[2021-07-08] Elizabeth Warren demands answers from the SEC on crypto regulation

DapanasFruit

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Quote from: bbc.reporter on August 03, 2021, 11:20:42 PM

Elizabeth Warren has asked, Gary Gensler has replied. It appears that Elizabeth Warren will be calling her allies in congress and the senate to create a bill and have it approved into law as quickly as possible before 2024.

Where are those progressive bitcoiners who wanted Biden to win the presidency because they thought Trump was bad for the cryptospace? What Trump only did was talk bad about bitcoin, however, his treasury department was always careful and balanced on regulations.

When Biden won the presidency this year, I knew then what can be coming to the cryptocurrency industry: heavy and harmful regulations. So far, with Biden I could not find any quote from him that describes Bitcoin negatively just like what Trump did in the past...but in the end it is the actions and decisions that matter and not what was published in Twitter. Under the influence of socialism-inclined leaders now occupying the White House and Congress, there can be more laws that would make it difficult for anyone to own, hold and trade Bitcoin.

Betwrong

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Quote from: SFR10 on July 11, 2021, 10:37:53 AM

Quote from: Woodie on July 08, 2021, 12:46:10 PM

Sen. Elizabeth Warren demanded the agency answer a series of questions related to cryptocurrency regulation

Does anybody know what was the other four missing questions about?
^{- I did some digging but I couldn't find it.}
~

Check this out:

https://www.warren.senate.gov/imo/media/doc/Draft%20SEC%20Crypto%20Exchange%20Letter%2007.7.2021%20clean.pdf

bbc.reporter

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@cabron. Agreed, I also mentioned something similar in another thread. America has a must pass infrastructure bill to bolster government spending which will help people get employment. However, there was a provision created and it was slipped in there hehehe.

https://mobile.twitter.com/jchervinsky/status/1421150344051048451

cabron

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Quote from: bbc.reporter on August 03, 2021, 11:20:42 PM

Elizabeth Warren has asked, Gary Gensler has replied. It appears that Elizabeth Warren will be calling her allies in congress and the senate to create a bill and have it approved into law as quickly as possible before 2024.

Where are those progressive bitcoiners who wanted Biden to win the presidency because they thought Trump was bad for the cryptospace? What Trump only did was talk bad about bitcoin, however, his treasury department was always careful and balanced on regulations.

Securities and Exchange Commission Chairman Gary Gensler said Tuesday that Wall Street’s top regulator needs Congress to grant it additional powers for overseeing a vast and ever-evolving cryptocurrency market.

Speaking about crypto at the Aspen Security Forum, Gensler said the SEC has “taken and will continue to take our authorities as far as they go.”

“Certain rules related to crypto assets are well settled. The test to determine whether a crypto asset is a security is clear,” he said. “There are some gaps in this space, though: We need additional congressional authorities to prevent transactions, products and platforms from falling between regulatory cracks. We also need more resources to protect investors in this growing and volatile sector.”

Source https://www.cnbc.com/2021/08/03/the-sec-needs-more-power-from-congress-to-fully-regulate-crypto-chair-gensler-says.html

They could sneak in a lot of things or vague words on it which is open for interpretation to regulate everyone. They'd do it before the bill is passed and approved it overnight as they did in the past. Somehow there was a leak about how they really misunderstood the technology behind cryptocurrency because even the people running nodes or miners are understood as brokers just like exchanges that can collect KYC.

bbc.reporter

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Elizabeth Warren has asked, Gary Gensler has replied. It appears that Elizabeth Warren will be calling her allies in congress and the senate to create a bill and have it approved into law as quickly as possible before 2024.

Where are those progressive bitcoiners who wanted Biden to win the presidency because they thought Trump was bad for the cryptospace? What Trump only did was talk bad about bitcoin, however, his treasury department was always careful and balanced on regulations.

Securities and Exchange Commission Chairman Gary Gensler said Tuesday that Wall Street’s top regulator needs Congress to grant it additional powers for overseeing a vast and ever-evolving cryptocurrency market.

Speaking about crypto at the Aspen Security Forum, Gensler said the SEC has “taken and will continue to take our authorities as far as they go.”

