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Allowed my mind to wander for a moment - imagine if try DoJ and others had come down on the likes of Purdue pharma or big tobacco with the same zeal as they’re

by jarym 3y ago

Allowed my mind to wander for a moment - imagine if try DoJ and others had come down on the likes of Purdue pharma or big tobacco with the same zeal as they’re going after crypto. Don’t get me wrong, I’m not making excuses - just wondering why enforcement doesn’t seem to be consistent.

senttoschool 3y ago
The SEC and DOJ let crypto scams, ponzis, unregistered securities linger for 15 years. They barely did anything. It's only now that they're starting to go after crypto after billions swindled. If anything, SEC and DOJ have been too lenient on crypto. They should have regulated crypto as securities 12-13 years ago.
- twelve40 3y ago
  it pretty intense how much they are tightening things. I just signed up for crypto.com and it's mfa, id upload, mfa on every transaction, and a 3d face scan now (so much for anonymous bitcoin, haha). A bunch of exchanges avoid US like the plague now, can't register. I knew the USG would never ever ever tolerate any "distributed finance" except with draconian KYC and bolted to the traditional system. I can even see them shutting down any transfers to "unauthorized" addresses eventually, you will only be allowed to play with party-approved "tokens" after you pass a full cavity search.
  - simple-thoughts 3y ago
    An interestimg implication is people already in crypto from early on may be given access to services later comers can’t get. If dollars are not freely exchangeable with crypto it’s very difficult to buy a large and growing set of goods and services. Something similar exists in some countries that have an official currency used for state stuff and an unofficial one (usually usd) that’s for everything else. The old joke being that in Cuba, it’s better to marry hotel staff than a doctor.
    - somewhereoutth 3y ago
      If dollars aren't freely exchangeable with crypto there simply won't be a 'large and growing' set of goods and services. Not even illegal ones!
      - simple-thoughts 3y ago
        Most countries and most people don’t need usd to conduct daily transactions. Why should crypto be any different?
luc4sdreyer 3y ago
>Purdue pharma There was an attempt. Dems introduced a bill (the SACKLER Act) was that would stop the bankruptcy judge in the case from granting members of the Sackler family legal immunity during the bankruptcy proceedings, however it failed to gain support. https://thehill.com/homenews/house/544021-democrats-unveil-legislation-aimed-at-sackler-family-evading-lawsuits-through/ https://thehill.com/homenews/house/544021-democrats-unveil-l... https://www.congress.gov/bill/117th-congress/house-bill/2096?s=1&r=74 https://www.congress.gov/bill/117th-congress/house-bill/2096...
- rcme 3y ago
  That bill was introduced 20 years too late.
  - deleted 3y ago
    [deleted]
  - rchaud 3y ago
    Any sooner and it would have been branded as anti-business. Same reason that crypto has had a run of 14 years with almost no regulation.
    - rcme 3y ago
      Crypto has existed for 14 years, but it has only become mainstream in the last 6 years. Binance, for instance, was founded in 2017. So 6 years from founding to crackdown. OxyContin was invented in 96. The effects were already terrible in the early 2000s. A bill in 21 is too little too late.
      - rchaud 3y ago
        If crypto became mainstream in 2017, how did Mt Gox even have 850k BTC to lose in 2014? Binance may be a new company, but US-based entities like Coinbase are not. They started in 2012, and they have to comply with US regs same as Binance.
SiempreViernes 3y ago
On guess would be that there has already been a time where the DoJ went after those industries hard, but by now both sides have adapted to each other that obvious conflict is no longer evident?
WeylandYutani 3y ago
Everything is politics. Big tobacco employs thousands of people in the US and pays taxes. They have more senators than Binance could ever dream of. And I'm not even talking about the culture war "poisoning my body is a human right damn you liberals".
Yizahi 3y ago
With what zeal? Tokenbros had extremely easy life for more than a decade, despite it being obvious that almost all of them are unregistered securities. Imagine selling a contaminated pills, or advertise and sell drugs to minors for 15 years, just like scammers in tokenbro industry. Oh, wait...

by jarym 3y ago

senttoschool 3y ago

The SEC and DOJ let crypto scams, ponzis, unregistered securities linger for 15 years. They barely did anything. It's only now that they're starting to go after crypto after billions swindled. If anything, SEC and DOJ have been too lenient on crypto. They should have regulated crypto as securities 12-13 years ago.

twelve40 3y ago
it pretty intense how much they are tightening things. I just signed up for crypto.com and it's mfa, id upload, mfa on every transaction, and a 3d face scan now (so much for anonymous bitcoin, haha). A bunch of exchanges avoid US like the plague now, can't register. I knew the USG would never ever ever tolerate any "distributed finance" except with draconian KYC and bolted to the traditional system. I can even see them shutting down any transfers to "unauthorized" addresses eventually, you will only be allowed to play with party-approved "tokens" after you pass a full cavity search.
- simple-thoughts 3y ago
  An interestimg implication is people already in crypto from early on may be given access to services later comers can’t get. If dollars are not freely exchangeable with crypto it’s very difficult to buy a large and growing set of goods and services. Something similar exists in some countries that have an official currency used for state stuff and an unofficial one (usually usd) that’s for everything else. The old joke being that in Cuba, it’s better to marry hotel staff than a doctor.
  - somewhereoutth 3y ago
    If dollars aren't freely exchangeable with crypto there simply won't be a 'large and growing' set of goods and services. Not even illegal ones!
    - simple-thoughts 3y ago
      Most countries and most people don’t need usd to conduct daily transactions. Why should crypto be any different?

luc4sdreyer 3y ago

>Purdue pharma There was an attempt. Dems introduced a bill (the SACKLER Act) was that would stop the bankruptcy judge in the case from granting members of the Sackler family legal immunity during the bankruptcy proceedings, however it failed to gain support. https://thehill.com/homenews/house/544021-democrats-unveil-legislation-aimed-at-sackler-family-evading-lawsuits-through/ https://thehill.com/homenews/house/544021-democrats-unveil-l... https://www.congress.gov/bill/117th-congress/house-bill/2096?s=1&r=74 https://www.congress.gov/bill/117th-congress/house-bill/2096...

rcme 3y ago
That bill was introduced 20 years too late.
- deleted 3y ago
  [deleted]
- rchaud 3y ago
  Any sooner and it would have been branded as anti-business. Same reason that crypto has had a run of 14 years with almost no regulation.
  - rcme 3y ago
    Crypto has existed for 14 years, but it has only become mainstream in the last 6 years. Binance, for instance, was founded in 2017. So 6 years from founding to crackdown. OxyContin was invented in 96. The effects were already terrible in the early 2000s. A bill in 21 is too little too late.
    - rchaud 3y ago
      If crypto became mainstream in 2017, how did Mt Gox even have 850k BTC to lose in 2014? Binance may be a new company, but US-based entities like Coinbase are not. They started in 2012, and they have to comply with US regs same as Binance.

SiempreViernes 3y ago

On guess would be that there has already been a time where the DoJ went after those industries hard, but by now both sides have adapted to each other that obvious conflict is no longer evident?

WeylandYutani 3y ago

Everything is politics. Big tobacco employs thousands of people in the US and pays taxes. They have more senators than Binance could ever dream of. And I'm not even talking about the culture war "poisoning my body is a human right damn you liberals".

Yizahi 3y ago

With what zeal? Tokenbros had extremely easy life for more than a decade, despite it being obvious that almost all of them are unregistered securities. Imagine selling a contaminated pills, or advertise and sell drugs to minors for 15 years, just like scammers in tokenbro industry. Oh, wait...