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https://www.cnbc.com/2023/02/09/sec-commissioner-breaks-with...
Why?
People can disagree on their opinion about something. Usually that gets settled in court unless new legislation is enacted that addresses the matter specifically. This is how each and every societal change is dealt with and around the change itself you'll see a bunch of institutions either wash their hands of it or claim it as their own depending on their mandate, understanding of the matter and capacity.
For instance: the oil crisis led to the creation of the Department of Energy. Prior to that there wasn't a really big need but if something threatens the economy or the stability of the USD then you can expect legislators to react. Sooner or later this will be settled and then the transition period is over by definition. And it's very well possible that some or even all of this will be declared illegal.
Effectively this means that technology will always be able to outrun legal systems, for a little while anyway and that no legal system is ever a perfect match for the society it models and governs. This is not normally considered a problem.
This is not a productive line of thought.
> “Everything other than bitcoin,” Gensler told me, “you can find a website, you can find a group of entrepreneurs, they might set up their legal entities in a tax haven offshore, they might have a foundation, they might lawyer it up to try to arbitrage and make it hard jurisdictionally or so forth.” In other words, there are people behind these cryptocurrencies using a variety of complex and legally opaque mechanisms, but at the most basic level, they are trying to promote their tokens and entice investors. (Bitcoin, because of its unique history and creation story, is fundamentally different from other crypto projects in this respect.)
It's fine to have a theory, but it's kind of silly when the theory is so easily disproven by where people are willing to put their money.
But even if you can keep your holdings forever, they won't be worth anything if there isn't a market for them. All it takes is enough people freaking out and dumping their investments to make yours worthless too. You'll still own everything you bought but it could be worth zero.
If the VC backed token projects all fail, the gambling sites shut down, and the only way to trade it for real money is to swap cash in person (this is also how it started), it’s still important like Tor, strong encryption, open source.
The business case for crypto is an interesting aside, as it was/is for Linux, PGP, etc. The long run human and social case for the underlying tech (ignoring what happens to be flavour of the month for scammers) is what’s interesting.
Every speculative asset ever
Do you have any evidence to support this large claim? Or do you simply wish for it to be true?
And the latest Economic Report of the President[1] has a full chapter (Chapter 8) in which they make their stance clear in no uncertain terms.
[1] https://www.whitehouse.gov/wp-content/uploads/2023/03/ERP-20...
The long storied history of these regulators preferring going after these (relatively) small new/outsider fish vs the big firms with teams of lawyers who spend all day following 90% of the laws, designed with them in mind and often written by them, in order to make hundreds of billions off the grey areas + 10% vaguely written laws… continues to remain well in-tact and as emboldened as ever.
Whether Wall St finance provides any real long term value to the wealthiest society in history given such a highly regulated market we’re all supposed to trust is an open question.
Yet every time big financial panics happens the reply is: Surely the solution is more moral hazard inducing fed messaging to maintain status quo + regulations (written/enforced by their ex employees) to exclude any completion replacing them… instead of reforming hiring of regulators, looking at the obvious suspects, and enforcing existing law.
If you do this to hide gains from the IRS, it's tax fraud.
I'm unfamiliar. Is there a source to this claim?