“Certain rules related to crypto assets are well settled. The test to determine whether a crypto asset is a security is clear,” he said. “There are some gaps in this space, though: We need additional congressional authorities to prevent transactions, products and platforms from falling between regulatory cracks. We also need more resources to protect investors in this growing and volatile sector.”

Source https://www.cnbc.com/2021/08/03/the-sec-needs-more-power-from-congress-to-fully-regulate-crypto-chair-gensler-says.html

cr1776

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Quote from: Argoo on July 12, 2021, 12:38:22 PM

Quote from: cr1776 on July 09, 2021, 08:57:48 AM

Warren: "people are too stupid to be able to figure out risks for themselves and yet are smart enough to vote in people like me who know nothing about it to regulate everyone else."

Putting a dishonest, divisive, pandering, anti-individual politician in charge of anything, let alone crypto, is idiotic.

I even liked the quote from Senator Elizabeth Warren. The world now contains too much information that is meaningful and useful for a person, which he simply cannot fully remember. Therefore, people, including politicians, need both advisors and the opportunity to turn to narrow specialists for advice. Therefore, on the whole, she said everything correctly.
The fact that she wants to protect the rights of investors is, in principle, commendable. If only here, as always, they do not overdo it and do no harm.

No thank you. I am perfectly capable of making my own decisions and living with the consequences. The so-called "narrow specialists" were so wrong about many things that anyone who trusts them is foolish to do so. Coronavirus and masks not working (see Fauci's lies about it), the WHO etc. The US funding gain of function research in Wuhan and then attempting to hide it. The regulators in DC - eg. See Bernie Madoff, the financial crisis etc. If you are foolish enough to trust them, you will eventually learn the consequences of doing so.

And all that assumes they are not malevolent and not merely incompetent. There are plenty of useful idiots, but there are malevolent people who don't like freedom involved too.

Likewise, even if what you claim is true, why does this need to be a top down force based approach? If you are not competent to make decisions for yourself, hire someone to do it for you. Don't force the rest of the world down to the lowest common denominator for competence. Just because one person isn't able to make decisions for themselves, doesn't mean the rest of us cannot.

Argoo

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Quote from: cr1776 on July 09, 2021, 08:57:48 AM

Warren: "people are too stupid to be able to figure out risks for themselves and yet are smart enough to vote in people like me who know nothing about it to regulate everyone else."

Putting a dishonest, divisive, pandering, anti-individual politician in charge of anything, let alone crypto, is idiotic.

I even liked the quote from Senator Elizabeth Warren. The world now contains too much information that is meaningful and useful for a person, which he simply cannot fully remember. Therefore, people, including politicians, need both advisors and the opportunity to turn to narrow specialists for advice. Therefore, on the whole, she said everything correctly.
The fact that she wants to protect the rights of investors is, in principle, commendable. If only here, as always, they do not overdo it and do no harm.

cr1776

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Quote from: Vishnu.Reang on July 12, 2021, 08:45:31 AM

Quote from: cr1776 on July 09, 2021, 08:57:48 AM

Warren: "people are too stupid to be able to figure out risks for themselves and yet are smart enough to vote in people like me who know nothing about it to regulate everyone else."

Putting a dishonest, divisive, pandering, anti-individual politician in charge of anything, let alone crypto, is idiotic.

She was elected from the state of Massachusetts, where the voters don't care much about characteristics such as honesty and skill. Massachusetts is so deep-blue that even Kim Jong Un or Joseph Stalin would get elected to the senate if they fight the elections there. And Warren is a classic old style socialist. She believes that the regime needs to control each and every aspect of the personal life. The government will decide how much salary you get, and which are the assets you are allowed to invest. And going by the trends, I won't be surprised if the US elects either Warren or Kamala as the POTUS in 2024.

I am afraid you may be correct. The goal is a socialist dictatorship so that everyone is enslaved to everyone else with no liberty while some extremely small group is in control.

