Couldn’t disagree more with this. Gensler has publicly stated that he thinks nearly everything in the space is a security and subject to SEC regulation. Whether they create a new framework for that is a different question, but non-btc crypto is not going to be regulated as a property based on the past like 7+ years of regulatory comment and posturing.
Kinda the key phrase right? It's been seven years and no action...Biden asking for a clear regulatory framework. If it was going to happen, would have already happened. Guessing they'll come up with some kind of forgiveness in the case of a security / legislation that creates a new category. Not to get in a shitfight, but I find these arguments mostly Bitcoiner fan fiction. Also - how you been man? Thread has been quiet of late
Crypto lobbying has been effective I think at convincing a good amount of people that nuking stuff would be very dumb and push innovation elsewhere for good.
Also a hard disagree with all of these comments. The SEC's current toolbox doesn't contain the proper tools for broadly regulating crypto, so they're having to take a piecemeal approach using the tools at their disposal. Gensler has explicitly asked Congress for more updated laws that clearly grant the SEC authority to more broadly regulate. They're also part of the federal government - they're slow and several years backlogged. Take a look at pages 15-23 of this for a list of SEC enforcement actions against individuals or entities: https://www.cornerstone.com/wp-cont...EC-Cryptocurrency-Enforcement-2021-Update.pdf https://www.bakerlaw.com/alerts/sec-doubles-down-on-crypto-enforcement https://www.reuters.com/legal/gover...ypto-company-amnesty-is-not-table-2022-02-28/ https://www.winston.com/en/capital-...forcement-and-oversight-of-crypto-assets.html
I probably wasn't clear enough above. I don't think that launching XYZ altcoin with a leadership team, premine, etc. will ultimately be treated in the same regulatory framework as btc. It'll either be subject to already existing SEC laws/regulations or new laws/regulations that I'd expect to be similar to current securities laws. The SEC hasn't done nothing in the last few years (xrp and a handful of others), but ya admittedly it's not like they're suing every alt. I view it as 3 general buckets: btc, stablecoins, and whatever you want to call everything else (cryptosecurities, alts, etc.). And I'm good. Been busy at work. Never really been more bullish on my position: inflation at record highs, global chaos with foreign powers being able to access their reserves (i wonder if a permissionless digital asset solves this?), US wants to be the leader in the space, illiquid btc supply at record highs, El Salvador raising $1b (more countries to follow), billionaires adding to their positions (today's WSJ article), Bain entering the space, KPMG Canada bought, State Street to offer services this year, blah blah blah. Not a whole lot to debate on this imo. I think adoption and price are going much higher on a long time horizon.
Right. This is from January:https://news.bitcoin.com/sec-chair-...to-tokens-wont-say-if-ethereum-is-a-security/ I don't expect his position on this to have changed. Spoiler The chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, has explained how securities laws apply to cryptocurrency tokens as he outlined the commission’s priorities in regulating the crypto space. “Our role at the SEC is to ensure that the public still gets basic protection,” he stressed. SEC Chair Gary Gensler on Cryptocurrency Regulation SEC Chair Gary Gensler discussed cryptocurrency regulation and the agency’s 2022 regulatory agenda on CNBC Monday. The chairman explained that, in general, “If you are raising money from the public, and the public is in anticipation of profit based upon that promoter, sponsor, that group’s efforts — that’s within the securities laws, and it’s within the securities laws because Congress painted with a broad brush.” He elaborated: They want to protect you — the investing public — so that you have proper information, or what’s called full and fair information, and protect you against fraud and scammers and the like. Gensler stressed that investments that call themselves a token “are still probably, possibly a security.” While acknowledging that new ways to invest, including crypto tokens and Special Purpose Acquisition Companies (SPACs), are “exciting,” the SEC chairman emphasized: Our role at the SEC is to ensure that the public still gets basic protection. Gensler further explained: “What is kind of old and really important is this basic idea that if you raise money from the public and the public is thinking about a profit, you have got to give them basic disclosures and everything.” He was also asked to comment about the increase in crowdfunding using cryptocurrencies. Reiterating that he will not comment on any particular project, the chairman detailed: “Crypto tokens, I will call them, are raising money from the public, and are they sharing with the public the same set of disclosures that helps the public decide and are they complying with our Truth in Advertising? Call it the Securities Act’s anti-fraud provisions.” “There are thousands of these projects basically trying to raise money from the public so that they can back an entrepreneurial idea,” the SEC chairman described. While emphasizing that he supports innovation, Gensler noted that “it’s about bringing it into the securities laws.” He opined: Unfortunately, way too many of these are trying to say: ‘Well, we are not a security. We are just something else.’ “I think that the facts and circumstances suggest they are investment contracts, they are securities, and they should register,” Gensler concluded. He was also asked whether ethereum is a security, citing that the SEC views XRP as a security in an ongoing lawsuit with Ripple Labs and its executives. However, Gensler declined to comment on whether ether is a security. Reiterating that he is not going to answer about any one crypto, the SEC boss said: “I’m the chair of a five-member Commission that’s also a civil law enforcement agency. So, we don’t get involved in these types of public forums, talking about any one project, one possible circumstance, and give legal advice over the airwaves that way.”
