‘Crypto Mom’ SEC Commissioner Hester Pierce Voted in Until 2025

[enrique11]

Good News related to SEC about cryptos in general: 

https://cointelegraph.com/news/crypto-mom-sec-commissioner-hester-pierce-voted-in-until-2025

Didn't have time to read the article, but here's the first except that caught my attention:

Quote

Pierce presented a draft proposal to provide a safe harbor for digital tokens, which would grant developers a three-year grace period to build a decentralized network without fearing SEC legal action. 

I wonder what other good proposals she's brought to the table. It definitely seems like she's on our side. Yay!  It's about f'ing time we have someone there that understands the importance of this space and how to proceed without wrecking value building. 

[Julian_Williams]

That's a really interesting idea from HP.  I think it took XRP longer to go from security type product to a shared utility asset, but much of that is because XRP was so early.

The very mentioning of this concept seems to be an indication that they do not want to label XRP a security.

[enrique11]

14 minutes ago, Julian_Williams said:

That's a really interesting idea from HP.  I think it took XRP longer to go from security type product to a shared utility asset, but much of that is because XRP was so early.

The very mentioning of this concept seems to be an indication that they do not want to label XRP a security.

The thing is 3 years is not enough to build a first-rate crypto product.  Cardano which IMO is the best crypto project in existence, not financial advice lol, has taken 5 years to reach decentralization because of the lengthy process of writing mathematical papers for submission to various highly respected crypto organizations for peer review in the field of cryptography, having accepted (which is a very good sign of a high quality project), and then either having them accepted or return for admendments and resubmission - it can be a lengthy process, so 3 years will limit crypto products to the standard non-scientific path to building a crypto product in which you code first and fix problems later. Ripple's approach was asks questions first and find answers, so there are less problems to fix later and their product is optimized out of the box, at least theoretically.

Edited August 7, 2020 by enrique11

[Julian_Williams]

26 minutes ago, enrique11 said:

The thing is 3 years is not enough to build a first-rate crypto product.  Cardano which IMO is the best crypto project in existence, not financial advice lol, has taken 5 years to reach decentralization because of the lengthy process of writing mathematical papers for submission to various highly respected crypto organizations for peer review in the field of cryptography, having accepted (which is a very good sign of a high quality project), and then either having them accepted or return for admendments and resubmission - it can be a lengthy process, so 3 years will limit crypto products to the standard non-scientific path to building a crypto product in which you code first and fix problems later. Ripple's approach was asks questions first and find answers, so there are less problems to fix later and their product is optimized out of the box, at least theoretically.

It is very positive news.

Well I suppose there would need to be mechanism for a company like Cardano to ask for an extension period, based on progress thus far.

The only coins I am invested in are XTZ and XRP.  Lots of sensible people seem to advise VET, and a few months ago it was ADA.  Maybe I will buy some ADA as the price seems stuck very low