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0 pointshbbio3y ago0 comments

It's really bad.

In the press, he says that "actors are not complying" but not being able to answer the most simple question (there are others more complex) is *not* playing in SEC favour.

Comply with what? Ethereum is the most used "crypto"-currency and the ecosystem players like Coinbase (a YC company) are right by saying they *can't* comply... they don't know what they are supposed to do despite asking repeatedly for years.

0 comments

re-thc3y ago

> Comply with what?

Comply by not operating at all probably. Just the SEC can't outright say that.

dontknowwhyihn3y ago

The SEC could have prevented Coinbase from becoming a publicly traded company, but they didn’t.

thisgoesnowhere3y ago

What are you suggesting here?

Are you saying that because they said coinbase could list that means that crypto is compliant?

duxup3y ago

You didn’t answer my other question.

ghayes3y ago

Yes, it’s very bad, as if you’re a US company, how do you comply if one government agency tells you one thing, and another tells you the opposite. Rule of law fundamentally requires a shared understanding of the law.

duxup3y ago

Did you ask a government agency?

This whole congressional testimony as legal advice for your business makes no sense.

latchkey3y ago

"the rules are clear"

"great! how would they apply to this simple example?"

"lol, no I can't tell you that!"

thisgoesnowhere3y ago

That's not how regulation works with the SEC. The rules are broad and are specificly designed to not be strict so that they can be applied to new technologies and businesses.

You can say you don't like these rules or how they are applied but that's how they have been applied since their inception. This isn't new.

latchkey3y ago

Sadly, the existing rules are clearly not being applied well to these "new" (10+ year old) technologies.

After, whatever decades of "the rules", new technologies have come along that have stumped "the rules". Now, the SEC has to deal with that. Instead of being an adult and having a good conversation, they are just kicking and screaming.

What's happening is that SEC is saying that you're breaking "the rules" (ie: Wells Notice to coinbase).

So, coinbase says... "ok, cool... what rules am i breaking?"

The response is: "lol, no I can't tell you that!"

So now Brian is in DC this week talking to regulators trying to get some clarity. He's posting all sorts of pictures of this on Twitter.

Let's see what happens.

2 more replies

growse3y ago

The regulators aren't obligated to tell you how to stay out of trouble.

latchkey3y ago

Gensler knows what trouble is and isn’t.

https://twitter.com/zk_shark/status/1650689125580668931

j / k navigate · click thread line to collapse

0 comments

re-thc3y ago

> Comply with what?

Comply by not operating at all probably. Just the SEC can't outright say that.

dontknowwhyihn3y ago

The SEC could have prevented Coinbase from becoming a publicly traded company, but they didn’t.

thisgoesnowhere3y ago

What are you suggesting here?

Are you saying that because they said coinbase could list that means that crypto is compliant?

duxup3y ago

You didn’t answer my other question.

ghayes3y ago

duxup3y ago

Did you ask a government agency?

This whole congressional testimony as legal advice for your business makes no sense.

latchkey3y ago

"the rules are clear"

"great! how would they apply to this simple example?"

"lol, no I can't tell you that!"

thisgoesnowhere3y ago

That's not how regulation works with the SEC. The rules are broad and are specificly designed to not be strict so that they can be applied to new technologies and businesses.

You can say you don't like these rules or how they are applied but that's how they have been applied since their inception. This isn't new.

latchkey3y ago

Sadly, the existing rules are clearly not being applied well to these "new" (10+ year old) technologies.

What's happening is that SEC is saying that you're breaking "the rules" (ie: Wells Notice to coinbase).

So, coinbase says... "ok, cool... what rules am i breaking?"

The response is: "lol, no I can't tell you that!"

So now Brian is in DC this week talking to regulators trying to get some clarity. He's posting all sorts of pictures of this on Twitter.

Let's see what happens.

2 more replies

growse3y ago

The regulators aren't obligated to tell you how to stay out of trouble.

latchkey3y ago

Gensler knows what trouble is and isn’t.

https://twitter.com/zk_shark/status/1650689125580668931

j / k navigate · click thread line to collapse