9 ms·

Yeah, we need decent regs for Crypto. It's not even rocket science, we're just stuck between 2 extremist camps: "ban everything" and "regs are evil" camps. I

Yeah, we need decent regs for Crypto. It's not even rocket science, we're just stuck between 2 extremist camps: "ban everything" and "regs are evil" camps. I hoped FTX would lead to basic common sense stuff but it hasn't...

eli 4y ago
The problem is that if you regulate crypto enough to stamp out the blatant scams, fraud and self-dealing then it loses most of its appeal over other financial products.
- senttoschool 4y ago
  But traditional finance is the way it is today because of all the lessons learned. Lessons that crypto bros are speed running through.
- shanebellone 4y ago
  "The problem is that if you regulate crypto enough to stamp out the blatant scams, fraud and self-dealing then it loses most of its appeal over other financial products." I'm guessing you're pro-crypto, but this would be a better position for the opposition.
  - eli 4y ago
    You guessed wrong. I was probably too subtle.
    - shanebellone 4y ago
      "financial products" This threw me.
UncleEntity 4y ago
> Yeah, we need decent regs for Crypto. It seems to be self-regulating, people put money in and can’t get it back out so stop putting money in. Until the next hype cycle when a new group learns the lesson of “there’s no such thing as a free lunch.”
- Loughla 4y ago
  How is that self-regulating?
  - LBJsPNS 4y ago
    Whooooosh...
    - Loughla 4y ago
      Was it a joke? Really? Because if it was, then I think I am not deep enough into the meta of this to see it.
      - UncleEntity 4y ago
        I was watching this thing on the YouTubes about carrier pigeons, they didn’t have to kill every single one of them to cause their extinction but just enough for them to be incapable of breeding.
- piva00 4y ago
  Self-regulating through human suffering caused by greed. Not the best type of regulation for society I venture.
- skeeter2020 4y ago
  if this is an individual than fine, but if it's a derivative wrapping up a bunch of opaque "assets", purchased by a fund that manages say retirement savings for mandatory investors like a pension, there is a huge risk. It's like if every teacher was required to finance a sub-prime mortgage.
  - junofan 4y ago
    They have risk management people though. If those people aren’t doing their jobs, the fund has bigger problems. There are much larger and less hypothetical issues with public pensions around risk.
anonymousab 4y ago
> Yeah, we need decent regs for Crypto Yes and they already exist. They are the existing financial regulations for everything else. The only difference has been a lack of enforcement.
humanizersequel 4y ago
I don't get why we haven't seen the SEC or the CFTC step to the plate with this. I'm already seeing a number of blockchain projects moving offshore, whether to the Cayman Islands or El Salvador, not because of favorable regulatory environments per say but just because the US is so opaque and murky with regards to this.
- LatteLazy 4y ago
  I think the US has somehow failed to protect investors AND managed to discourage companies from setting up there. It's the worst of all worlds. How much blame sits with the SEC for selective (and poor) enforcement and how much with Congress (for letting Gensler be so poor at his job) is an open question...
  - mrguyorama 4y ago
    No, fuck all these takes. Every crypto bro has spent the past decade screaming about crypto being free of regulation and going to overturn the dollar as the most important currency and explicitly that regulation of money in the US is THE problem that caused 2008 and every sadness since the 70s. You do NOT get to turn around now and get bailed out by my tax dollars. You got exactly what you wanted, and everyone told you this is exactly what would happen. Deal with the consequences of ignoring good advice. Nobody in crypto was investing, they were gambling.
    - ashwagary 4y ago
      >Every crypto bro... >You do NOT get to turn around now and get bailed out by my tax dollars. Quite a useless generalization. Self custodied decentralized commodities like bitcoin and centralized corporate created/run crypto securities are vastly different as far as required government involvement is concerned. The SEC should be more forthcoming in providing clarity to institutions creating securities and centralized services instead of playing a weird gotcha game while maintaining a high level of opaqueness. Any business committing fraud, violating securities or custody laws in the US should get penalized and the clients have the right to claw back remaining funds regardless of their personal economic views.

eli 4y ago

The problem is that if you regulate crypto enough to stamp out the blatant scams, fraud and self-dealing then it loses most of its appeal over other financial products.

senttoschool 4y ago
But traditional finance is the way it is today because of all the lessons learned. Lessons that crypto bros are speed running through.
shanebellone 4y ago
"The problem is that if you regulate crypto enough to stamp out the blatant scams, fraud and self-dealing then it loses most of its appeal over other financial products." I'm guessing you're pro-crypto, but this would be a better position for the opposition.
- eli 4y ago
  You guessed wrong. I was probably too subtle.
  - shanebellone 4y ago
    "financial products" This threw me.

UncleEntity 4y ago

> Yeah, we need decent regs for Crypto. It seems to be self-regulating, people put money in and can’t get it back out so stop putting money in. Until the next hype cycle when a new group learns the lesson of “there’s no such thing as a free lunch.”

Loughla 4y ago
How is that self-regulating?
- LBJsPNS 4y ago
  Whooooosh...
  - Loughla 4y ago
    Was it a joke? Really? Because if it was, then I think I am not deep enough into the meta of this to see it.
    - UncleEntity 4y ago
      I was watching this thing on the YouTubes about carrier pigeons, they didn’t have to kill every single one of them to cause their extinction but just enough for them to be incapable of breeding.
piva00 4y ago
Self-regulating through human suffering caused by greed. Not the best type of regulation for society I venture.
skeeter2020 4y ago
if this is an individual than fine, but if it's a derivative wrapping up a bunch of opaque "assets", purchased by a fund that manages say retirement savings for mandatory investors like a pension, there is a huge risk. It's like if every teacher was required to finance a sub-prime mortgage.
- junofan 4y ago
  They have risk management people though. If those people aren’t doing their jobs, the fund has bigger problems. There are much larger and less hypothetical issues with public pensions around risk.

anonymousab 4y ago

> Yeah, we need decent regs for Crypto Yes and they already exist. They are the existing financial regulations for everything else. The only difference has been a lack of enforcement.

humanizersequel 4y ago

I don't get why we haven't seen the SEC or the CFTC step to the plate with this. I'm already seeing a number of blockchain projects moving offshore, whether to the Cayman Islands or El Salvador, not because of favorable regulatory environments per say but just because the US is so opaque and murky with regards to this.

LatteLazy 4y ago
I think the US has somehow failed to protect investors AND managed to discourage companies from setting up there. It's the worst of all worlds. How much blame sits with the SEC for selective (and poor) enforcement and how much with Congress (for letting Gensler be so poor at his job) is an open question...
- mrguyorama 4y ago
  No, fuck all these takes. Every crypto bro has spent the past decade screaming about crypto being free of regulation and going to overturn the dollar as the most important currency and explicitly that regulation of money in the US is THE problem that caused 2008 and every sadness since the 70s. You do NOT get to turn around now and get bailed out by my tax dollars. You got exactly what you wanted, and everyone told you this is exactly what would happen. Deal with the consequences of ignoring good advice. Nobody in crypto was investing, they were gambling.
  - ashwagary 4y ago
    >Every crypto bro... >You do NOT get to turn around now and get bailed out by my tax dollars. Quite a useless generalization. Self custodied decentralized commodities like bitcoin and centralized corporate created/run crypto securities are vastly different as far as required government involvement is concerned. The SEC should be more forthcoming in providing clarity to institutions creating securities and centralized services instead of playing a weird gotcha game while maintaining a high level of opaqueness. Any business committing fraud, violating securities or custody laws in the US should get penalized and the clients have the right to claw back remaining funds regardless of their personal economic views.