Freedom of Speech is Personal Crypto Finance. All restrictions on people's financial choices are criminal restrictions on Freedom of Speech. FoS is a critical winning argument. Who says humanity can't transact, however you want, with whoever you want, using whatever tools you want. Rise up and protest against the "RESTRICT ACT" ! SEC’s Hester Peirce Says Gensler’s Plan to Target DeFi Undermines First Amendment https://decrypt.co/136812/sec-hester-peirce-gary-genser-defi Gary Gensler today made clear that many decentralized crypto trading platforms are already "exchanges" in the SEC's view—and must therefore comply. U.S. Securities and Exchange Chairman Gary Gensler has made it clear that he’s getting tough on crypto. And today the American regulator revealed he’s not leaving out the industry’s most complex space: DeFi. In a Friday announcement, the SEC said in a press release that it would revisit plans to change the definition of what is considered an exchange. This would include DeFi—or decentralized finance—protocols like decentralized exchanges. The announcement said that the body was revisiting a rule first proposed last year—but will contain language to target the digital asset world, too. “Make no mistake: many crypto trading platforms already come under the current definition of an exchange and thus have an existing duty to comply with the securities laws,” Gensler said in the Friday release. “Investors in the crypto markets must receive the same time-tested protections that the securities laws provide in all other markets.” But the idea wasn’t received well by all regulators: SEC commissioner Hester Peirce said during a Friday meeting that the announcement “sends a message that we are uninterested in facilitating innovation and competition in the financial markets and instead seek to protect incumbents.” Peirce further criticized the Commission's plan as overly broad and said its "ambiguity undermines fundamental First Amendment protections." Peirce elaborated: "Because the release makes everybody involved in the relevant blockchain ecosystem part of a 'group,' it creates significant ambiguity around what speech requires government pre-approval, which will unavoidably chill constitutionally-protected speech. " DeFi is the space in crypto which aims to make things like taking out a loan or earning interest on savings quicker, accessible to all, and automated—unlike banks—via decentralized apps. These tools make it possible to trade or borrow crypto assets without third-party intermediaries, and often without revealing personally identifiable information. An incredibly complex and fast-moving industry, DeFi is praised for the degree of decentralization it gives users but criticized for its lack of security: its experimental platforms are prone to hacks. Perhaps the most popular decentralized apps are decentralized exchanges (DEXs) like Uniswap, which allow anyone to swap crypto coins and tokens without ever revealing any information like a name or address. Curve Finance, is the third largest DEX with a 24-hour trading volume of $191 million, according to CoinGecko. Users on the platform’s Telegram group told Decrypt that it would be hard for the SEC to enforce its rules outside of the States and that it couldn’t “strong arm compliance.” Others in the crypto industry were quick to criticize the idea, too. Jason Allegrante, Compliance Officer at crypto infrastructure giant Fireblocks, said that the “the real world impact of exchange-style regulation for decentralized protocols may be to stifle innovation in the United States and drive businesses offshore.” DEXs do not require users to reveal where they are based. And virtual private network (VPN) apps allow would-be users to skirt around restrictions by basing their IP address in another country, allowing them to execute trades on certain crypto apps—even if they are banned in the U.S. Orca, the largest DEX on the Solana blockchain by volume, last month stopped American users from using its platform, warning would-be traders from using a VPN. The SEC has targeted some of the most recognizable American crypto brands this year, such as exchanges Coinbase and Kraken. Its crackdown intensified following the quick and unexpected bankruptcy of digital asset behemoth FTX in November. Gensler has repeatedly said that the vast majority of digital assets fall under the securities definition. The DeFi world has been in the crosshairs of regulators and lawmakers for some time now. Last year, the Treasury Department sanctioned the “coin mixer” app Tornado Cash, which helps obscure otherwise transparent transactions, because North Korean hackers were allegedly using it to launder funds. [–]DingDongWhoDis 19 points20 points21 points 6 hours ago (8 children) His plan also fucks the United States. permalink embed save report give award reply [–]ChemicalGreek[S] 9 points10 points11 points 6 hours ago (1 child) Yes. Projects and companies are going to other countries if the SEC continues to target crypto like this! permalink embed save parent report give award reply [–]Lillica_Golden_SHIBBronze | BANANO 5 | TraderSubs 13 0 points1 point2 points 3 