And it isn't just limited to the US, but the world which is a goal of the "global minimum tax" - seduce people into thinking that "corporations will pay taxes" when the reality is that corporations don't pay taxes, they only collect them from people: The people being employees, consumers and shareholders. Mostly consumers and employees. It is beguiling to think that some faceless corporation is going to pay and it works in manipulating people into voting for them to get "free" stuff but it is a scam to seduce people worldwide into giving up freedom to some faceless group who intends to control everyone.

Hopefully there are some countries that will ignore the siren song, but I am not hopeful yet. The bodycount from the destruction caused by socialism/communism/fascism is in the hundreds of millions if not billions. The cost to human life and human ability is an order of magnitude or more larger.

Vishnu.Reang

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Quote from: cr1776 on July 09, 2021, 08:57:48 AM

Warren: "people are too stupid to be able to figure out risks for themselves and yet are smart enough to vote in people like me who know nothing about it to regulate everyone else."

Putting a dishonest, divisive, pandering, anti-individual politician in charge of anything, let alone crypto, is idiotic.

She was elected from the state of Massachusetts, where the voters don't care much about characteristics such as honesty and skill. Massachusetts is so deep-blue that even Kim Jong Un or Joseph Stalin would get elected to the senate if they fight the elections there. And Warren is a classic old style socialist. She believes that the regime needs to control each and every aspect of the personal life. The government will decide how much salary you get, and which are the assets you are allowed to invest. And going by the trends, I won't be surprised if the US elects either Warren or Kamala as the POTUS in 2024.

SFR10

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Quote from: Woodie on July 08, 2021, 12:46:10 PM

Sen. Elizabeth Warren demanded the agency answer a series of questions related to cryptocurrency regulation

Does anybody know what was the other four missing questions about?
^{- I did some digging but I couldn't find it.}

Quote from: Woodie on July 08, 2021, 12:46:10 PM

she called a highly opaque and volatile market.

I completely disagree with the former description; what else she wants?

Before I even clicked that link, I knew somewhere in there she'll use "scams" as a way to force the issue ^[SMH].

Obito

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Why the hell do they have to regulate it differently as an exchange when it's essentially the same as a traditional stock market but a much better and volatile market. This people that are like Warren are talking like this about this exchanges just wants to get the money that they need from the crypto exchanges, and it's pretty that they are open for lobbying.

Kong Hey Pakboy

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Quote from: cr1776 on July 09, 2021, 08:57:48 AM

Warren: "people are too stupid to be able to figure out risks for themselves and yet are smart enough to vote in people like me who know nothing about it to regulate everyone else."

Putting a dishonest, divisive, pandering, anti-individual politician in charge of anything, let alone crypto, is idiotic.

It's idiotic because the public is idiot, I remember what George Carlin said although I might've butchered the exact words but it's something in the line of American Politicians come from American Homes with Americans that have been educated in American schools, so probably the politicians aren't the ones who suck, maybe the public sucks, because if not then where's all the good politicians?

cr1776

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Warren: "people are too stupid to be able to figure out risks for themselves and yet are smart enough to vote in people like me who know nothing about it to regulate everyone else."

Putting a dishonest, divisive, pandering, anti-individual politician in charge of anything, let alone crypto, is idiotic.

Woodie

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In a Wednesday letter addressed to SEC Chairman Gary Gensler, Sen. Elizabeth Warren demanded the agency answer a series of questions related to cryptocurrency regulation — and said she expects an answer no later than July 28.

The Massachusetts Democrat — who serves as chair of the Senate Banking Committee's Subcommittee on Economic Policy — laid out her goal of protecting investors in the expanding market for digital currencies.

"The increased use of cryptocurrency exchanges presents unique risks to consumers," Warren said in the letter. "Although they describe themselves as cryptocurrency 'exchanges,' these platforms lack the same types of basic regulatory protections as traditional national securities exchanges like the New York Stock Exchange or Nasdaq."

Warren said the information she's requested will help Congress determine if it needs to act to ensure the SEC has the needed authority to close existing gaps in regulation. Those gaps, she said, leave investors and consumers vulnerable to dangers in what she called a highly opaque and volatile market.

Read more https://markets.businessinsider.com/currencies/news/elizabeth-warren-cryptocurrency-exchange-regulation-demands-sec-answers-july-28-2021-7

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