Cryptocurrency: Peirce Goes 1st Amdmt On Crypto-DeFi-DEX Killer Gensler's Ass, SEC Battle Royale

grarpamp grarpamp at gmail.com
Fri Apr 14 21:42:26 PDT 2023


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.

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[–]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!

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[–]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.

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[–]3utt5lut 2 points3 points4 points 4 hours ago (5 children)

Pro-bank and anti-decentralization? Who'd have thought? /s

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[–]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.

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[–]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?

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[–]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.

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[–]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.

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[–]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.

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[–]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

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[–]Lillica_Golden_SHIBBronze | BANANO 5 | TraderSubs 13 3 points4
points5 points 3 hours ago (1 child)

Rules for you, not for me...

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[–]InsaneMcFriesPlatinum | QC: CC 256 0 points1 point2 points 30
minutes ago (0 children)

Another quote that comes to mind “fuck you, got mine”

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[–]frogiscat 7 points8 points9 points 6 hours ago (2 children)

Gensler: Your powers laws don't work on me!

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[–]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

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[–]zdfasdfasfTin 1 point2 points3 points 56 minutes ago (0 children)

Hell called and wanted his gensler back.

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[–]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.

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[–]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.”

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[–]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

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[–]ovettaTin 3 points4 points5 points 6 hours ago (1 child)

Except she’s feckless so nothing will come from it.

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[–]Mean_Bandicoot_7481Tin 0 points1 point2 points 4 hours ago (0 children)

Weasel lookin mfer

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[–]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

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[–]IcyLingonberry5007Bronze | QC: ALGO 20 2 points3 points4 points 5
hours ago (1 child)

Also the 4th amendment

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[–]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

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[–]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

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[–]BirdSetFreePlatinum | QC: CC 1000 1 point2 points3 points 5 hours
ago (0 children)

Hester vs Gensler - make it a PPV Boxing event

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[–]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.

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[–]Damgalnuna000Platinum | QC: CC 311 0 points1 point2 points 5 hours
ago (0 children)

She looks like Gensler with a wig tbf

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[–]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

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[–]20njbytesPlatinum | QC: CC 128 3 points4 points5 points 6 hours ago
(6 children)

She's the only voice of reason there.

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[–]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.

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[–]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

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[–]tablebones 1 point2 points3 points 6 hours ago (2 children)

Code is speach, she has said so herself.

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[–]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.

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[–]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.

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[–]ChemicalGreek[S] -1 points0 points1 point 6 hours ago (0 children)

It’s the law…

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[–]Treckhide 2 points3 points4 points 6 hours ago (2 children)

Getting tired of reading about these two.

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[–]ChemicalGreek[S] -2 points-1 points0 points 6 hours ago (1 child)

I mean somebody had to defend crypto?

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[–]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

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[–]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

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[–]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.

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[–]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.

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[–]8512764EA -2 points-1 points0 points 6 hours ago (1 child)

She’s right you know

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[–]ChemicalGreek[S] -3 points-2 points-1 points 6 hours ago (0 children)

Everyone knows 😉

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[–]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.

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[–]Gr8WallofChinatownTin | Economics 11 0 points1 point2 points 2
hours ago (0 children)

First amendment 😂 what?!

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[–]KiiaruUneducated Opinion 0 points1 point2 points 1 hour ago (0 children)

Never thought I'd die fighting side by side with an SEC employee

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