Thanks for your reporting, Anthony. I found your first point apt. He was clearly not ready to say at that time whether Eth is a security, though I expect he will in his own time. The SEC is slow, but the folks there aren't stupid. That said, cries of there being a lack of regulatory clarity are largely a crass papering over of what is really happening: crypto firms disagreeing with the principles-based regulation of the US SEC and wanting to get the imprimatur of "compliance" without actually complying with the principles (which are pretty straightforward). It doesn't take a rocket scientist to get that most or all tokens are inducements to an investment of monies in a joint endeavor on the expectation of profits from the efforts of others. Pretty straightforward indeed. The problem is that it would be hard at this juncture for any crypto token or exchange to truly comply on the basis of that principle.
I would say that the second point -- that Gensler's expertise on the subject is suspect because he doesn't own any crypto -- is a facile argument. The man knows more about crypto -- by far -- than most crypto hodlrs.
Last -- the "we need to allow people to move fast and break things so that they don't move overseas" is a common trope of anyone who wants to do what they want to do and not comply with the law. It's become the go-to of the tech sector, certainly since the advent of the gig economy. But -- Swiss bearer bonds happily went about operating offshore for years until...FATCA. It would be a mistake to assume that crypto thrives and will evade the very long arm of coordinated enforcement from not just the US but many countries committed to investor protection and the quashing of consequence-free money laundering. My bet: bitcoin or monero become the bittorrent of darkweb money. Never gone, because...yeah...decentralized. But not something most people bother with.
And before you write me off as a silly no-nothing naysayer. Look me up...I'm not speaking outside my scope of knowledge.
Hey Anthony, congrats for this one. Again and again. And for the work on the reading list. I just DM on twitter regarding the Hodler Prize. It s about books and BTC and i’m sure you will love it :) Hope we can talk about it whenever you want. Best. Anthony
All of govt can be summed up by the fact that elites are passing laws in areas they have no firsthand experience with.
GENSLER IS S F LIAR AND WARREN IS HIS PAL EQUAL EPSTEIN PAL WITH CLINTON
How much are the classes?
Thanks for your reporting, Anthony. I found your first point apt. He was clearly not ready to say at that time whether Eth is a security, though I expect he will in his own time. The SEC is slow, but the folks there aren't stupid. That said, cries of there being a lack of regulatory clarity are largely a crass papering over of what is really happening: crypto firms disagreeing with the principles-based regulation of the US SEC and wanting to get the imprimatur of "compliance" without actually complying with the principles (which are pretty straightforward). It doesn't take a rocket scientist to get that most or all tokens are inducements to an investment of monies in a joint endeavor on the expectation of profits from the efforts of others. Pretty straightforward indeed. The problem is that it would be hard at this juncture for any crypto token or exchange to truly comply on the basis of that principle.
I would say that the second point -- that Gensler's expertise on the subject is suspect because he doesn't own any crypto -- is a facile argument. The man knows more about crypto -- by far -- than most crypto hodlrs.
Last -- the "we need to allow people to move fast and break things so that they don't move overseas" is a common trope of anyone who wants to do what they want to do and not comply with the law. It's become the go-to of the tech sector, certainly since the advent of the gig economy. But -- Swiss bearer bonds happily went about operating offshore for years until...FATCA. It would be a mistake to assume that crypto thrives and will evade the very long arm of coordinated enforcement from not just the US but many countries committed to investor protection and the quashing of consequence-free money laundering. My bet: bitcoin or monero become the bittorrent of darkweb money. Never gone, because...yeah...decentralized. But not something most people bother with.
And before you write me off as a silly no-nothing naysayer. Look me up...I'm not speaking outside my scope of knowledge.
of course they aren't stupid, they just want to control….even the descentralized…
Hey Anthony, congrats for this one. Again and again. And for the work on the reading list. I just DM on twitter regarding the Hodler Prize. It s about books and BTC and i’m sure you will love it :) Hope we can talk about it whenever you want. Best. Anthony