[2021-10-08] It's 'a real shame' the way the SEC is regulating crypto

[Woodie]

It's 'a real shame' the way the SEC is regulating crypto: SEC commissioner

At least one voice at the U.S. Securities and Exchange Commission (SEC) is growing louder in speaking out against the way the agency is regulating cryptocurrencies.

Commissioner Hester Peirce, affectionately dubbed "crypto mom" by crypto enthusiasts for her understanding of the technology, has not been shy about her desire to provide a more clear regulatory framework around the industry. But in a new interview with Yahoo Finance, she may have delivered her harshest assessment yet.

"It is disconcerting to me that for three years now I've been asking for regulatory clarity, and we can't seem to provide any," she said on Yahoo Finance Live. "I think this is really becoming a huge barrier to this industry being able to develop in a way that's safe, but also in a way that allows innovation to happen. And it's a real shame to me that we are not just taking up the mantle as regulators to develop a regulatory framework."

The SEC has recently been stepping up its regulatory power over cryptocurrencies, most recently by blocking Coinbase from rolling out a way for customers to earn interest on their crypto assets. According to Coinbase CEO Brian Armstrong, the agency threatened to sue the company if they moved forward with that planned service which was later scrapped. Other crypto platforms, however, are still offering similar services

Read more https://finance.yahoo.com/news/its-a-real-shame-the-way-the-sec-is-regulating-crypto-sec-commissioner-175955363.html

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[NeuroticFish]

Indeed, it's a shame. But I think that's intentional. I think that one of the goals was to have this lack of clarity that makes many companies avoid crypto, avoid entering crypto business ecosystem.
And even though they admit they are way behind on doing the things right, I don't think that anything big would happen in a near future on this field. More regulations? Probably. Clarity? No way.

[LeGaulois]

The point to consider is: Who cares if the SEC regulates cryptos or not?

Do we need them to evolve? Nope. Bitcoin was supposed to be able to transact without any institution, so fuck them, we don't need regulations.
The only ones interested are institutional investors and companies. A more clear framework and more chances they could be interested to enter the market (like how Microstrategy, Tesla, or some banks are doing). So far I'm not a company so I don't care.

I can already see someone replying to me "but it will encourage mass adoption!"
Not a valid argument because Bitcoin has been able to be adopted (step by step) without 'their rules'. We shouldn't accept them to tell us what to do or not! My money, not theirs. Our rules, not theirs. In other words, they're not welcome to the party.
The real reason people are so interested in regulations is speculation. Let's be honest, all they want is the price booming to Pluton (because the Moon is not enough) People are so greedy that they're ready to accept anything.

By the way, the SEC approved an ETF (today or yesterday). Not yet the kind of ETF the bitcoiners would like to see but we can say it's the start.  

[cafucafucafu]

If the commissioners are actually being honest, they would admit that the SEC has been misregulating crypto from the get go.

Instead of being overly restrictive, perhaps they should be having looser restrictions as to who gets to offer derivatives & exchange products so that innovation can happen.

When there's lots of red tape you're probably going to see even more non-compliance unfortunately, and the government loses out in valuable tax revenue.

[Lucius]

I don’t understand why anyone thinks the SEC is doing something wrong all these years when it comes to cryptocurrencies? They are just doing what is expected of them, and politics more than obviously has its own opinion on Bitcoin, and we all know what the former US president thought about it, and that the current president is not far from it. I am personally surprised that they even allowed everything that exists in the US today regarding cryptocurrencies - the largest crypto exchange, the most ATMs than any other country, the largest funds and companies that own BTC...

Maybe someone thinks it's a shame, but let's not be fooled by the phrase that the US is the country of the greatest democracy and unlimited business opportunities, what comes first is national security and protection of the national currency at all costs.

[IconFirm]

The point to consider is: Who cares if the SEC regulates cryptos or not?

Do we need them to evolve? Nope. Bitcoin was supposed to be able to transact without any institution, so fuck them, we don't need regulations.

Exactly. Bitcoin is self regulating by design & doesn't need or require any kind of outside intervention/regulation.

[Lucius]

Exactly. Bitcoin is self regulating by design & doesn't need or require any kind of outside intervention/regulation.

That's right, Satoshi didn't ask the SEC or the EU if they would allow him to invent Bitcoin and release it on the Internet, but let us ask ourselves one hypothetical question - what would it be like if the world's most powerful countries said NO from the beginning and banned everything related to Bitcoin?

What would the world be like in which Bitcoin is illegal, there are no crypto exchanges, there is no one who can legally accept Bitcoin as a means of payment, there are no hardware wallets... I don’t think most of us would be on this forum today, maybe because we wouldn’t even know Bitcoin exists, and maybe because it would cost a few hundred dollars, which wouldn’t interest most people.

We may disagree with banks, governments, presidents, and all the possible agencies that exist, but the fact is that Bitcoin owes its success to the fact that they have not used their power to stop it on the road to success.