Thread by @CroissantEth

I wanted to start this off by pointing out the great & professional way of which the United States approached regulation of digital assets

They have proven to be contenders of free markets by empowering this emerging asset class as it grows in the trillions of dollars

(1/13) 🥐

Now that I have your attention…

I’m actually going to go over some of the shocking ignorance displayed by many U.S. officials when discussing blockchain technology

They have almost no idea what they are talking about, and it should be very worrying.

(2/13)

In June, Senator Elizabeth Warren called for a crack down on #Bitcoin over environmental issues

But she failed to mention how much more devastating Christmas lights can be for energy usage

Furthermore, $BTC actually has properties to incentivize use of renewable energy

(3/13)

The United States Secretary of Treasury Janet Yellen claims that unrealized capital gains should be considered as income.

Following their logic here, this would also mean that the government should have to pay you for your unrealized losses…

(4/13)

What changed here for the SEC Chairman Gary Gensler?

In 2018 he claimed that a whopping 70% of the market is considered to be a commodity

Now in 2021, Gary Gensler appears to believe that a majority of the market should be under SEC control for resembling securities

(5/13)

U.S. Congressman drafted legislation using old verbiage applicable to paper money for digital assets, requiring DEXs to obtain SSN of traders

The last minute provisions inside the infrastructure bill nearly crippled a trillion dollar industry to cover their expenses

(6/13)

SEC Chairman Gary Gensler says gas prices on Uniswap are determined by whatever is stated in the user agreement

For those new here, gas is determined by nothing other than code

(Didn’t he study at MIT?)

This perfectly illustrates their inability to grasp this tech

(7/13)

SEC + Coinbase

One of the fastest growing startups in the industry (based in the United States) is facing heavy scrutiny for their plan to launch a new lending program

The SEC repeatedly ignored their inquiries on the matter, leading to a lawsuit

(8/13)

Gary Gensler went after stablecoins earlier this month, comparing them to “poker chips”

He blatantly ignored the fact that many stablecoins are now transparently backed & worth billions of dollars with hundreds of use cases

Even VISA plans to use $USDC for tx settlement

(9/13)

CFTC commissioner claims $ETH is not a security

For years our regulators have failed to provide clarity for $ETH as an asset class

Although Gary Gensler has stated that US securities laws are very clear, the status of $ETH remains uncertain

What’s so hard to clarify?

(10/13)

The U.S. government was actively responsible for withholding life-changing amounts of money from DeFi users who participated in trading on DYDX

Traders on the platform received free tokens that are now worth over $100,000

U.S. investors were not allowed to participate

(11/13)

A $MKR delegate met with Elizabeth Warren earlier this month.

The highlight?

He “spent much of the time convincing her we're not the DAO,” a DAO from 2016 infamously known for being hacked for $150M

That’s right, they couldn’t distinguish between “a DAO” and “the DAO”

(12/13)

It is becoming glaringly obvious that the United States is not prepared for crypto

There needs to be a strong effort to denominate digital assets in USD by providing legal clarity for the whole ecosystem

Will the U.S. really make the same mistake as China?

(13/13)

(14/13)