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Truckdriver

Commissioner Hester Pierce SEC

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https://www.sec.gov/news/speech/peirce-how-we-howey-050919

"May 9, 2019

One year ago, I gave a speech—appropriately in Southern California—called “Beaches and Bitcoin.”[1] At that time—not so long ago in analog time but eons ago in digital time—the burning question was how to decide when issuing tokens constituted an offering of securities. The industry was rapidly developing and I worried that the SEC, as one of its potential regulators, would stifle its growth. I will admit today that I was very wrong, not about whether the SEC would stifle the industry’s growth—it has—but in how it would do it. Given that opening, I better give my disclaimer that my remarks represent my own views and not necessarily those of the Commission or my fellow Commissioners."

Also a public statement by Bill Hinman, Director of Division of Corporation Finance
Valerie Szczepanik, Senior Advisor for Digital Assets and Innovation

Statement on “Framework for ‘Investment Contract’ Analysis of Digital Assets”

https://www.sec.gov/news/public-statement/statement-framework-investment-contract-analysis-digital-assets

 

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A bit of a long read but I tried to read as much as I could. Anyways I remember a couple months or so ago hearing them say if the token is part of a functioning network it is not a security. When I heard that I was like ok there’s nothing to worry about with xrp. But we really gotta get a statement from these guys that blatantly says it. I hope that is their plan

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Posted (edited)

The 800b gorilla in the room is that the U.S. doesn't want to lose it's ability to use the dollar as a weapon. Economic sanctions are primarily only possible because of the U.S.'s ability to use SWIFT to punish countries that trade with those with whom we are at economic war with, and against whom we've imposed sanctions on - widespread crypto adoption will allow for an end run around these.  It's all about power and control, whether they acknowledge this or not. Just look at his statement: "I look for colleagues to join with me in introducing a bill to outlaw cryptocurrency purchases by Americans...in part because an awful lot of our international power comes from the fact the dollar is the standard unit of international finance and transactions," Sherman said.

Edited by WuWei

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2 hours ago, WuWei said:

 "I look for colleagues to join with me in introducing a bill to outlaw cryptocurrency purchases by Americans...in part because an awful lot of our international power comes from the fact the dollar is the standard unit of international finance and transactions," Sherman said.

That is exactly what is wrong with the international monetary system:

The US dollar is like monetary cocaïne to the world and it’s pimps (pushers) are called the FED. Everyone in the world gets high on it, everyone is enslaved by it and finally the whole international monetary system will be ‘killed’ by it. Thanks Sherman.... blatant moron.

Just remember the 2008 bank crash. Do I have to say more...

At present all the EU banks (European community) are on EU central bank steroids. 90 Billion euros is pumped into the the market every month. Ha ha..... and they stopped it last october... for 6 months.... now back on steroids. Is the ‘Weimar republic’ the next stop?..... creating euro’s and dollars ‘out of thin air’.

What is wrong with the International monetary system? Simple: everything

And sorry for Sherman: crypto is a way out.

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8 hours ago, WuWei said:

The 800b gorilla in the room is that the U.S. doesn't want to lose it's ability to use the dollar as a weapon. Economic sanctions are primarily only possible because of the U.S.'s ability to use SWIFT to punish countries that trade with those with whom we are at economic war with, and against whom we've imposed sanctions on - widespread crypto adoption will allow for an end run around these.  It's all about power and control, whether they acknowledge this or not. Just look at his statement: "I look for colleagues to join with me in introducing a bill to outlaw cryptocurrency purchases by Americans...in part because an awful lot of our international power comes from the fact the dollar is the standard unit of international finance and transactions," Sherman said.

Absolutely, and I think I agree with you.  However, as a thought exercise the counterpoint to this is Trump's ego and wanting to secure a Win by bringing a whole bunch of manufacturing jobs back to the US.  A weaker dollar would incentivize exported goods from the US.  Which is more important for him and which is more important for the US?  I'm not smart enough in these areas to intelligently venture a guess but it does seem that on a global level there is a significant push to move away from the dollar as a global reserve currency whether the solution involves crypto or not.  

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12 hours ago, WuWei said:

The 800b gorilla in the room is that the U.S. doesn't want to lose it's ability to use the dollar as a weapon. Economic sanctions are primarily only possible because of the U.S.'s ability to use SWIFT to punish countries that trade with those with whom we are at economic war with, and against whom we've imposed sanctions on - widespread crypto adoption will allow for an end run around these.  It's all about power and control, whether they acknowledge this or not. Just look at his statement: "I look for colleagues to join with me in introducing a bill to outlaw cryptocurrency purchases by Americans...in part because an awful lot of our international power comes from the fact the dollar is the standard unit of international finance and transactions," Sherman said.

He's a f&cking California Democrat.  California Democrats are among the most fiscally irresponsible, destructive of all elected officials of our 50 states. 

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