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With the recent surge in memecoins support, I'm really curious how the SEC and the crypto industry can coexist moving forward.
by wslh 2y ago
With the recent surge in memecoins support, I'm really curious how the SEC and the crypto industry can coexist moving forward.
- alephnerd 2y agoCrypto Regulation largely falls under the CFTC (now headed by A16Z's head of lobbying) and CFPB (now disbanded by Kupor's OPM). SEC manages regulations such as SPACs, public listings, and publicly traded securities - another thing A16Z has been lobbying to deregulate, but not directly related to crypto. It was FTX and Coinbase that paved the way, but it's A16Z that's taking full advantage.
- wslh 2y agoOkay, but still, for the average person, the recent support for memecoins seems like a complete contradiction to the basic principles of consumer and investor protections.
- alephnerd 2y agoCrypto is legally a commodity due to 2022-23 era lobbying, not a security. As such, it falls to the CFTC to regulate it, not the SEC. The CFTC has been defanged in both administrations, but it was Sequoia and Dustin Moskovitz backing the last admin via FTX and A16Z backing the current admin.