81–90 of 282 posts
Earlier quoted context omitted.
You have to convert USD to some cryptocurrency at some point, and vice-versa, so that's what they'll regulate.
Yup. It's really quite simple - focus on the USD on-ramps and off-ramps.
I'm flabbergasted by how much disinformation is infecting this threat. If you look at the list of legal actions the SEC has pursued at the bottom of the article, they are all flagrant violations of securities law and clearly unethical practices. For example, in "SEC v. Jon E. Montroll and Bitfunder", the individual in question was accepting "investments" in his exchange that were clearly securities (probably fitting…
So if some anonymous person invents cryptocurrencies, at what point are you supposed to be considered securities? If the first exchange had gone to SEC to register as a securities exchange, would the SEC not have laughed in their face? The headline itself really captures the ambiguity and uncertainty of all of this: "potentially unlawful".
Of course they would have laughed in their face. Do you see Nasdaq trying to list Dogecoin? There is no ambiguity or uncertainty here - there is a big problem and they're trying to reign it in with gloved hands before it becomes one and it turns into a big economic mess that the government will have to foot the bill to eventually clean up. This site likes to complain about wealthy inequality - common people like your…
The government has no obligation to clean up anything. Claiming otherwise is just an excuse to prohibit people from investing into high-risk assets.
>>common people like your grandparents and uninformed but good hearted relatives are providing liquidity for a growing number of new millionaires and billionaires
If the common good-hearted people are too stupid to control their own money, then they should be deprived of the right to vote and other semblances of legal persohood. What you're suggesting, which is to restrict the rights of everyone, is a disproportionate and illiberal response, characteristic of Big Brother states rather than free societies.
I didn't see any cryptocurrency exchanges in their list of approved exchanges. How does one find out whether a cryptocurrency exchange is registered properly with the SEC?
It's very simple. The SEC will prosecute one of the big boy "exchanges" and bring that company to a screeching halt. All of the rest will have to meet stringent regulatory requirements in order to service American customers.
Earlier quoted context omitted.
Of course they would have laughed in their face. Do you see Nasdaq trying to list Dogecoin? There is no ambiguity or uncertainty here - there is a big problem and they're trying to reign it in with gloved hands before it becomes one and it turns into a big economic mess that the government will have to foot the bill to eventually clean up. This site likes to complain about wealthy inequality - common people like your…
couldn't have said it better. The very idea that a random citizen in a modern country can invent their own notion of money is beyond problematic so it is confounding that this whole thing has been allowed to mushroom into what it is today. Proponents like to drag skeptics into crypto debates but that is far off the mark when it comes to the real implications of the current situation. Some questions to ponder: When wi…
Earlier quoted context omitted.
"money" is a representation of value that is recognised as such by a group of people. If a few people decide that a bunch of stones are now money[0] (in other words, represents value), should they be arrested? Similarly, when a group does the same not to stones but to seashells [1] or salt are they committing securities fraud? Someone decides to do the same for a few hashes on the internet and suddenly they can't? Wh…
The problem with these analogous argument about what money means fails to account for the implicit contract that we all sign as members of a society. If you buy your own island like Sir Richard Branson then by all means do what you please. Legal tender is perhaps the most important corner stone of a modern nation state, if an entrepreneur can invent their own money and subsume the one issued by a government then you…
Nonsense. We've had non-political money before. During the free banking era we had thousands of bank-issued currencies that competed in an open market, and the state was alive and well.
The state exists as long as it has a monopoly on force within its jurisdiction. It doesn't need to monopolize the control of money and imprison anyone who has wrong-think about what they consider to be money.
I understand that a lot of people here don't like cryptocurrency and the get-rich mentality around it, but understand that when you call for laws to prohibit various uses of it, you're calling for people to see the inside of a prison cell because they have different ideas about what money is than you.
I didn't see any cryptocurrency exchanges in their list of approved exchanges. How does one find out whether a cryptocurrency exchange is registered properly with the SEC?
Earlier quoted context omitted.
It's very simple. The SEC will prosecute one of the big boy "exchanges" and bring that company to a screeching halt. All of the rest will have to meet stringent regulatory requirements in order to service American customers.
This only works for US-based exchanges though.
Earlier quoted context omitted.
couldn't have said it better. The very idea that a random citizen in a modern country can invent their own notion of money is beyond problematic so it is confounding that this whole thing has been allowed to mushroom into what it is today. Proponents like to drag skeptics into crypto debates but that is far off the mark when it comes to the real implications of the current situation. Some questions to ponder: When wi…
"money" is a representation of value that is recognised as such by a group of people. If a few people decide that a bunch of stones are now money[0] (in other words, represents value), should they be arrested? Similarly, when a group does the same not to stones but to seashells [1] or salt are they committing securities fraud? Someone decides to do the same for a few hashes on the internet and suddenly they can't? Wh…
I'm reminded of Simon & Garfunkel's "The Boxer":
I am just a poor boy
Though my story's seldom told
I have squandered my resistance
For a pocketful of mumbles
Such are promisesEarlier quoted context omitted.
It seems unlikely that it would be that easy. If it were, you'd see lots of unregulated stock markets out there in the wild (which, to my knowledge, is not the case).
Yes but there are many many markets out there which don't have any sort of regulation. The SEC's main quarrel right now appears to be that they believe investors might come to an exchange and invest believing they are as safe.