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) 🥐
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)
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)
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)
https://twitter.com/CroissantEth/status/1402767715480358914
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)
Following their logic here, this would also mean that the government should have to pay you for your unrealized losses…
(4/13)
https://twitter.com/BradHuston/status/1442864698496458756
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)
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)
https://twitter.com/twobitidiot/status/1439345367116550148
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)
The last minute provisions inside the infrastructure bill nearly crippled a trillion dollar industry to cover their expenses
(6/13)
https://twitter.com/jerrybrito/status/1430234575326916609
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)
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)
https://twitter.com/adamscochran/status/1437810201739071498
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)
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)
https://twitter.com/brian_armstrong/status/1435439291715358721
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)
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)
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)
https://twitter.com/cftcquintenz/status/1426570174036168704
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)
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)
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)
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)
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