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This is an extraordinary article by the BBC. Against the background of severe criminal & fraud issues with FTX, Tether, NFTs (...and back to MtGox, etc.) -- the
by mjburgess 3y ago
This is an extraordinary article by the BBC. Against the background of severe criminal & fraud issues with FTX, Tether, NFTs (...and back to MtGox, etc.) -- the SEC is now enforcing existing legislation.
To describe this as an attack on crypto repeats the propaganda of an industry built on fraud. What's happening is enforcement of laws previously unenforced on an industry with widespread law-breaking.
The reason these cypto companies aren't in the US is because the US gov will enforce the law.
- hnbad 3y ago> the propaganda of an industry built on fraud > an industry with widespread law-breaking I'm not sure there's a meaningful difference.
- remich 3y agoEh, there's plenty of other types of laws an industry could break in a widespread fashion that aren't fraud-related. Environmental dumping laws, antitrust laws, bribery of domestic or foreign officials to name a few.
- glimshe 3y agoIn TFA, replace every instance of "crypto" by "fraud" and see how the article reads perfectly right. Like "fraudcurrencies", "Fraud King" etc.
- rmah 3y agoBut they're not actually enforcing existing legislation, per se. One of the major issues wrt crypto in the US is that the SEC won't tell you what's legal or not. Seriously, when companies ask them "is doing XYZ ok?" or "can we trade ABC?" or "what can we do to be in compliance?" the literally SEC refuses to issue clear guidance. To say many industry players are upset is an understatement.
- colesantiago 3y agoGood.