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Trump’s promise to loosen crypto regulations may be boon for extremist groups
(www.theguardian.com)
The fuck is there to loosen? lmao
this post was submitted on 27 Nov 2024
111 points (98.3% liked)
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Lots of companies (edit or parts of their products) have pulled out of the USA due to the lack of clarity in crypto rules. Many have been served with wells notices with the SEC claiming their breaking laws around securities, forcing settlements or making companies fight to stand up for not being a security. The ETFs took years to get approved, and it really only happened because a judge told the SEC to fuck off this year.
The US has been crippling the US crypto industry for years. Whatever you see is happening in spite of that.
Fuck Trump, but crypto regs are fucked in the US. Also fuck any crypto person who voted for Trump because of this. Even if he does what he says here, it's not worth it
Just yesterday an appeals judge finally ruled that a smart contract without admin keys (immutable code) is not property, while people are in jail or being jailed over writing them and being considered the owners.
Edit: and even with the ETFs approved, the SEC still isn't allowing the providers to offer them how they want. E.g they can't stake part of the ethereum they hold to provide yield/interest even though it's baked into how these blockchains work with proof of stake.
The important part of this is Trump launching his new crypto "lending" platform they can't explain. It's surely to be a vessel for bribes to flow into and out of the new administration, and for all his "friends" to try and do all their shady business dealings. Allowing him to keep his new platform/fake-crypto-bank (or even his kids to proxy) while also being able to have it regulated (well apparently deregulated - although it's already the wild west) seems like a HUGE conflict of interest/liability.
Waiting for the bullshit doge fork that Elon will pump. I'm betting it's called Freedom Coin.
His new "lending" crypto scam is close, World Liberty Financial. He just got 30 million from a China-born "entrepreneur" that I'm sure will not be a conflict of interest. This scam apparently uses WFL tokens they are letting people pre-purchase before they even explain how the scam works lol.
He is stupid he will call it Xcoin or something.
Oh, sigh, there's so much to dislike about this criminal enterprise that calls itself #47.
Adding that to the list of reasons I dislike crypto and its fanboys (as if I needed another).
What regulations???