reminder that regulation by enforcement doesn't work, allegations are not the law and it's impossible for a crypto native company to register and operate as a securities exchange, broker, dealer or clearing agency in the US.
actually, the industry is still waiting for the SEC to explain how crypto platforms/firms can register as an exchange, broker, dealer or clearing agency. spoiler: it's currently impossible and the SEC won't help.
why can't the US figure out how to regulate crypto?
White House: much of the activity in crypto is covered by existing regulations and regulators
SEC: ETH = security, we're in charge
CFTC: ETH = commodity, we're in charge
Congress: Does TikTok use WiFi?
A security can apparently also be a commodity, except when it's not. And it depends on which regulator you ask, and when. If you're confused, you are not alone. Is this really the best American law has to offer?
SEC: register as an exchange, broker and transfer agent
crypto industry: ok, how?
SEC: 🤷♂️
crypto industry: seriously, it's not possible under current laws and regulations
SEC: ok, we'll just sue you
crypto industry: 🙄
Coinbase received a Wells notice from the SEC. After years of asking for reasonable crypto rules, we're disappointed that the SEC is considering courts over constructive dialogue. But if courts are required, so be it. We'll defend the rule of law. 1/15 https://t.co/MXpc0RhNj4
1/ The following statement is attributed @kristinsmith following today's Economic Report of the President:
“Today’s Economic Report of the President from the Biden administration is disappointing. While other countries are increasingly receptive to the burgeoning crypto industry...
1/ Today, @BlockchainAssn sent FOIA requests to the Fed, FDIC, and OCC, demanding information about the unlawful debanking of crypto companies.
We are also collecting evidence of debanking. Share your story with us:
[email protected]
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Twitter has broken just about every piece of this FTX story using blockchain analytics, while NYT is writing puff pieces on a criminal.
Feels like a turning point for citizen journalism and loss of trust in MSM.