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SEC says it will deregulate cryptocurrencies with 'Project Crypto' (qz.com)

submitted 1 day ago by tonytins@pawb.social to c/technology@lemmy.world

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In a Thursday speech, U.S. Securities and Exchange Commission (SEC) chairman Paul S. Atkins announced “Project Crypto,” an initiative to modernize the country’s securities rules and regulations to move financial markets on-chain.

“Under my leadership, the SEC will not stand idly by and watch innovations develop overseas while our capital markets remain stagnant,” he said at an America First Policy Institute event in Washington D.C. His plan includes measures to reshore crypto businesses that have left the country and to ensure that “archaic rules and regulations do not smother innovation and entrepreneurship in America.”

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[–] UnderpantsWeevil@lemmy.world 9 points 1 day ago (1 children)

You say that now, but wait for the US economy to completely shit itself.

COVID and the Great Recession were both spectacular for reducing emissions.

[–] timbuck2themoon@sh.itjust.works 2 points 1 day ago (2 children)

I mean, global economy really. Crypto has the potential and already fucked a few banks when it shit itself which could've led to awful bank runs.

If/when it destabilizes the American banking system the entire global economy will follow its lead down, at least a bit.

Like I don't think people understand how devastating letting a scam like this into proper finance can be. Finance itself already has way more latitude than it should- wait until this just splits everything wide open.

[–] I_Has_A_Hat@lemmy.world 1 points 9 hours ago

For some, that is the point.

[–] UnderpantsWeevil@lemmy.world 2 points 1 day ago (1 children)

If/when it destabilizes the American banking system the entire global economy will follow its lead down

One of the nice things Trump has been doing has been decoupling the US domestic market from the global chain. If we can keep ourselves propped up for another couple of years, the collapse will remain contained to ourselves and our immediate allies. I mean, case in point, Russians and Iranians and N. Koreans and Cubans are so sanctioned to shit that they don't really care if the dollar takes a tumble.

Like I don’t think people understand how devastating letting a scam like this into proper finance can be.

2008 was the hard lesson. Too Big To Fail means the scammers are the only ones who walk away from the mess.

[–] anomnom@sh.itjust.works 2 points 8 hours ago

Yeah I had arguments with my late brother about this, but 2008 could have been the perfect time to let banks fail or be completely federalized, and directly bail out home dwellers and implement universal basic income at the same time to make the “payment systems and retirement funds will vanish” argument invalid.