The SEC is about to get a LOT more crypto friendly

[Wrestleknownothing]

Gary Gensler has been very anti-crypto as the head of the SEC. That is about to change. Not Gensler's view of crypto, but the SEC's approach to regulating it.

https://www.cnbc.com/2024/11/21/sec-chair-gensler-will-step-down-jan-20-making-way-for-trump-replacement.html

 

[VakAttack]

I would imagine there regulation in this sector going forward, given how much crypto money went into this election cycle (successfully).  RIP to Sherrod Brown's Senate career.

[mspart]

Crypto?   Its imaginary money.   Now one could say the same about our currency.   But at least there is something tangible with coins and bills.   Not a fan, but if someone wants to invest in it, more power to them.   Of course I as wrong about facebook, no way could it be valued that high, they have no holdings of note, no property, produce nothing etc etc.   I was wrong there for sure. 

mspart

[VakAttack]

44 minutes ago, VakAttack said:

I would imagine there regulation in this sector going forward, given how much crypto money went into this election cycle (successfully).  RIP to Sherrod Brown's Senate career.

Somehow typing on my phone autocorrected here:  "I would imagine there will be very little, if any, regulation..."

[Wrestleknownothing]

1 minute ago, VakAttack said:

Somehow typing on my phone autocorrected here:  "I would imagine there will be very little, if any, regulation..."

It can go one of two ways.

Gensler took the position that the existing regulations were sufficient. But when real projects tried to comply they were refused or charged with violations. Some of them have taken to the courts to settle this (and have had some wins, hence spot bitcoin ETFs). 

In the process, some incumbents in the crypto industry have asked for crypto-specific regulation. Maybe they will finally get it with the new SEC chair.

But writing those regulations will be a lot of work and that is very hard to do. So maybe they won't get new regs, just less enforcement of the old regs.

[VakAttack]

Just now, Wrestleknownothing said:

It can go one of two ways.

Gensler took the position that the existing regulations were sufficient. But when real projects tried to comply they were refused or charged with violations. Some of them have taken to the courts to settle this (and have had some wins, hence spot bitcoin ETFs). 

In the process, some incumbents in the crypto industry have asked for crypto-specific regulation. Maybe they will finally get it with the new SEC chair.

But writing those regulations will be a lot of work and that is very hard to do. So maybe they won't get new regs, just less enforcement of the old regs.

Well, with the death of Chevron doctrine, I just think it ends up a non-starter.  The nature of crypto itself and the emerging technologies is beyond the grasp of the vast majority of our (very old) legislature, and thus the reactions required would be nimble, but the people responsible for said regulation will have neither the knowledge (because they're so old/technologically stupid) nor ability (loss of Chevron deference means that any sort of regulatory agency will have to go thru Congress to get regulations passed, at which point the regulatory needs will be well beyond the conceived of regulations).  The overturning of Chevron deference is truly one of the most consequential things coming from the first Trump presidency that most people don't know or care enough to reckon with, nor will it be recognized if/when *I poop my pants, don't laugh at me* hits the fan thanks to the overturning.

[Wrestleknownothing]

The good news is we will probably get a lot more of these:

https://news.artnet.com/market/maurizio-cattelans-viral-banana-sells-for-6-24-million-at-sothebys-2571327

I just read that the buyer is a crypto dude. Of course he is.

[ionel]

11 minutes ago, Wrestleknownothing said:

The good news is we will probably get a lot more of these:

https://news.artnet.com/market/maurizio-cattelans-viral-banana-sells-for-6-24-million-at-sothebys-2571327

I just read that the buyer is a crypto dude. Of course he is.

Why do I suddenly feel like I shoulda got that Art degree?  

[Wrestleknownothing]

37 minutes ago, ionel said:

Why do I suddenly feel like I shoulda got that Art degree?  

A freakin men

[ionel]

15 minutes ago, Wrestleknownothing said:

A freakin men

Back in the day before duct tape I did great things with baling wire.  

Edited yesterday at 11:00 PM by ionel