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Great day for crypto and for financial freedom in general. Great to see the justice system finally rebuking these unelected bureaucrats and placing some limits

by glerk 3y ago

Great day for crypto and for financial freedom in general. Great to see the justice system finally rebuking these unelected bureaucrats and placing some limits on the power they claim to have.

choppaface 3y ago
Ripple still faces over $700m of unregistered security sales as part of the decision.
- wonderwonder 3y ago
  That's really not a lot of money for them to lose. This is a massive win for them and alt coins in general.
  - choppaface 3y ago
    The liability to “sophisticated investors” prevents immediate dismissal. Now the court gets to see that complicated institutionals were speculating on XRP, and that means the Court will get to consider how easy it was to speculate or “invest.” XRP requires no mining, it’s a share offering no different than any security sale.
  - DANmode 3y ago
    That's the value of the alleged financial crime transactions crimes they committed...not the value of the penalties.
- LatteLazy 3y ago
  You don't have to register to sell to qualified investors right (which those were)?
burnte 3y ago
The unelected bureaucrats are authorized by duly elected politicians. They do not coalesce in office from the ether, they're put there by elected officials. It's not like there's no oversight.
- LatteLazy 3y ago
  Um, the judge just ruled that they are NOT authorised by duly elected officials in this case. That's sort of the point of the case...
  - burnte 3y ago
    I wasn't responding to this specific case, I was talking about the common "unelected bureaucrat" trope that falsely represents that gov't agencies are somehow "bad" because they're not directly run by politicians.
- trompetenaccoun 3y ago
  They are not authorized to regulate which isn't their authority, they were breaking the law. I don't even like Ripple, I think it's a scam. But if the SEC can't even win on this one, which they clearly picked first because it would have been the easiest given it's extremely centralized nature, Gensler's game is over.
  - burnte 3y ago
    I wasn't responding to the case in general, only the "unelected bureaucrat" line.

by glerk 3y ago

Great day for crypto and for financial freedom in general. Great to see the justice system finally rebuking these unelected bureaucrats and placing some limits on the power they claim to have.

choppaface 3y ago

Ripple still faces over $700m of unregistered security sales as part of the decision.

wonderwonder 3y ago
That's really not a lot of money for them to lose. This is a massive win for them and alt coins in general.
- choppaface 3y ago
  The liability to “sophisticated investors” prevents immediate dismissal. Now the court gets to see that complicated institutionals were speculating on XRP, and that means the Court will get to consider how easy it was to speculate or “invest.” XRP requires no mining, it’s a share offering no different than any security sale.
- DANmode 3y ago
  That's the value of the alleged financial crime transactions crimes they committed...not the value of the penalties.
LatteLazy 3y ago
You don't have to register to sell to qualified investors right (which those were)?

burnte 3y ago

The unelected bureaucrats are authorized by duly elected politicians. They do not coalesce in office from the ether, they're put there by elected officials. It's not like there's no oversight.

LatteLazy 3y ago
Um, the judge just ruled that they are NOT authorised by duly elected officials in this case. That's sort of the point of the case...
- burnte 3y ago
  I wasn't responding to this specific case, I was talking about the common "unelected bureaucrat" trope that falsely represents that gov't agencies are somehow "bad" because they're not directly run by politicians.
trompetenaccoun 3y ago
They are not authorized to regulate which isn't their authority, they were breaking the law. I don't even like Ripple, I think it's a scam. But if the SEC can't even win on this one, which they clearly picked first because it would have been the easiest given it's extremely centralized nature, Gensler's game is over.
- burnte 3y ago
  I wasn't responding to the case in general, only the "unelected bureaucrat" line.