The Senate Banking Committee’s Crypto Regulation Hearing

[countryfree]

The US Senate has a hearing about cryptocurrencies today, and guess who they're hearing as an expert: Jeremy Allaire, Circle CEO.

This is the guy who has stolen money from its customers at Poloniex, by socializing losses. I shall remind everybody here that socializing losses is illegal in the US. He only did it because his US company only has non-US resident customers. To escape US regulations even more, he has just moved its company to a new Bermuda entity.

Does anyone think that the man is qualified to speak at a US Senate hearing?

It's like asking a convicted child rapist if sex outside marriage is right or wrong.

[1715291432]

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[DooMAD]

And I'll remind everyone that this is the same bellend who opened fire on Bitcoin devs in an attempt to blame them for the failures of his own shitty company.  I'm happy for the US senate to listen to idiots and be led round in circles (if you'll excuse the pun).  The more misinformed they are, the more steps they are behind us, meaning we're free to forge ahead and innovate. 

[RodeoX]

Our problem is that if we do not speak up for bitcoin then someone else will. Someone less qualified and with their own agenda.  So if you do not like regulation then now is the time to contact your senator. This is a YOU job!

[Jet Cash]

Sounds about right - Aren't they going to give John Bolton a Nobel peace prize?

[serjent05]

Our problem is that if we do not speak up for bitcoin then someone else will. Someone less qualified and with their own agenda.  So if you do not like regulation then now is the time to contact your senator. This is a YOU job!

I guess the Senate banking committe  aimed to be misled, so there is no doubt why they invited this person.    This way, the commitee will have an excuse if ever they decided to implement regulation that is hostile to the crypto community.. They will just say, it is an advise of this "expert" in crypto industry.

[buwaytress]

Our problem is that if we do not speak up for bitcoin then someone else will. Someone less qualified and with their own agenda.  So if you do not like regulation then now is the time to contact your senator. This is a YOU job!

I guess the Senate banking committe  aimed to be misled, so there is no doubt why they invited this person.    This way, the commitee will have an excuse if ever they decided to implement regulation that is hostile to the crypto community.. They will just say, it is an advise of this "expert" in crypto industry.

It was always unlikely for them to pick someone else more experty -- say, like someone from this forum. All due respect but it's not just about level of expertise, technical knowledge, it's also public speaking, a willingness to put your face and name on something. Besides, he's also backed by 2 other people (he's a representative from The Blockchain Alliance, who was the one invited to speak, and they sent 3 people) so he'll be fine.

The guys I'd love to hear speak about this would probably never fall on Congress's radar, unless you nominate them or put them forward, so yeah Rodeo's right, This is a YOU job;)

Bitcoin devs, Antanoupoulos... but then, they're not really interested in driving any agendas except that of Bitcoin, are they? And that agenda doesn't really interest anyone interested in hearings.

[DooMAD]

Our problem is that if we do not speak up for bitcoin then someone else will. Someone less qualified and with their own agenda.  So if you do not like regulation then now is the time to contact your senator. This is a YOU job!

Sure, that all sounds nice and sensible.  But I'm thinking, at this point, given how diametrically opposed our goals are to that of the traditional banking system, the hope for any legislation we would deem favourable is pretty much a pipe-dream now, regardless of how many genuine BTC advocates contact their senator.  And the hope for no regulation at all just sounds like a joke with a lousy punchline.  It's just not realistic in my view.  Regulation is inevitable and it's probably going to suck.  So I'm convinced the best we can hope for is that morons like Jeremy Allaire fill their heads with nonsense and they at least regulate in areas that aren't particularly harmful to us in the short term because they haven't been given sufficient insight into what we're doing with crypto, compared to what fiat-loving posers like Allaire are attempting, but crucially failing, to to do with crypto.  It's clear Allaire believes that creating gatekeepers is somehow a viable business model in crypto and that's precisely why he and his crappy companies keep failing.  He's almost certainly going to send them on a wild goose chase for a few years while they attempt to introduce middlemen where they have no power to insert them, giving us more time to increase the robustness and capacity of our network.

[squatter]

The US Senate has a hearing about cryptocurrencies today, and guess who they're hearing as an expert: Jeremy Allaire, Circle CEO.

Does anyone think that the man is qualified to speak at a US Senate hearing?

It's like asking a convicted child rapist if sex outside marriage is right or wrong.

I've never liked Allaire. Circle and Poloniex are terrible companies. However, let's look at the bigger picture. Allaire is CEO of a cryptocurrency service/exchange. He has strong incentives to fight against burdensome regulation because it'll cost Circle money or push them out of the US entirely.

I'm more worried about the other witnesses -- a Congressional researcher and a law professor who is unequivocally negative towards cryptocurrencies.

[TimeBits]

The US Senate has a hearing about cryptocurrencies today, and guess who they're hearing as an expert: Jeremy Allaire, Circle CEO.

This is the guy who has stolen money from its customers at Poloniex, by socializing losses. I shall remind everybody here that socializing losses is illegal in the US. He only did it because his US company only has non-US resident customers. To escape US regulations even more, he has just moved its company to a new Bermuda entity.

Does anyone think that the man is qualified to speak at a US Senate hearing?

It's like asking a convicted child rapist if sex outside marriage is right or wrong.

I mean he did a pretty good job.

I will sum it up if you missed it.

Mr. Brown AKA Mr. Sherman2.0 AKA Fed Shill #1
"Bitcoin is Bad"

Mr. Jeremy
"Blockchain is good"

Doctor Baradaran AKA Fed Shill #2
"Trust the FED"

That pretty much sums up the entire thing.

[1Referee]

Bitcoin devs, Antanoupoulos... but then, they're not really interested in driving any agendas except that of Bitcoin, are they? And that agenda doesn't really interest anyone interested in hearings.

Andreas seems a bit open minded and will cover a broader field of interest when it comes to crypto, but even then, a good environment for crypto in general means a good environment for Bitcoin. If I had to choose a person with skin in the game, then I would say Anthony Pompliano. He knows how the financial system works, what it lacks, and where Bitcoin can play a role of importance.

Jeremy Allaire..... I just can't stand the guy. Each time I see him pop up somewhere to have a say it just makes me feel uncomfortable. Scummy vibes is what he emits.

[countryfree]

Somehow, this has to be Allaire's last trick. Since he has totally failed to convince the community (Poloniex went from the best exchange to the worst), he's no trying to seduce senators, who have probably less tech and crypto knowledge than we do.

[DooMAD]

Somehow, this has to be Allaire's last trick. Since he has totally failed to convince the community (Poloniex went from the best exchange to the worst), he's no trying to seduce senators, who have probably less tech and crypto knowledge than we do.

I wouldn't even say it's a "trick".  Allaire is doing this purely in pursuit of his own personal interests.  He is not there to speak in support of crypto itself, but in support of his particular business model where he makes fiat profits from those who use crypto.  That's literally all he cares about.