I always find it interesting that entities like the SEC do not just denote it as 'cryptocurrency' instead of trying to apply a pre-existing and albeit arbitrary framework to it.
My perspective is that cryptocurrency is fundamentally different than all previous (and current) forms of currency so like the saying goes: Why try to hammer the square peg through a round hole?
It seems like a better idea to just widen the hole.
To be fair to them, they do have to operate within existing laws. The SEC does not write the laws and the Securities Act of 1934 (I believe that was the year) is what they have to go on.
That is why some are calling on Congress to get updated laws but, as we know, that is a battle and a half. Those clowns, especially in the Senate, have no idea what this is all about.
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Ah! That is all very true!
I agree they seem to be way out of their depth with understanding the most basic structure of cryptocurrency let alone how blockchains work.
It is a generational thing. There is no way around it.
I saw a lot of FUD about cryptocurrency but never from a Millennial. It was always one from the Silent or Boomer generation attacking it.
That shows me how much difference there is in the generations and how they think.
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Ha! I had not considered that too much.
To be fair I have seen an even amount of skepticism across generations but yeah I would have to agree with you that there is a generational component in what we are discussing with the laws and such.
I mean most of the actual FUD does come from the same folks that said email would never be useful, the internet itself (in its entirety) was a scam and numerous other highly laughable assertions lacking any substance... so yeah crypto fit the whole 'boogieman' narrative quite well.
That is true. They do not seem to want to acknowledge how slow they were to embrace things yet now are tasked with making laws about stuff they have no clue about.
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It's like the clowns anywhere know any better. All these clowns are doing is to protect their well being and the one of the ones paying them and nothing more.
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That is job 1
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