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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

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.
  - humanizersequel 4y ago
    If crypto was actually free of regulation that would be a perfectly acceptable tradeoff, but it clearly isn't. Sometimes projects get boned for no reason with no instructive guidelines, often to the point they even would have been better off just ignoring the feds. The US Gov taking a hands off position — "none of this shit is real, do whatever you want but don't expect us to protect you" — would be an excellent and satisfactory outcome. In practice, they would probably feel compelled to step into extreme cases like FTX where laws were violated immaterial of the jurisdictional status of blockchain assets, which is a good thing. A firm set of regulatory guidelines, which does not imply a bailout by any means, would also be a good outcome. The worst part of what we have now is that the legal status of this industry in the US is completely opaque, and the constantly changing uncertainty is driving investment in the technology overseas or stifling it all together. The government is completely failing its mandate with this policy of inaction and indifference. Pick anything!

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.
- humanizersequel 4y ago
  If crypto was actually free of regulation that would be a perfectly acceptable tradeoff, but it clearly isn't. Sometimes projects get boned for no reason with no instructive guidelines, often to the point they even would have been better off just ignoring the feds. The US Gov taking a hands off position — "none of this shit is real, do whatever you want but don't expect us to protect you" — would be an excellent and satisfactory outcome. In practice, they would probably feel compelled to step into extreme cases like FTX where laws were violated immaterial of the jurisdictional status of blockchain assets, which is a good thing. A firm set of regulatory guidelines, which does not imply a bailout by any means, would also be a good outcome. The worst part of what we have now is that the legal status of this industry in the US is completely opaque, and the constantly changing uncertainty is driving investment in the technology overseas or stifling it all together. The government is completely failing its mandate with this policy of inaction and indifference. Pick anything!