😭 
no, letting a multi-billion-$ financial system develop for years with little guidance & then crashing it with a sudden politically motivated 'crackdown' is a "threat to the financial system"
Enron was an SEC-reporting company
traders saw the 2008 crisis coming before regulators did; regulatory policy directly led to that crisis by manipulating markets to pump real estate valuations & pick winners & losers; Bitcoin was a direct 'power to the people' response
in M&A lawyering, we had a saying 'you can't protect against fraud'
all you can do is punish it after it happens
pile on every sort of compliance tool you can imagine--there will still be fraud and lots of softer, completely legal "there oughtta be a law against it" schemes
all you can do is punish it after it happens
pile on every sort of compliance tool you can imagine--there will still be fraud and lots of softer, completely legal "there oughtta be a law against it" schemes
DeFi is not completely trustless in all dimensions (yet), but it is already the most inherently transparent & empowering form of money management ever created
crypto & DeFi have inspired two generations to level-up their direct financial knowledge & experience, meaning they no longer have to entrust a scammy SEC-reporting company like Enron with their financial future--they can rely on themselves & code
Madoff was a FINRA-licensed broker-dealer and his firm was an SEC-registered investment advisor
onerous, vague, Orwellian laws & regulations are *proven* failures at anticipating and preventing scams & meltdowns, time and again
proven to *distort* markets & *cause* meltdowns, time & again
crypto & DeFi are unproven but our best chance at holding bad actors accountable
proven to *distort* markets & *cause* meltdowns, time & again
crypto & DeFi are unproven but our best chance at holding bad actors accountable
why? b/c it empowers people
& ultimately, the *only* cure to being abused & misled by predators is being as smart, connected, and empowered as they are
corrupt 'regulated' intermediaries and 'SEC registrants' have and will do more harm than any 'shadowy supercoder'
& ultimately, the *only* cure to being abused & misled by predators is being as smart, connected, and empowered as they are
corrupt 'regulated' intermediaries and 'SEC registrants' have and will do more harm than any 'shadowy supercoder'
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