The cryptocurrency industry is counting on the federal courts to survive a sweeping enforcement crusade by Wall Street’s top regulator.
This statement can only mean that the author does not understand how blockchains work.
this post was submitted on 06 May 2024
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I didn't follow. The article isn't about Blockchain tech.
Ok, I'll try to explain then.
There is no crypto without a blockchain, and blockchains live on the internet. Btw the projects that are worth in this environment are decentralized.
Federal courts in the US are passing laws and these laws are valid only in the US. They don't threaten the survival of the "crypto industry" cause they live on the internet, not in the US. It just makes it harder to create a legit project in the US, or if you are a user you will need a VPN to access some sites that are not available in the country you live in.
This is why there is binance.com (for almost everywhere, except US) and binance.us (only for the US). This article fails to mention this difference so claiming that:
The cryptocurrency industry is counting on the federal courts to survive
makes it clear to me that the author has no understanding of how crypto works. That's my good faith take on this article.
The industry doesn't actually care about the block chain, they care about fleecing people who transfer crypto to and from real dollars. And the government has regulations for how that kind of interaction is supposed to be handled that they apparently aren't following.
LOL, new financial exchanges popped up without following AML or KYC rules, trying to skip by all the checks and balances put in place for every other financial institution, and they thought they'd just...get away with it?
Contracts that clearly have no intrinsic value and are tradeable between individuals and corporations - those are derivatives by definition - and all of these companies and "coin" issuers thought that the SEC and CBOE wouldn't come kick down their doors?
Fuck the crypto industry is as dumb as all the AI shills are right now. Goddamn this is funny to watch, and Gensler is no joke when it comes to squashing illegal or unregulated activities.
Isn’t this about securities being exchanged? and whether these crypto assets are considered securities? The Howey Test hasn’t been decided on all the crypto assets and the SEC can’t just rug pull this technology (regardless of its merits) across the board without justification. Hence why we should wait for the courts to decide.
Frankly Congress should have defined this stuff sooner to avoid this whole issue altogether, but our congress barely knows what the internet is let alone crypto.
Regardless of whether or not Crypto ends being a good/bad thing, the US can’t just put its head in the sand and pretend that crypto isn’t here to stay.