Elizabeth Warren Gives SEC July 28 Deadline to Figure Out Crypto Regulation

[HAL1000]

https://www.coindesk.com/elizabeth-warren-sec-deadline-crypto-regulation

The Democrat senator said in a letter to SEC Chair Gary Gensler that she needs answers by July 28.

https://www.reuters.com/article/us-usa-congress-cryptocurrencies/sen-warren-warns-of-cryptocurrency-risks-presses-sec-on-oversight-authority-idUSKCN2EE14S

Edited July 8, 2021 by HAL1000

[Danny]

Did she mention potential punishment as well?

[HAL1000]

In her letter to Gensler, reviewed by Reuters, Warren said cryptocurrency platforms lacked the same basic protections as traditional exchanges and noted that nearly 7,000 people reported a combined $80 million in losses from cryptocurrency scams in the six months to March 2021.

OH the HORROR, 80 million in losses to scams etc, whereas the SEC's own actions caused a 15bn loss to XRP holders, 19000 of which are now in a class action against the SEC??????

I love a bit of irony:-

Under the Howey Test, an investment contract exists if there is an "investment of money in a common enterprise with a reasonable expectation of profits to be derived from the efforts of others."

I had a thought, so if the SEC win and XRP is classed as a security under the Howey Test, then does that mean we are entitled to some profit sharing when Ripple does well?

Also, who do we complain to if we don't get paid out?

Jeremy Hogan weighed in with:-

"I have tried and tried and tried to find something "good" in this. And I have failed."

Edited July 8, 2021 by HAL1000

[HAL1000]

Just to add to the irony:-

“While demand for cryptocurrencies and the use of cryptocurrency exchanges have sky-rocketed, the lack of common-sense regulations has left ordinary investors at the mercy of manipulators and fraudsters,” Warren said in a statement.

Do you recall the 30,000+ people who went out their way to sign a petition you know asking for GG to look into Henchman and Joker, you know in the old days they used to lynch people who behaved like this?

It reminds me of 2008 in which all the bankers etc got slightly lower bonuses that year, except for Iceland:-

Iceland jailed 26 bankers, this determination to hold people to account for actions that caused intense financial misery contrasts strongly with Britain. This happened because the people of Iceland stood up for themselves and said screw you back.

The authorities pursued bank bosses, chief executives, civil servants and corporate raiders for crimes ranging from insider trading to fraud, money laundering, misleading markets, breach of duties and lying to the authorities. Others still await trial after this fishing nation with fewer people than Sunderland stupidly tried to take on the world’s financial titans.

But this determination to hold people to account for actions that caused intense financial misery contrasts strongly with Britain, most of the rest of Europe and the United States. Yes, fines totalling £150bn where imposed on the 20 biggest banks for transgressions such as market manipulation, money-laundering and mis-selling mortgages. Yet these costs fell on shareholders and, by hampering the banks’ ability to lend, to the wider community - while the perpetrators carried on collecting their obscene bonuses.

https://www.independent.co.uk/voices/iceland-has-jailed-26-bankers-why-won-t-we-a6735411.html

 

Edited July 8, 2021 by HAL1000

[HAL1000]

James K. Filan

@FilanLaw

#XRPCommunity This is an orchestrated powerplay by Gensler,

@SenWarren

and the

@SEC_News

to outflank the

@CFTC

for control of the crypto space.

@SenWarren gave Gensler every opportunity to say the SEC MUST control things. The only thing she didn't ask him is if he wanted a puppy.

[HAL1000]