hours ago (0 children) US will end up buying the top because of this scumbag. permalink embed save parent report give award reply [–]3utt5lut 2 points3 points4 points 4 hours ago (5 children) Pro-bank and anti-decentralization? Who'd have thought? /s permalink embed save parent report give award reply [–]DingDongWhoDis 2 points3 points4 points 3 hours ago (4 children) Honestly? I had no idea he was "anti-decentralization," but I knew he taught courses about "Blockchain and Money" and FinTech "Shaping The World" at MIT. I thought that was promising for crypto and had high hopes like many others. permalink embed save parent report give award reply [–]3utt5lut 5 points6 points7 points 3 hours ago (3 children) If he was pro-decentralization, he wouldn't be targeting DEXs and helping the US government target decentralized protocols like Tornado Cash. I have yet to see any investor protections that have came in under the SEC for crypto as of yet? It seems to be cracking down and extorting exchanges into paying massive fines in out-of-court settlements! Sounds more like criminal behaviour? permalink embed save parent report give award reply [–]DingDongWhoDis 1 point2 points3 points 3 hours ago (1 child) I know he's not friendly now, of course. I held my breath before he got the job, though, hoping he was exactly what we needed to advance the space in our favor. I exhaled a long time ago, as he proven to be hostile and possibly incompetent or at least wrong for the job. He should listen to a few words from Hester Peirce. permalink embed save parent report give award reply [–]speculator808Platinum | QC: CC 36 | CRO 11 | ExchSubs 19 1 point2 points3 points 5 minutes ago (0 children) Prior to his current stint at the sec, he was a regulator at the cftc. He did not have a change of heart. He had always been a heavy handed regulator. permalink embed save parent report give award reply [–]InsaneMcFriesPlatinum | QC: CC 256 0 points1 point2 points 32 minutes ago (0 children) Supporting the real organised crime while attacking the crypto “criminals”. There’s so much more criminal activity outside crypto and most of it is secret, perhaps even “legal”, and likely in the pockets of regulators like GG. permalink embed save parent report give award reply [–]Harold838383 8 points9 points10 points 5 hours ago (2 children) It seems like the powerful figures in the US don’t care about the first amendment anymore permalink embed save report give award reply [–]Lillica_Golden_SHIBBronze | BANANO 5 | TraderSubs 13 3 points4 points5 points 3 hours ago (1 child) Rules for you, not for me... permalink embed save parent report give award reply [–]InsaneMcFriesPlatinum | QC: CC 256 0 points1 point2 points 30 minutes ago (0 children) Another quote that comes to mind “fuck you, got mine” permalink embed save parent report give award reply [–]frogiscat 7 points8 points9 points 6 hours ago (2 children) Gensler: Your powers laws don't work on me! permalink embed save report give award reply [–]Lillica_Golden_SHIBBronze | BANANO 5 | TraderSubs 13 2 points3 points4 points 3 hours ago (1 child) This guy is a crook. His karma will probably spill over a dozen of his generations permalink embed save parent report give award reply [–]zdfasdfasfTin 1 point2 points3 points 56 minutes ago (0 children) Hell called and wanted his gensler back. permalink embed save parent report give award reply [–]coinfeeds-botApproved CC Bot 6 points7 points8 points 6 hours ago (0 children) tldr; US Securities and Exchange Chairman Gary Gensler announced plans to change the definition of what is considered an exchange. This would include decentralized finance protocols like decentralized exchanges. DeFi is the space in crypto which aims to make things like taking out a loan or earning interest on savings quicker, accessible to all. This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR. permalink embed save report give award reply [–]Mr_Bob_FergusonPlatinum | QC: CC 445 8 points9 points10 points 5 hours ago (1 child) People swinging their big dicks around in an internal power struggle! I quite like this comment from Pierce: “sends a message that we are uninterested in facilitating innovation and competition in the financial markets and instead seek to protect incumbents.” permalink embed save report give award reply [–]Impossible_Soup_1932Platinum | QC: CC 286 | ADA 8 0 points1 point2 points 3 hours ago (0 children) That is exactly what it looks like. It would be nice if they’re willing to look at the other side. But it’s not looking great permalink embed save parent report give award reply [–]ovettaTin 3 points4 points5 points 6 hours ago (1 child) Except she’s feckless so nothing will come from it. permalink embed save report give award reply [–]Mean_Bandicoot_7481Tin 0 points1 point2 points 4 hours ago (0 children) Weasel lookin mfer permalink embed save parent report give award reply [–]z0uNdz 2 points3 points4 points 5 hours ago (0 children) Gary has fallen far from where he once was teaching blockchain at MIT The ex banker in him has corrupted his soul permalink embed save report give award reply [–]IcyLingonberry5007Bronze | QC: ALGO 20 