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By SEC, or in law in the US because DOGE? Can QBT Qualified Blind Trusts own memecoins, or is that still a conflict of interest? https://news.ycombinator.com/i
by westurner 2y ago
By SEC, or in law in the US because DOGE?
Can QBT Qualified Blind Trusts own memecoins, or is that still a conflict of interest? https://news.ycombinator.com/item?id=43201808 https://news.ycombinator.com/item?id=43201808
- bananapub 2y agotrump sets the direction of SEC enforcement and he's made it clear that he thinks he (and everyone else) should be able to rob normal people via cryptocurrency.
- westurner 2y agoSo do we blame Biden or Trump for delisting XRP, or is SEC respectably independent? What about CFTC and FTC and the CAT Consolidated Audit Trail; are collectibles over 10K exempt from KYC and AML there too? (By comparison, banks put days-long holds on large checks.)
- heartbreak 2y agoThe SEC was respectably independent until a few days ago. https://www.whitehouse.gov/presidential-actions/2025/02/ensuring-accountability-for-all-agencies/ https://www.whitehouse.gov/presidential-actions/2025/02/ensu...
- myvoiceismypass 2y agoWhy exactly would Biden take any blame here?
- zdragnar 2y agoOperation Chokepoint 2.0, presumably
- rayiner 2y agoThere's no such thing as an "independent" executive-branch agency. Congress can't by law create new branches of government.
- hollerith 2y agoIs that really true: isn't the Federal Reserve (intentionally designed to be) very independent from both Congress and the White House?
- SAI_Peregrinus 2y agoThe Federal Reserve is a bit odd since it's a mix of private corporations & public governance. The Federal Reserve Board of Governors (BOG) is part of the government, the Federal Reserve Banks are private corporations whose officer's salaries are approved by the BOG but whose officers are elected by the Member Banks (banks in the US are required to be members). The Federal Open Market Committee (FOMC) is a mix of the BOG & some of the presidents of the various Federal Reserve Banks. So the BOG isn't independent of the executive branch (it legally can't be), but the FOMC is partly independent since it's a mix of executive branch employees & private bank employees.
- rayiner 2y agoThat's generally correct, but the issue is more about what kinds of powers are being exercised. Congress can create government-owned corporations, like Amtrak. Those corporations can function independently, insofar as they are not exercising executive powers. The core function of the Fed isn't an executive power. It's not enforcing the law, or interacting with foreign countries. It's a bank that lends to other banks, and influences the market through that economic function. That's not an executive power and doesn't need to be subject to executive control. The Fed also performs some executive functions (promulgating and enforcing various regulations). I'd argue those must be under executive control. But that doesn't address the Fed's core interest-rate-setting function.
- 2y ago
- duxup 2y agoRob Trump or a crony and I bet the rules of the game change fast. These people do not have principles.
- sjsdaiuasgdia 2y agoYou are correct, that follows the pattern of Wilhoit's Law: “Conservatism consists of exactly one proposition, to wit: There must be in-groups whom the law protects but does not bind, alongside out-groups whom the law binds but does not protect.”
- rayiner 2y agoCollectible dolls aren't SEC regulated as investments. But they're still subject to laws protecting property rights.
- westurner 2y agoJeff Foxworthy, a comedian, once said: > Sophisticated people invest their money in stock portfolios. > Rednecks invest their money in commemorative plates. Are NFTs or memecoins more similar to (NASCAR) commemorative plates?
- rayiner 2y agoThat is the perfect analogy both for what NFTs are and who buys them. I’m stealing that.
- westurner 2y agoCollectibles are also subject to financial reporting requirements that apply according to the USD value at time of purchase and sale. As I said before in the past regarding "Elephant in the room: Quantum computers will destroy Bitcoin" https://news.ycombinator.com/item?id=43188345#43188777 https://news.ycombinator.com/item?id=43188345#43188777 : > The market does not appear to cost infosec value, risk, or technical debt into cryptoasset prices. > PQ or non-PQ does not predict asset price in 2025-02. But what about DOGE?