Nice, I have started creating a BTC position as we’ve gotten under 40k. Shooting for a 20% portfolio share if I can keep getting these deals (as I view them).
Can you explain a bit about this? China owns mining facilities in Texas? I can understand the residential market I guess. I just hadn't thought about it. I live in South Florida and I know Russians own a lot of stuff down here (or at least did).
There’s a bunch of old manufacturing plants and old warehouses between Austin and Waco that have become a corridor for Bitcoin mining companies and investors from China https://www.bbc.com/news/world-us-canada-58414555
I haven't really been paying attention to crypto other than slowly adding BTC after it has a -8% day. Is this new bill going to help or hurt us?
Depends on who you ask. If you're just adding BTC and don't plan on cashing out soon then business as usual.
Good article And in podcast form https://podcasts.apple.com/us/podcast/bitcoin-audible/id1359544516?i=1000553678594 https://podcasts.apple.com/us/podcast/bitcoin-audible/id1359544516?i=1000554039752
Discuss. Also any guesses on what a $3b buy does to the btc price? They’re planning to buy $10b ahahahahaha.
Would agree with his assessment tbh…..not optimizing for upside, BTC has lowest downside in crypto for sure. Id also be surprised if they market bought, will likely be OTC so wouldn’t affect price. Still bullish for BTC tho
El Salvador had $1.5B in demand for its $1b bond source article: https://www.ft.com/content/76e1293d-89fd-431a-abb4-9988b4343157
Sounds like LUNA (do Kwon) made a purchase of about 125m in BTC in the last 24 hours and it seems to have pumped the price up over 1k.
if someone starts buying billions of dollars worth (as mentioned above), we could see a really big spike
bitcoin people act normal challenge also that guy has 100k+ twitter followers ez, don't even have to look
ya, that's really cringeworthy. How did he type that out and still think, "this is a great comparison!"
The mind of a maximilast justifies anything to advance their cause. It can’t be wrong because it’s ultimately good in their eyes.
The iraqi dinar used to be worth around $3 pre gulf war but has since dropped to well bellow A penny. A lot of people have bought millions of dinar in the hopes it would be revalued back up to $3. These people think Trump will be the one to revalue it because Trump also owns a fuck ton of it (he doesn't).
Anyone utilizing Anchor protocol for the ~20% apy should be aware Proposal 20 passed governance, the rate will drop -1.5% every month until the yield reserve starts to increase organically or until it reaches the true floating rate (guesstimate ~10%). i.e. at a 7-10% apy you need to consider whether reward is worth the inherent risk of holding UST. You can get similar rates from better/safer stablecoins. Just a heads up.
Maybe I don’t fully understand what he’s doing, but I don’t view it as a shitcoin. He’s more in the decentralized stablecoin space imo. Backing his stablecoin with $3-10B in btc is pretty similar to tether switching some of their treasury reserves to btc. Hope it works out for him.