4 ms·

Like Elizabeth Holmes, they are kids of the elite who are well connected and supported at high levels. Further, SBF is one of the biggest political donors and t

by memish 4y ago

Like Elizabeth Holmes, they are kids of the elite who are well connected and supported at high levels. Further, SBF is one of the biggest political donors and there may be corruption in the SEC. The general counsel of FTX US had served as lead counsel to Chairman Gensler at the CFTC. And then there's this from a congressman yesterday, "@GaryGensler runs to the media while reports to my office allege he was helping SBF and FTX work on legal loopholes to obtain a regulatory monopoly. We're looking into this." https://twitter.com/RepTomEmmer/status/1590717374801809409 https://twitter.com/RepTomEmmer/status/1590717374801809409

hotpotamus 4y ago
- solardev 4y ago
  He probably means "looking into how I can get in on it"
- anon291 4y ago
  Good point. That must mean democrats can do no wrong. /s This sort of non sequitur is dangerous to democracy.
  - hotpotamus 4y ago
    You might notice that I didn't say that. But I am skeptical that the party that has branded itself as the anti-regulation party for my entire life is really going to embrace regulation all of a sudden in response to the malfeasance of someone they perceive as being a political enemy.
    - anon291 4y ago
      > embrace regulation all of a sudden in response to the malfeasance of someone they perceive as being a political enemy. Given the GOP's willingness to strong-arm twitter and facebook (remember Trump tried to have it investigated by the DoJ), I feel like regulating companies due to being a political enemy is exactly what I'd expect the GOP to do. Perhaps it's the one time you can be sure they'll start regulating. From my perspective, the democratic party is constantly talking about how bad Citizens United is (and I am very sympathetic to that) while taking millions upon millions from large companies and wealthy individuals.
      - hotpotamus 4y ago
        anon291 4y ago
        > I remember thinking at the time when the Senate called Zuckerberg up to yell at him that if I were Zuck, I would have just said, "thanks for the tax cut, dudes". They can jail you for that.
  - jker 4y ago
    Indeed, the deregulation that led to the 2008 financial crisis was a thoroughly bipartisan effort, one that began in the Clinton Administration. This is why Brooksley Born is a hero for our times, and Larry Summers, a villain. https://en.wikipedia.org/wiki/Brooksley_Born https://en.wikipedia.org/wiki/Brooksley_Born
- rossdavidh 4y ago
  Perhaps, but I think many (Dems and Reps) will recognize a sinking ship when they see one. Tighter regulation on cryptocurrencies (and related businesses) was starting to arrive, regardless. There is little incentive to try to slow this down, if the people being regulated don't have any money left to donate to your campaign.

by memish 4y ago

hotpotamus 4y ago

solardev 4y ago
He probably means "looking into how I can get in on it"
anon291 4y ago
Good point. That must mean democrats can do no wrong. /s This sort of non sequitur is dangerous to democracy.
- hotpotamus 4y ago
  You might notice that I didn't say that. But I am skeptical that the party that has branded itself as the anti-regulation party for my entire life is really going to embrace regulation all of a sudden in response to the malfeasance of someone they perceive as being a political enemy.
  - anon291 4y ago
    > embrace regulation all of a sudden in response to the malfeasance of someone they perceive as being a political enemy. Given the GOP's willingness to strong-arm twitter and facebook (remember Trump tried to have it investigated by the DoJ), I feel like regulating companies due to being a political enemy is exactly what I'd expect the GOP to do. Perhaps it's the one time you can be sure they'll start regulating. From my perspective, the democratic party is constantly talking about how bad Citizens United is (and I am very sympathetic to that) while taking millions upon millions from large companies and wealthy individuals.
    - hotpotamus 4y ago
      - anon291 4y ago
        > I remember thinking at the time when the Senate called Zuckerberg up to yell at him that if I were Zuck, I would have just said, "thanks for the tax cut, dudes". They can jail you for that.
- jker 4y ago
  Indeed, the deregulation that led to the 2008 financial crisis was a thoroughly bipartisan effort, one that began in the Clinton Administration. This is why Brooksley Born is a hero for our times, and Larry Summers, a villain. https://en.wikipedia.org/wiki/Brooksley_Born https://en.wikipedia.org/wiki/Brooksley_Born
rossdavidh 4y ago
Perhaps, but I think many (Dems and Reps) will recognize a sinking ship when they see one. Tighter regulation on cryptocurrencies (and related businesses) was starting to arrive, regardless. There is little incentive to try to slow this down, if the people being regulated don't have any money left to donate to your campaign.