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by customkitchen 1372 days ago
If you take that angle then crypto will still never be a legitimate investment class either way, because all of it (including BTC and ETH and everything else) is a giant fraud predicated on the falsehood that it is "decentralized" and somehow that makes it unregulated. There is no other reason for it to exist. This is just another nail in the coffin, they can't lie about it anymore.

If crypto-land really wants to follow through on their lawless anarchist fantasies, then they should be even happier if the SEC bans all of it outright. Then they can all go back to their roots when the only thing bitcoin was used for was illegal black market drug transactions...
2 comments
peyton 1372 days ago
It’s kind of bad if the SEC is making dumb arguments. They aren’t infinitely powerful; why erode their power this way?
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customkitchen 1372 days ago
ETH is operating and trading with the US. It falls under US jurisdiction. The line of "we are not registered anywhere therefore we don't have to follow laws in any jurisdiction" is pretty weak and farcical. And sorry to be cheeky but... Have you seen some of the absurd claims and arguments crypto people make about the "infinite power" of crypto to somehow evade all laws and solve all social problems, while simultaneously making everyone rich just for holding some tokens? I wish I was making this up, or maybe I was just getting trolled...
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peyton 1372 days ago
I take it you did not read the complaint.
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customkitchen 1372 days ago
I did read it and it is honestly not that complicated. The SEC is being generous here. They could make the argument even if there were no validators. But I hope this is the start of them shutting down the validators too.
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peyton 1372 days ago
They could make the argument the transaction took place in the US due to validator density even if there were no validators?

Regardless, that’s not the argument.

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eurasiantiger 1372 days ago
Wouldn’t it make more sense to legalize the market?
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throwaway743 1372 days ago
US gov has a way of keeping certain things illegal that would otherwise take away employment and purpose of their own agencies. Just look at the DEA/"war on drugs".
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