3 ms·

I don't want the SEC involved in crypto, at all.

by BitwiseFool 5y ago

hannasanarion 5y ago
Why, are hoping to be able to pump and dump like old musky someday?
- BitwiseFool 5y ago
  Wherever the Federal Government goes seeking to protect citizens a litany of intrusive, bloated, and invasive regulations follow.
  - totalZero 5y ago
    This reads like something you'd overhear at a Sackler family cookout. Surely you can recognize the benefits of government regulations in lopsided markets where small participants lack either the power or the information needed to keep large participants honest.
sp332 5y ago
Laws still apply to individual people even if those people denominate their illegal actions in BTC instead of USD. They're not going after exchanges or miners here.
- exporectomy 5y ago
  Market manipulation isn't illegal because it hurts investors, it's illegal because it hurts the market which is important for the economy. The crypto market isn't, so it doesn't need that kind of legal protection.
  - totalZero 5y ago
    Both points you make are questionable. Hurting the market is no different from hurting investors because bad practices that hurt one investor have a chilling effect on other investors' activity. Moreover, regulators don't have to clear a "does this hurt the whole market" test before taking action. For example, I know a guy who was running a business at an investment bank and got in trouble with FINRA for trading through NBBO on a very small order (retail sized). The crypto market has grown to a size and role that affects the greater economy. We see that in so many ways, not only due to the holdings but also because different economic participants are catering to miners and setting up payment options for holders of crypto. It's no longer a cute side project.
mvzvm 5y ago
I do. Right now it feels like a carnival full of carnies.
- jnwatson 5y ago
  Folks have forgotten the reasons why the SEC was created in the first place, probably because the heyday of unregistered securities, etc, was over 100 years ago. While you could make plenty of argument that the SEC should do more, it doesn't make any sense that it should do less. Lots of folks will lose a lot of money in cryptocurrency schemes in the next few years. We desperately need more regulation.
- Alupis 5y ago
  > I do. Right now it feels like a carnival full of carnies. With people making fortunes or losing everything based on one dude's mood and a single tweet. The SEC and other's exist because of the Robber-Baron's of old... I'm no "Regulation Hawk", but it does seem silly to allow this nonsense to continue.
dboreham 5y ago
Too late.
totalZero 5y ago
Why not? There have obviously been several scams in crypto, and as a market it is extremely disorderly. Buying and selling gold is highly regulated. What makes you think crypto shouldn't be similarly regulated, even if it's only to ensure that taxes get paid and exploitative schemes get busted?

I don't want the SEC involved in crypto, at all.

hannasanarion 5y ago

Why, are hoping to be able to pump and dump like old musky someday?

BitwiseFool 5y ago
Wherever the Federal Government goes seeking to protect citizens a litany of intrusive, bloated, and invasive regulations follow.
- totalZero 5y ago
  This reads like something you'd overhear at a Sackler family cookout. Surely you can recognize the benefits of government regulations in lopsided markets where small participants lack either the power or the information needed to keep large participants honest.

sp332 5y ago

Laws still apply to individual people even if those people denominate their illegal actions in BTC instead of USD. They're not going after exchanges or miners here.

exporectomy 5y ago
Market manipulation isn't illegal because it hurts investors, it's illegal because it hurts the market which is important for the economy. The crypto market isn't, so it doesn't need that kind of legal protection.
- totalZero 5y ago
  Both points you make are questionable. Hurting the market is no different from hurting investors because bad practices that hurt one investor have a chilling effect on other investors' activity. Moreover, regulators don't have to clear a "does this hurt the whole market" test before taking action. For example, I know a guy who was running a business at an investment bank and got in trouble with FINRA for trading through NBBO on a very small order (retail sized). The crypto market has grown to a size and role that affects the greater economy. We see that in so many ways, not only due to the holdings but also because different economic participants are catering to miners and setting up payment options for holders of crypto. It's no longer a cute side project.

mvzvm 5y ago

I do. Right now it feels like a carnival full of carnies.

jnwatson 5y ago
Folks have forgotten the reasons why the SEC was created in the first place, probably because the heyday of unregistered securities, etc, was over 100 years ago. While you could make plenty of argument that the SEC should do more, it doesn't make any sense that it should do less. Lots of folks will lose a lot of money in cryptocurrency schemes in the next few years. We desperately need more regulation.
Alupis 5y ago
> I do. Right now it feels like a carnival full of carnies. With people making fortunes or losing everything based on one dude's mood and a single tweet. The SEC and other's exist because of the Robber-Baron's of old... I'm no "Regulation Hawk", but it does seem silly to allow this nonsense to continue.

dboreham 5y ago

Too late.

totalZero 5y ago

Why not? There have obviously been several scams in crypto, and as a market it is extremely disorderly. Buying and selling gold is highly regulated. What makes you think crypto shouldn't be similarly regulated, even if it's only to ensure that taxes get paid and exploitative schemes get busted?