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The law is clear. It's not the job of regulatory agencies to advise companies on how to become compliant with the law and their rules. The law and their rules

The law is clear. It's not the job of regulatory agencies to advise companies on how to become compliant with the law and their rules. The law and their rules are...the law and their rules! Hire a lawyer for that!

AnthonyMouse 3y ago
> It's not the job of regulatory agencies to advise companies on how to become compliant with the law and their rules. Honestly this should be a core mission of all regulatory agencies and the fact that it isn't is a disgrace.
- JumpCrisscross 3y ago
  > this should be a core mission of all regulatory agencies and the fact that it isn't is a disgrace You want public sector corporate law? If we’re socialising law, I’d think we’d start with criminal defense.
  - bb88 3y ago
    I personally don't want tax dollars to fund corporate lawyering.
  - friend_and_foe 3y ago
    Theres a distinction somewhere between "socializing law" and "tell me why you'd sue me before I do it accidentally."
    - hef19898 3y ago
      The latter isn't a thing so. Especially if, as Coinbase and Binance did, ignore willingly the most basic rules around ypur business because of tech, innovation, disruption and the internet. About time that reality checks happen.
- rjbwork 3y ago
  It would be absurdly burdensome and expensive for the government to have to advise people on how to follow the law when they're not following the law. If you're not sure how to follow the law, get an expert in the law! That's why there's a regulated profession that explicitly provides expert advice on following the law. I don't want to press too far, because I don't think you actually meant it, but...it's like you're advocating for socialized lawyers. Which is definitely an interesting idea!
  - AnthonyMouse 3y ago
    > It would be absurdly burdensome and expensive for the government to have to advise people on how to follow the law when they're not following the law. Isn't this the exact same burden it would be for that person to hire a lawyer? All it would do is require the government to internalize the cost of regulatory compliance, which would increase efficiency by aligning the incentives of the government with reducing compliance costs. > If you're not sure how to follow the law, get an expert in the law! That's why there's a regulated profession that explicitly provides expert advice on following the law. Except that they don't actually have the authority to tell you if you're following the law. If you hire a lawyer and they tell you that the law is ambiguous and there isn't any relevant caselaw yet, you still have no idea if you're following the law or not. Meanwhile no one with the authority to make a binding determination will give you an answer.
    - rjbwork 3y ago
      >If you hire a lawyer and they tell you that the law is ambiguous and there isn't any relevant caselaw yet, you still have no idea if you're following the law or not. Then you have a couple of choices with various outcomes. One of which is exactly what is happening to Coinbase right now. You can either 100% unambiguously follow the law, or you can push your luck and adhere to what you think either is or should be the law. In the latter case you may become said case law, whether you are able to continue your current ambiguously legal business practices or not!
      - AnthonyMouse 3y ago
- hef19898 3y ago
  It is not the government's job to provide free compliance consulting services. Especially not for VC backed companies awash in cash.
deleted 3y ago
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AnthonyMouse 3y ago

> It's not the job of regulatory agencies to advise companies on how to become compliant with the law and their rules. Honestly this should be a core mission of all regulatory agencies and the fact that it isn't is a disgrace.

JumpCrisscross 3y ago
> this should be a core mission of all regulatory agencies and the fact that it isn't is a disgrace You want public sector corporate law? If we’re socialising law, I’d think we’d start with criminal defense.
- bb88 3y ago
  I personally don't want tax dollars to fund corporate lawyering.
- friend_and_foe 3y ago
  Theres a distinction somewhere between "socializing law" and "tell me why you'd sue me before I do it accidentally."
  - hef19898 3y ago
    The latter isn't a thing so. Especially if, as Coinbase and Binance did, ignore willingly the most basic rules around ypur business because of tech, innovation, disruption and the internet. About time that reality checks happen.
rjbwork 3y ago
It would be absurdly burdensome and expensive for the government to have to advise people on how to follow the law when they're not following the law. If you're not sure how to follow the law, get an expert in the law! That's why there's a regulated profession that explicitly provides expert advice on following the law. I don't want to press too far, because I don't think you actually meant it, but...it's like you're advocating for socialized lawyers. Which is definitely an interesting idea!
- AnthonyMouse 3y ago
  > It would be absurdly burdensome and expensive for the government to have to advise people on how to follow the law when they're not following the law. Isn't this the exact same burden it would be for that person to hire a lawyer? All it would do is require the government to internalize the cost of regulatory compliance, which would increase efficiency by aligning the incentives of the government with reducing compliance costs. > If you're not sure how to follow the law, get an expert in the law! That's why there's a regulated profession that explicitly provides expert advice on following the law. Except that they don't actually have the authority to tell you if you're following the law. If you hire a lawyer and they tell you that the law is ambiguous and there isn't any relevant caselaw yet, you still have no idea if you're following the law or not. Meanwhile no one with the authority to make a binding determination will give you an answer.
  - rjbwork 3y ago
    >If you hire a lawyer and they tell you that the law is ambiguous and there isn't any relevant caselaw yet, you still have no idea if you're following the law or not. Then you have a couple of choices with various outcomes. One of which is exactly what is happening to Coinbase right now. You can either 100% unambiguously follow the law, or you can push your luck and adhere to what you think either is or should be the law. In the latter case you may become said case law, whether you are able to continue your current ambiguously legal business practices or not!
    - AnthonyMouse 3y ago
hef19898 3y ago
It is not the government's job to provide free compliance consulting services. Especially not for VC backed companies awash in cash.

deleted 3y ago

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