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SEC’s Gensler says ‘the law is clear’ for crypto exchanges

16 points by donsupreme 4y ago

infamouscow 4y ago
What makes Gensler so confident he's going to succeed where others have failed? China banned crypto a few times. Evidently, it's still not banned enough to stop people from using it.[1] This isn't the first time a government has tried to squash cryptocurrencies. For most of the people interested in the technology, this is just another mile marker on a 10+ year long journey. I'll place my bets on the cryptocurrency folks. After all, they have more experience subverting far more totalitarian regimes than the power-hungry bureaucrats at the SEC understand. This crusade against crypto feels like the DEA's war on drugs: to perpetuate the existence of a self-licking ice cream cone. [1]: https://www.weforum.org/agenda/2021/01/cryptocurrencies-are-democratising-the-financial-world-heres-how/ https://www.weforum.org/agenda/2021/01/cryptocurrencies-are-...
- vba616 4y ago
  >Evidently, it's still not banned enough to stop people from using it. Maybe mostly stopping people from using it has value. Your spaceship is going to leak air, but that doesn't mean you might as well put a screen door on it.
  - infamouscow 4y ago
    Without quantifying the amount this statement is meaningless. How much value is being protected or gained, and at what cost?
    - barapa 3y ago
      If it was meaningless, how were you able to respond to it cogently?
      - infamouscow 3y ago
        If your employer announced they will start to "mostly pay you" going forward, would you ask for clarifying questions, or would you assume you know exactly what your employer meant by "mostly"?
lacker 4y ago
It really isn't clear. Specifically, is Ethereum a security? Nobody knows. Fight a lawsuit and figure it out already.
- vba616 4y ago
  It isn't clear because the regulators avoided an unpopular crackdown while crypto seemed to be booming. And now it's awkward to apply straightforward definitions and rules, especially to things like Ethereum that have been around for a while. "Either the bank is lying or Celsius is lying", said a wise man. That was true, and also it was not complicated or unclear.

16 points by donsupreme 4y ago

What makes Gensler so confident he's going to succeed where others have failed? China banned crypto a few times. Evidently, it's still not banned enough to stop people from using it.[1] This isn't the first time a government has tried to squash cryptocurrencies. For most of the people interested in the technology, this is just another mile marker on a 10+ year long journey. I'll place my bets on the cryptocurrency folks. After all, they have more experience subverting far more totalitarian regimes than the power-hungry bureaucrats at the SEC understand. This crusade against crypto feels like the DEA's war on drugs: to perpetuate the existence of a self-licking ice cream cone. [1]: https://www.weforum.org/agenda/2021/01/cryptocurrencies-are-democratising-the-financial-world-heres-how/ https://www.weforum.org/agenda/2021/01/cryptocurrencies-are-...

vba616 4y ago
>Evidently, it's still not banned enough to stop people from using it. Maybe mostly stopping people from using it has value. Your spaceship is going to leak air, but that doesn't mean you might as well put a screen door on it.
- infamouscow 4y ago
  Without quantifying the amount this statement is meaningless. How much value is being protected or gained, and at what cost?
  - barapa 3y ago
    If it was meaningless, how were you able to respond to it cogently?
    - infamouscow 3y ago
      If your employer announced they will start to "mostly pay you" going forward, would you ask for clarifying questions, or would you assume you know exactly what your employer meant by "mostly"?

lacker 4y ago

It really isn't clear. Specifically, is Ethereum a security? Nobody knows. Fight a lawsuit and figure it out already.

vba616 4y ago
It isn't clear because the regulators avoided an unpopular crackdown while crypto seemed to be booming. And now it's awkward to apply straightforward definitions and rules, especially to things like Ethereum that have been around for a while. "Either the bank is lying or Celsius is lying", said a wise man. That was true, and also it was not complicated or unclear.