with China :)
- arcticbull 6y agoCourts have established US jurisdiction over extraterritorial matters many times.
- PKop 6y ago> the validity of the claims still have to be demonstrated in court Whose courts? Who decides? The sovereign here is whoever has the power to dictate terms, and for far to long that has been the US. I completely agree re: Russia and China And just to be clear I couldn't be less of a fan of this current global order. But it is what it is. Just so people don't twist themselves into knots talking about rule of law, and trying to rationalize this as if there is some benevolent removed 3rd party deciding fairly, rather than power making up its own rules. Hopefully, the rest of the world at some point tips the scales the other way. Hasn't happened so far.
- arcticbull 6y agoAmerica has a long and storied history of extraterritorial application of its laws. Americans (well, US Persons, which includes residents, LPRs, and citizens) are not allowed to open bank accounts in much of the world because of FATCA. They're not allowed to open a brokerage account anywhere that isn't SEC regulated (hit: those only exist in America). They're required to file taxes with the IRS for life, and if they open a business outside of America, they own a controlled foreign corporation. If they have more than $10K USD in a foreign bank account they have to file FBARs with FinCEN. The US government gets away with this because of the size of the market, level of influence and military. It's been happening forever.