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Do you think FTX working with the SEC team on drafting new crypto regulations was all a lie then? No one else was allowed that access, as far as we know, and Co

by dahdum 4y ago

Do you think FTX working with the SEC team on drafting new crypto regulations was all a lie then? No one else was allowed that access, as far as we know, and Coinbase has been complaining about being stonewalled by Gensler for even basic questions. Kevin O'leary was saying how he was trying to raise the bailout funds from sovereign wealth funds, but that evaporated once it looked like FTX lost the support (or at least the blind eye) of the SEC.

JumpCrisscross 4y ago
> Do you think FTX working with the SEC team on drafting new crypto regulations was all a lie then? No one else was allowed that access I'm not familiar with their claims. That said, the SEC is generally quite receptive to input when it comes to rule making. > Coinbase has been complaining about being stonewalled by Gensler for even basic questions Enforcement versus rule making. Also, tweeting angry things at your regulator while publicly trying to yank their jurisdiction is a poor way to solicit discretionary feedback.
Animats 4y ago
Madoff was at one time being considered for a job at SEC, and regularly worked with them on issues unrelated to his business.[1] That probably postponed investigations that should have happened earlier. After the crash, it didn't help. Madoff went to jail and the SEC was investigated by Congress and its own inspector general. “While examiners and investigators discovered suspicious information and evidence and caught Madoff in contradictions and inconsistencies, they either disregarded these concerns or relied inappropriately upon Madoff’s representations and documentation in dismissing them.” - SEC inspector general A few SEC employees were disciplined internally, but none were fired. [1] https://www.reuters.com/article/us-madoff-sec-remarks-idUKTRE4BG6US20081217 https://www.reuters.com/article/us-madoff-sec-remarks-idUKTR...

by dahdum 4y ago

JumpCrisscross 4y ago

> Do you think FTX working with the SEC team on drafting new crypto regulations was all a lie then? No one else was allowed that access I'm not familiar with their claims. That said, the SEC is generally quite receptive to input when it comes to rule making. > Coinbase has been complaining about being stonewalled by Gensler for even basic questions Enforcement versus rule making. Also, tweeting angry things at your regulator while publicly trying to yank their jurisdiction is a poor way to solicit discretionary feedback.

Animats 4y ago

Madoff was at one time being considered for a job at SEC, and regularly worked with them on issues unrelated to his business.[1] That probably postponed investigations that should have happened earlier. After the crash, it didn't help. Madoff went to jail and the SEC was investigated by Congress and its own inspector general. “While examiners and investigators discovered suspicious information and evidence and caught Madoff in contradictions and inconsistencies, they either disregarded these concerns or relied inappropriately upon Madoff’s representations and documentation in dismissing them.” - SEC inspector general A few SEC employees were disciplined internally, but none were fired. [1] https://www.reuters.com/article/us-madoff-sec-remarks-idUKTRE4BG6US20081217 https://www.reuters.com/article/us-madoff-sec-remarks-idUKTR...