Crypto unlikely to survive as investment if unregulated, SEC chairman says
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Crypto unlikely to survive as investment if unregulated, SEC chairman says
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Re: Crypto unlikely to survive as investment if unregulated, SEC chairman says
#2A banker shill would say that and only that. Why would he say crypto will destroy his masters banks and controls? He wouldn't.
Re: Crypto unlikely to survive as investment if unregulated, SEC chairman says
#3He would say that. It's done pretty well so far without his "help" though.
Re: Crypto unlikely to survive as investment if unregulated, SEC chairman says
#4So he's going to use this quote as an excuse to mess it all up.
Re: Crypto unlikely to survive as investment if unregulated, SEC chairman says
#5There must be a joke somewhere here....
Re: Crypto unlikely to survive as investment if unregulated, SEC chairman says
#6The SEC has already proven that they can't keep up with crypto. I don't think crypto will survive if it becomes regulated. While there is a lot of manipulation happening in crypto, there is a lot of organic grassroots efforts as well for people that value privacy and true decentralization. I can only imagine how quickly they'd work to destroy both of those things and target cryptocurrency that promotes those ideals. There is nothing stopping them from regulating exchanges as is.
Re: Crypto unlikely to survive as investment if unregulated, SEC chairman says
#7There must be a joke somewhere here....
The joke is that the only reason crypto wouldn't "survive" if unregulated is because they (the feds) would un-regulate it out of existence.
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This is kind of philosophically interesting in light of Giorgio Agamben's discussion of sovereignty and law, in which the prime act of the sovereign is to enact the "ban", i.e. deciding who or what is excluded from the law, which is itself still a status in relation to the law, specifically one of exclusion. So people who trade crypto can be unregulated in the sense of gray area, yet-undecided legality, or they can be "unregulated" in the sense of "explicitly excluded from the legal realm", banned (abandoned), removed from any sort of legal relationship with the state. The USA isn't China, where the idea of someone being "unpersoned" for trading crypto seems like an act that the state could choose to make, but that's the sort of thing I thought would make a good joke.
Re: Crypto unlikely to survive as investment if unregulated, SEC chairman says
#8[deleted]
Re: Crypto unlikely to survive as investment if unregulated, SEC chairman says
#9It is difficult to get a crypto proponent to understand something, when their crypto wealth depends on them not understanding it.
EDIT: If you steal my gold or other metal store of value, I can pursue you in court and recover my loss (either the actual materials lost or fiat value). If you steal my single named security, I can pursue you in court and recover my loss (or the clearinghouse will reverse the transaction). Crypto cannot be both an investment accessible to everyone, governed by nation state regulators, and a wild west where you can lose everything at a drop of a hat due to an opsec slip and there is no recourse. That is incompatible with the law.
https://www.cnbc.com/2021/11/19/over-10-billion-lost-to-defi... (Criminals have made off with over $10 billion in ‘DeFi’ scams and thefts this year) <-- This won't fly with the folks who write and enforce the law. Their job is to protect people (investors!) from the folks who believe those who owns the keys and crypto owns the property regardless of how it was obtained.
Re: Crypto unlikely to survive as investment if unregulated, SEC chairman says
#10I think this is wrong, but once Tether implodes, it will erase a huge amount of value and the ecosystem will take years to recover.