According to a new bill proposed by US Senators, CFTC will oversee Crypto instead of the SEC. Is that a win?
Just now documents have been shown of a bill by US Senators that would also influence crypto. According to the bill the regulator for commodities, CFTC, will be overseeing Bitcoin and other crypto assets instead of the current "kind of" assigned oversee-er, SEC. Is that now really better?
While we may all have enough of the constant bullshit the SEC has been talking into crypto and the fact that they don't know what to do themselves as they showed in court with XRP. Also their constant denial of Bitcoin Spot ETFs that is senseless. It may be better to have someone else but not them regulating Crypto.
The CFTC is basically assigned to regulate commodities just as the SEC is assigned to overlook securities. Happily for Crypto they have im the past been more crypto-friendly than the SEC with their statements. Offering a innovative regulation that still protects crypto from being over-regulated. Now obviously they are internally just as or a bit less corrupt than the SEC but maybe for Crypto they would be the better out of this two bad ones.
$Bitcoin(BTC.CC$ $Ethereum(ETH.CC$ $Coinbase(COIN.US$ $Robinhood(HOOD.US$ $Binance Coin(BNB.CC$ $AMC Entertainment(AMC.US$ $Nasdaq Composite Index(.IXIC.US$
While we may all have enough of the constant bullshit the SEC has been talking into crypto and the fact that they don't know what to do themselves as they showed in court with XRP. Also their constant denial of Bitcoin Spot ETFs that is senseless. It may be better to have someone else but not them regulating Crypto.
The CFTC is basically assigned to regulate commodities just as the SEC is assigned to overlook securities. Happily for Crypto they have im the past been more crypto-friendly than the SEC with their statements. Offering a innovative regulation that still protects crypto from being over-regulated. Now obviously they are internally just as or a bit less corrupt than the SEC but maybe for Crypto they would be the better out of this two bad ones.
$Bitcoin(BTC.CC$ $Ethereum(ETH.CC$ $Coinbase(COIN.US$ $Robinhood(HOOD.US$ $Binance Coin(BNB.CC$ $AMC Entertainment(AMC.US$ $Nasdaq Composite Index(.IXIC.US$
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frankinglily : Well, I think it’s a win for retail. If it’s a commodity, you can hold it without being an accredited investor or a broker right?
dekrill : it was raised up during congress a few months ago, this year.
(on the surface) the idea is to protect retailers from total collapse of stablecoins, which arises from the fall of Terra Luna and it's fiat-pegged coin ,UST.
Apparently , one of the idea was to have different Government Agency oversees different digital assets class.
(eg, using dogecoin to buy tesla accessories will be under FED & ETFs under Banking etc etc..)
imho, i think it's quite a reasonable move, as long as the idea of "decentralised" is maintained. As far as it concerns, this idea will most likely benefit Americans, highly doubt if a coin profile is mainly non-Amercian investors, they will be raising an issue.
Politically, the U.S just took the job that no countries want to do it
+ US may also be planning to strengthen the reserve , seeing how China - Russia is planning to create a new "IMF's SDR"
datoldcat : We are all going to pay for these fake crypto currency’s. With no government backing the only thing it is actually good for is to launder illegal money. Everyone needs to really think about the reality of what’s going on here!!!!!
Zerocool888 : Crypto is create for one and one thing only. Money laundering.