Cryptocurrency: Must Regulate Itself, Else It's Corrupt, And Its Mission Will Fail
grarpamp at gmail.com
Sat Nov 12 00:34:46 PST 2022
We really could have handled the 2008 Great Financial Crisis better...
In medieval Catalonia (Spain), bankers who became bankrupt, were
publicly disgraced by town authorities, and given nothing but bread _
water to eat until creditors were paid off. After a year, if bankers
failed to paid, they would be beheaded & their property sold off to
the existence of a corrupt relationship between Sam Bankman-Fried and
Gary Gensler is becoming more and more plausible as more facts come
out. latest: FTX general counsel used to report to Gary Gensler at the
CFTC as his lead counsel.
Ser Jeff Garzik @jgarzik
What was SBF lobbying against? DeFi. 🤔 What would have prevented
this? DeFi. 🤔 What exchanges already publish real-time
proof-of-reserves? DeFi. 🤔 What will US regulators try to shut down?
To perform the Regulatory Capture maneuver, design a rule that sounds
good to regulators because it sounds like it will protect citizens,
but make sure that it will actually prevent your competition.
suzuha ⚡🌙 @dystopiabreaker
SBF was explicitly advocating *against* protocols that prevent the
type of fraud he performed! he was advocating for legislation that
would choose more fraud-prone structures as winners!
Interesting. @GaryGensler runs to the media while reports to my office
allege he was helping SBF and FTX work on legal loopholes to obtain a
regulatory monopoly. We're looking into this.
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