I'm quite ignorant on financial stuff, but the guy introducing the bill to remove him has tried to introduce a different bill several times that normalizes cryptocurrencies into the US financial system and says that token based cryptocurrencies aren't securities. I don't necessarily trust his intentions here

[–] tardigrada 1 points 11 months ago (1 children)

I can't say something about this politician, but cryptocurrencies aren't securities, at least most of them. These are decentralized networks, meaning that the classification as securities would effectively ban them in the US as there would be no realistic way for most crypo money to be regulated by the SEC. Acquiring the SEC license is also time-consuming and costly, which means that only a few players in the financial markets would be able to fund crypto projects and/or exchanges, which would again undermine the idea of decentralization.

[–] chloyster 6 points 11 months ago (1 children)

I can see why Bitcoin is not considered a security but this seems to say most others are

https://www.reuters.com/business/finance/what-makes-crypto-asset-security-us-2023-06-07/

the classification as securities would effectively ban them in the US

I don't really see this as a bad thing. Cryptocurrencies are volatile and awful for the environment

[–] tardigrada 1 points 11 months ago (1 children)

Cryptocurrencies are volatile and awful for the environment

Yes, volatility is bad and likely one reason why it will take a long time until crypto becomes a widely accepted means of payment, and that what it is to me. I consider crypto more as a means of payment (rather than an asset to invest in), and blockchain a good tool for introducing complementary currency systems.

Yes, its not good for the environment, but we should also discuss GAFAM's data centers, let alone artificial intelligence (which consumes much more energy - Microsoft even announced its plan to use small modular nuclear reactors to help them with their AI ambitions back in the fall).

I feel there is a need for a broader public debate on the ecological impact of our digital life, there is almost no data and research about it. But in principal I agree, we needed to discuss the environmental impact also of blockchain.

[–] t3rmit3 1 points 11 months ago

Microsoft even announced its plan to use small modular nuclear reactors to help them with their AI ambitions back in the fall

That's good, environmentally. That ensures it won't be increasing demand for fossil fuel energy by relying on the grid suppliers.

[–] Greens 4 points 11 months ago

Gentler defaults to the courts rather than discussions and rule making. That’s dangerous because every court decision is binding, and not always what the SEC wants.

Furthermore he’s two faced. He told crypto companies to come talk to him and let’s make some rules together. Every company that talked to him now is being sued by the SEC and has publicly said they got stonewalled before.

Dude needs to go.