[SilverBirch]

I see we're still dancing this same stupid dance. Step 1: Invent something that looks exactly identical to something that is regulated. Step 2: Claim it should be regulated differently. Step 3: Act like the victim when the SEC doesn't play your dumb game.

This whole thing has been silly, coinbase has been making this disingenuous argument for years now that they want "regulatory clarity" around crypto, but when that clarity turns out to be "We already have rules maybe you should follow them" they act all surprised. At the end of the day it's very simple, crypto that complies with the law isn't really a thing anyone needs.

[Kretinsky]

Bitcoin has been created to avoid regulations and intermediaries when exchanging value. Smart contracts allow you to have tokens tradable 24/24 7/7 with no government oversight whatsoever and complex interactions with users.

It's not “identical”, just as trading coconuts for pearls is not the same with options trading, executed by an OTC dark pool in the US market.

Also, the regulator doesn't agree with you : Gensler refuses to say if ETH is a security or not. Following your line of thought this should be a no-brainer. Maybe there's a political reason behind this unprofessional behavior from the American regulator?

Anyway, crypto leaving the US is a net positive for the world, as it will further free itself from imperialistic domination.

[SilverBirch]

Yes, Bitcoin was made so that you don't need AML and KYC. That doesn't mean they're not still laws. Gensler refuses to say ETH is a security because he doesn't want to bar the CFTC from also suing the hell out of them. It's not unprofessional, it's pretty standard.

Yes, it's great that Bitcoin will move away from free and open democracies to banana republics and despotic regimes- the true bastions of freedom.

[ESTheComposer]

The fact that you think the CFTC wouldn’t sue anyway and that the SEC is employing some sort of professional courtesy exposes how much you actually know of whats been happening with the SEC and crypto. Also that you imply him saying something is a security would automatically make it so is even more so telling.

The CFTC is not happy with Gensler’s blatant power grab either https://www.cftc.gov/PressRoom/SpeechesTestimony/phamstateme...

[Kretinsky]

How about firearms? US Constitution said you had the right to own one, so the law should be the same for muskets and RPGs? I know it's an ongoing debate in the US ;-)

Also, Bitcoin was made to be an alternative to cash, not an alternative to banks. So it can be discussed that KYC/AML should apply.

[jy1]

If it's clear, why hasn't SEC actually enforced? It's been over a decade.

[SilverBirch]

Because it's a small niche no one really cares about? The SEC worries about structural problems and protecting retail. Crypto is neither, the second it threatened to become either it got absolutely blasted.

[jy1]

That doesn't make any sense. Retail is heavily exposed to retail. Did you watch the recent congress interview of the SEC? It was all crypto focused. Crypto is probably the #1 topic for the SEC. They just haven't enforced because they don't have any authority.

[ESTheComposer]

SilverBirch doesn't respond once you bring logic in because they don't actually know what they're talking about. Look at their other comments on crypto and some of the responses. They're just a bandwagoner