When I read this NYT article on the SEC's approach to crypto yesterday, I was outraged and submitted a comment on the article that has not been approved. I suspect it may not ever be approved. I happened to save the text since I was on my phone and paranoid about losing the comment. Here is it:
This article is seriously lacking in context.
Biden’s SEC did not stop any of the many frauds in crypto. They were buddy-buddy with Sam Bankman-Fried, one of the biggest fraudsters in HISTORY, and missed FTX, Terra/Luna, Three Arrows Capital, Celsius, Voyager, etc.
Instead, they went after upstanding companies for registration infractions, which aren't anywhere near as important for its goal of investor protection.
It makes perfect sense that the Atkins SEC should now drop a number of these frivolous, wasteful lawsuits.
The Gensler SEC’s refusal to create guidance as to how existing laws from the 1930s/1940s applied to crypto is partly responsible for the fact that FTX was offshore, giving investors less protection.
If the Gensler SEC had been clear about how the rules applied, then companies (and consumers) could know ahead of time what was/wasn’t kosher. Instead the SEC kept secret exactly how the laws from the 1930s and 1940s applied to crypto and would surprise crypto companies with lawsuits.
This is not a fair or normal way to run a government agency. It was also supremely stupid since the companies they went after were largely good actors.
Lastly, more than half of crypto people are/were Dems who voted for Trump because of Gensler’s antics. They don’t love Trump’s business conflicts with crypto either.
I advise you to never learn a lot about a subject, because once you see how much the NYT gets wrong, it will make you question EVERYTHING they report on.
@KobeissiLetter A 50-year mortgage doesn’t make housing more affordable; it just stretches the pain over a longer timeline.
Lower payments, higher lifetime interest, and a deeper dependence on debt.
When policy solves price by extending terms, it’s a sign the real issue isn’t being fixed.
@libsoftiktok@grok did the judge give the reasons why? Break down the reasons in easy to read bullet points and then inform us on what's the next steps that need to be done in order for the files to unseal the transcripts.
@zerohedge@grok how often does this trade end well? Please give historical examples and let me know if these trades usually end good or bad in the beginning of your answer before breaking it down.
If you’re a gene editing scientist or comp bio/ML engineer interested in the topic of embryo editing, I’m hosting a dinner in the bay area soon with a few folks.
I think the time is right for the defining company in the US to be built in this area, approaching it in a scientifically rigorous way, solving an unmet need. About 400m people live with a genetic disease today, and this technology can have a huge impact on human health if done correctly.
I'm looking to invest in the right founding team if it comes together. Please reach out if you’re a scientist or engineer with an interest in this space. It should be a good discussion. (Application form in follow on post. Will pay for flight/hotel if needed.)
It's under-appreciated just how much @coinbase has done for the industry in the last four years from a legal and policy perspective. Especially since the fruits of this labor, though profoundly beneficial to the entire space, will likely hurt $COIN in the market.
For a long time, Coinbase enjoyed the precarious and very hard-earned moat of being basically the only CEX in the U.S. that institutions trusted, that did not fail or steal customer funds or get bullied into SEC settlements. They went public, they conducted themselves responsibly, and managed to survive the Gensler years, which knocked out most of their competition.
Rather than exist and thrive in this precarious but comparatively uncompetitive last-man-standing grey area created by Gensler's SEC, they spearheaded a massive outreach effort to D.C., a massive education campaign to voters, and vigorously punched back at the consistently overreaching SEC. They stood in the breach on behalf of the entire industry (s/o @iampaulgrewal and team).
Now, the new admin is friendlier, the new SEC is constructive, and the results of this will be regulatoroy clarity, a consequent scaling of the industry, a greater institutional engagement with the industry, and a general maturation.
However, it will also inevitably and undoubtedly mean ever-increasing, intense competition for every aspect of Coinbase's business.
Regardless of your thoughts on CB, Base, content coins, UX, etc., thank your lucky stars it was Coinbase and @brian_armstrong , not FTX and SBF or the Ripple guys who were faced with this choice.
I received hundreds of messages through https://t.co/OUOEuB6PYR, which I find incredibly helpful. However, many don't know how to communicate effectively with busy, impatient people like me. Here are some tips.
1. State your ask in the first sentence.
Start by clearly stating your request, like seeking investment, so I know what to focus on immediately. Don’t start with an intro, background, description, and only make an ask in the end. I won’t know what to read for.
2. Make your ask explicit.
Many add vague asks like “would like your support” or “collaboration.” I wouldn’t know what you want. But if you say, “we are raising $500k at a $5m valuation,” it’s clear.
3. Make it concise.
Long messages are easy but show an unorganized mind. Short, concise writing is harder but easier for the reader.
4. Ask precise questions.
Avoid broad questions like "What do you think about the crypto industry?" I address those in media interviews, so searching online for answers is better. Open-ended questions are tough to answer repeatedly.
5. Don’t waste money.
I won’t tell you which coin to buy.
I won’t evaluate a project for you.
I won’t interact with your meme coin just because you asked.
I won’t jump on a call.
I won’t give you crypto. I donate in bulk, but I can’t verify that you aren't a scammer individually.
I won’t follow you just because you asked. It may come naturally.
...
6. If you want to recommend a project to me, you can write concisely why it is good, I will read it.
7. I would greatly appreciate any valuable feedback you may give me, and I will even pay you back.
8. I am looking for builders who can build. I am looking for talent.
Hey guys, a few weeks ago, I took a week off from X to spend some time on healing, and ever since then, I have noticed my engagement is down. Can you engage with this episode (which is a really good one)?
Who is building YCombinator for politicians?
We need a supply chain of techno-optimist candidates developing their skills to win elections, across both parties.