Then have clear guidelines, right now nobody knows what is or isn’t a security in their eyes. They have had years, start at the top and work from there. They only have control within the US any way. It does look like they want their own CBDC before they do this.
They won’t regulate as that would mean compliance, and they don’t want compliance, they want control.
It’s going to take a change of administration for crypto to reach its full potential, only when Biden is gone will this happen.
Difficult to make black/white guidelines for stuff that can shapeshift any way it wants, that's one of the main issues with crypto.
Separate to that, they are going after unlicensed/unregulated exchanges and possible fraud/shenanigans with CZ. If successful that will likely "encourage" other crypto hucksters and exchanges to clean up.
As members of the public we generally don't give a crap about the billions conned out of joe public, we see crypto as "you go into it, you get burned, tough luck". However regulators and such bodies have a responsibility to protect the public, they can't just turn a blind eye. I don't think it's possible to regulate the "crypto industry" because no such industry exists, most of it's unofficial. The only way they can police it is to a) go full D-Day and crush the whole thing by regulating against any banks or services doing any business with any crypto exchanges which would demolish market value of crypto overnight or b) go after some of the big players in the hopes that the rest of the scheme will try to clean up their act somewhat
So far, looks like they are going with option b)
Difficult to make guidelines when you’re making it up as you go along, have you ever thought of applying for a job alongside Gensler Dohnjoe? For some reason I could see you as part of his team.
Nothing like dubbing it Crypto in order to prop up public confidence.
Option C) regulators have no such responsibility to protect anyone from a pyramid scheme which operates entirely separately from any jurisdiction which they have and so they'll just light up a cigar, rest their asses on the bonnet of their cars and watch the whole thing consume itself in a large bonfire that becomes a sink hole.
Yes. One detail though, you forgot to qualify the sinkhole as humungous.
Has someone important done or said something negative toward crypto? --> If yes, they're the crypto villain of the month (Changes every month)
The issue here is that normal people, your friends, relatives, can get shafted by grifters and sharks. Basically every dollar SBF had (billions) was someone else's hard earned money. Regulators want to protect people, aka you, your family from these grifters.
You don't want to protect those people, you want to protect your holdings. Most greedy crypto people like you and me know that regulation will likely **** up the scheme for us, make us less money (less volatility), so unsurprisingly, in a sphere where everything is conflict of interest, many of us are against it.
We also know that when somewhere big gets investigated (like Binance) that can hurt the value of our crypto. We don't give a damn if it's a crime-infested cesspit with fraud and laundering happening in every crack and crevice, we just don't want the value of our crypto to go down.
Most of us don't care if other people get fucked, as long as it's not us. That's our bottom line.
Well put Dohnjoe. You’ve nailed the psychology of it. This illustrates why crypto is not a currency per se, because it is intrinsically speculative, is not about looking for a stable status, which undermines its future as said currency.
If the idea of a currency is ruled out, then fine, have a go at gambling…
Fun bloody night
This looks more promising
Apathy is still happening. Prices are bleeding.
Interesting that Gary Gensler never meet Brian Armstrong having meet SBF multiple times. Coinbase is the most audited crypto exchange, it was listed on the stock exchange with SEC approval. It’s a very bad look and shows Gensler as a biased actor, worse still is his relationship with SBF.
Gensler is done for, he’s actually been speaking about crypto like he’s reading from Dohnjoe posts, which is fine if your an anonymous poster on boards, but when your sec chair it could be deemed as market manipulation.
He’s a power hungry imbecile but I get the feeling he’s a puppet for higher ranks, there’s no way anyone can be as idiotic as this man. I’ll be amazed if he lasts another couple of months, he’ll either be sacked for blatant incompetence or turned into a scapegoat by his superiors. Could actually be this week depending on what’s in the hinman docs.
I believe he did try to meet Gensler in person but it was covid so could only meet over zoom, kindly asked what he could do shore up compliance and was told frostily by Gensler to hire lawyers to figure it out, think I seen that in the congress testimony.
Actually I believe that wasn’t ceo, might have been cfo
You don’t have to appreciate posters like Dohnjoe to accept their stance. He’s said he’s gambling rather than investing in projects. I prefer to look at the technology, usage and technicals in projects. I wouldn’t label him as a perma bear like others. Balance like this is good for debate on crypto. The forum would be very boring if every poster was a bull or a perma bear.
The XRP market cap is more than ADA, Tron, Sol and matic combined (you can almost add dot in too). Talk about oversold.
The incompetency's of Gensler starting to pi$$ people off
Even Forbes are asking questions about the anti crypto agenda.
Add in the SEC authorised Prometheum that doesn't actually allow anyone to trade crypto whilst crypto is it's business model - Kaplan reading a prepared statement that echoes Gensler verbatim. All a bit strange...
Gary Gensler’s Catch-22 Vision of ‘Regulated’ Crypto Brokers (msn.com)
Traditional finance attempting to take over, some neck.
Taken from the comments section, George Carlin quote, “It’s a big club, and you ain’t in it.”
I get all my information from YouTube conspiracy videos and the algorithm helps me be a balanced person.
Oh look at me, I only read from intellectual sources, granted the thumbnail is baitclicky but Its information Mrs G, you take it in from all sources, digest and arrive at your own conclusions.
So you are doubting that this looks highly suspect and there isnt any underhand collusion from trad finance, their political contacts and the regulators?
If there’s a conspiracy involving trad finance, it will be a pump and dump orchestrated by VCs where they convinced bag holders that bitcoin was worth the inflated price and that they are part of something that threatens trad finance.
Follow the money:
...
FTX claims, anyone that had assets there needs to register a claim by September.
87 Rubles now for your US dollar
Was 52 this time last year. Nothing to see here, only a 66% drop.
Those damn fiat currencies, now if we only had an alternative
I see Richard Heart of HEX fame has been charged by the SEC. Anyone who thought a scammer like Heart was going to help you achieve financial freedom would need their head examined. Extreme gullibility.
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