It’s Congress, not the SEC
SEC Commissioner Hester Peirce issued a heated and scathing opinion this week on the SEC’s recent settlement with ShapeShift. (Read her full dissent here.)
Pierce, of course, is one of the most outspoken critics of the SEC’s stance on cryptocurrency assets. She finds her objections so hilarious that she has to print them in their entirety.
The SEC’s mantra, “Just come in and register,” is clearly unsatisfactory. I can imagine the conversation about that scene in future episodes.
Future ShapeShift(“FSS”): hello. I would like to register as a dealer.
secretary: why?
FSS: Because I think some of the assets I plan on trading may at some point be considered securities by the SEC.
secretary: Which one?
FSS: I am not sure because I do not understand whether a token offering is a securities transaction and, if so, what criteria are used to determine whether the tokens that were the subject of an investment contract remain as securities in the secondary market. work.
secretary: Well, you can’t register if you don’t know if you’re trading securities. By the way, if some of the assets you trade are not securities, you cannot register them either.
FSS: So, can you help us think about which assets are securities?
secretary: no. Read the 2017 DAO report and everything will become clear. If you wish, you can also take a look at our enforcement actions.
FSS: I read that, and I also read about your executive action. I still have questions.
secretary: Hire a lawyer.
FSS: I did. The lawyer has more questions.
secretary: sorry. We cannot assist you beyond what you have already applied for. We do not provide legal advice.
This doesn’t read like a typical lawyer’s brief, but it perfectly captures the frustration felt in the cryptocurrency industry, not only as an entrepreneur trying to form a new company, but also as an investor trying to identify promising new tokens.
Questions are always coming to us. When will the SEC sue this company?
We’ve all been complaining about the SEC for the past five years to no avail. So today I would like to present my own passionate and provocative opinion. It is time for the cryptocurrency industry to change our strategy.
From now on, we need to focus on Congress, not the SEC.
This doesn’t read like a typical lawyer’s brief, but it perfectly captures the frustration felt in the cryptocurrency industry, not only as an entrepreneur trying to form a new company, but also as an investor trying to identify promising new tokens.
Questions like these always come to us: When will the SEC sue this company??
We’ve all been complaining about the SEC for the past five years to no avail. So today I’m publishing my own hot and spicy treat. It’s time for the cryptocurrency industry to change our strategy.
From now on, We need to focus on Congress, not the SEC.
parliament makes laws
The SEC doesn’t make the laws. Congress makes laws.
If we want better laws regarding cryptocurrency assets, it is up to Congress.
In this sense, the SEC was a corrupt man. While the entire cryptocurrency industry focuses its ire on the SEC, Congress – We have the power to update the law. — Problem solved.
It’s like going to your local police station to complain about a speed limit change. The police just give you a ticket! They enforce the law, but they do not make the law.
It was a brilliant sleight of hand and a brilliant deflection that fooled us all. We blame the SEC, not Congress.
No more!
This is an election year, which means Congress will be more willing to listen. Now is the time for us to make the most of it.
Three Ways to Influence Congress
First, you can write or call your legislator. We support the Financial Innovation and Technology for the 21st Century Act (also known as FIT21). This is bipartisan legislation to properly regulate cryptocurrency assets, and we could actually get it done this year.
I know calling your representative sounds like a big ask, but people in non-profits Support Cryptocurrency We’ve made it easy. They will connect you with your legislator and provide you with an email template or voicemail script. (Try it here.)
second, You can vote for cryptocurrency-friendly candidates. The site also has a full list of who is in favor of crypto and who is not, which you can use to guide your voting decisions this year. (Remember, voting isn’t all about cryptocurrencies, but it can tell you a lot more about them this year.)
third, We can educate others that it is Congress, not the SEC, that needs our attention.. The SEC will not change its position unless the courts or Congress force it to do so.
Share this post. Send people to Stand with Crypto. Blog about it, tweet about it, talk about it. Three words: educate, educate, educate.
Better regulation = better investments.
From voting rights to marriage equality, strong legislation combined with strong public advocacy It brought lasting change to society.
As cryptocurrency investors, it is in our best interest to push for better laws regarding digital assets. This will be rocket fuel for the US cryptocurrency industry. Look how crazy everyone is about the Bitcoin ETF approval. Now imagine this. entire industry Approved!
We already have the bills on the table. It received bipartisan support. Let’s get this over with, folks.
Complaints to the SEC got us nowhere. Now is the time to take our complaints to Congress.
Health, wealth and happiness,
John Hargrave
publisher, Bitcoin Market Journal
