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Do you think most/all stablecoin firms went into this space thinking they would go all cowboy and skirt all regulations? Or do you think a more likely explanat
by yrral 5y ago
Do you think most/all stablecoin firms went into this space thinking they would go all cowboy and skirt all regulations?
Or do you think a more likely explanation is that they all went into this space trying to do it correctly and hold only USD, and maybe outdated regulations prevent them from holding just USD so they have to find a different way to do so that may not be clean enough to be auditable?
- jeromegv 5y agoThe regulation is the regulation, this is what they have to obey. If this is not clean enough to be auditable, then may be they don't have a legit business. You seem to pass the blame to the regulation when in fact they already knew what the regulation was before they event started into this space.
- akerl_ 5y ago> Do you think most/all stablecoin firms went into this space thinking they would go all cowboy and skirt all regulations? Yes. As a first point of evidence: “get into a space and cowboy it up” is basically the whole SV operating procedure. See Uber, Airbnb, Tesla, etc. As a second, auditors have no problem auditing every multinational corporation and signing off that their complex shuffling of funds to utilize tax loopholes follow the letter of the law. Even people who are breaking the law can successfully be audited. If your books are so unclean that they are literally impossible to audit, it’s hard to fathom how you’re possibly operating legitimately.
- elliekelly 5y agoThese “stablecoin” shops aren’t getting dinged by nit-picky regulators for minor compliance mistakes. They’re getting nailed for major systemic issues that often border on fraud.
- TomSwirly 5y agoYes, the first one, absolutely. "We can print money, and no one will stop us"