2 points3 points4 points 5 hours ago (1 child) Also the 4th amendment permalink embed save report give award reply [–]Probably_notabotTin | CC critic 2 points3 points4 points 4 hours ago (0 children) True, don’t sleep on the government’s eagerness to seize your property in the name of “protecting” you permalink embed save parent report give award reply [–]danhaukPlatinum | QC: CC 257 | Investing 11 2 points3 points4 points 5 hours ago (0 children) My brain completely fumbled reading the headline quickly and thought it said something about “SEC Gensler’s Hair Piece” Now I wish it was an article about his hair piece permalink embed save report give award reply [–]BirdSetFreePlatinum | QC: CC 1000 1 point2 points3 points 5 hours ago (0 children) Hester vs Gensler - make it a PPV Boxing event permalink embed save report give award reply [–]HODL-THE-LINEPlatinum | QC: CC 26 1 point2 points3 points 5 hours ago (1 child) I hate Genslers face. That's not constructive, I know, but I can't stand it. permalink embed save report give award reply [–]Damgalnuna000Platinum | QC: CC 311 0 points1 point2 points 5 hours ago (0 children) She looks like Gensler with a wig tbf permalink embed save parent report give award reply [–]Dr_TacopusSilver | QC: CC 244 | SHIB 44 | Politics 33 1 point2 points3 points 4 hours ago (0 children) I love to see some infighting in the SEC. Hope there’s lots more pushback in the future permalink embed save report give award reply [–]20njbytesPlatinum | QC: CC 128 3 points4 points5 points 6 hours ago (6 children) She's the only voice of reason there. permalink embed save report give award reply [–]SjiznitSilver | QC: CC 465 | GMEJungle 29 | Superstonk 212 7 points8 points9 points 5 hours ago (1 child) Shes anything but the voice of reason. Shes deep in the pockets of wall street. permalink embed save parent report give award reply [–]Damgalnuna000Platinum | QC: CC 311 0 points1 point2 points 5 hours ago (0 children) Yea totally.. Nice propaganda campaign going on in this sub in regards to hester permalink embed save parent report give award reply [–]tablebones 1 point2 points3 points 6 hours ago (2 children) Code is speach, she has said so herself. permalink embed save parent report give award reply [–]FoulmouthedGiftHorseSilver | QC: CC 19, BTC 15 | Buttcoin 135 0 points1 point2 points 6 hours ago (1 child) That would mean that exploits and viruses are speech too. permalink embed save parent report give award reply [–]hacksnakeTin 0 points1 point2 points 2 hours ago (0 children) Not really a gotcha if that's what you were going for. Not all speech is protected. Virus is much like shouting fire in a crowded theatre. permalink embed save parent report give award reply [–]ChemicalGreek[S] -1 points0 points1 point 6 hours ago (0 children) It’s the law… permalink embed save parent report give award reply [–]Treckhide 2 points3 points4 points 6 hours ago (2 children) Getting tired of reading about these two. permalink embed save report give award reply [–]ChemicalGreek[S] -2 points-1 points0 points 6 hours ago (1 child) I mean somebody had to defend crypto? permalink embed save parent report give award reply [–]Damgalnuna000Platinum | QC: CC 311 2 points3 points4 points 5 hours ago (0 children) Do some research she only wants complete deregulation bc WS is manipulating tf out of crypto especially in tokenised stocks permalink embed save parent report give award reply [–]mr_ordinaryboyBronze | QC: CC 19 1 point2 points3 points 5 hours ago (2 children) In a Friday announcement, the SEC said in a press release that it would revisit plans to change the definition of what is considered an exchange. This would include DeFi—or decentralized finance—protocols like decentralized exchanges. So now Gary and co can change the definition of exchanges? 😭 It seems like SEC want to push crypto completely away from the US permalink embed save report give award reply [–]ricozuriPlatinum | QC: CC 25 -1 points0 points1 point 4 hours ago (1 child) “Seems” seems an understatement. He wants to quash crypto for all retail investors. permalink embed save parent report give award reply [–]mamabearx0x0Bronze | QC: BTC 15 | r/WSB 14 0 points1 point2 points 1 hour ago (0 children) Yep only accredited investors will get to buy crypto under genslers rule. permalink embed save parent report give award reply [–]8512764EA -2 points-1 points0 points 6 hours ago (1 child) She’s right you know permalink embed save report give award reply [–]ChemicalGreek[S] -3 points-2 points-1 points 6 hours ago (0 children) Everyone knows 😉 permalink embed save parent report give award reply [–]elysiansaurusPlatinum | QC: CC 20 | CAKE 6 | r/WSB 286 0 points1 point2 points 3 hours ago (0 children) It's nice to see the law fighting against itself. permalink embed save report give award reply [–]Gr8WallofChinatownTin | Economics 11 0 points1 point2 points 2 hours ago (0 children) First amendment 😂 what?! permalink embed save report give award reply [–]KiiaruUneducated Opinion 0 points1 point2 points 1 hour ago (0 children) Never thought I'd die fighting side by side with an SEC employee permalink embed save report give award reply