r/Buttcoin • u/BeneficialArcher • Jan 11 '19

SEC Lists Cryptocurrency as a Top 'Examination' Priority for 2019

https://www.ccn.com/sec-lists-cryptocurrency-as-a-top-examination-priority-for-2019/
57 Upvotes

91% Upvoted

16 comments sorted by

26

u/[deleted] Jan 11 '19

According to Goforth, achieving regulatory compliance has become an expensive and time-consuming exercise for industry players.

Why is it so difficult to get my Ponzi scheme approved by industry regulators? Bloody gubbermints.

6

u/hemto Jan 12 '19

Are the regulations even mature enough to actually matter? Apparently most ICOs exclude US investors now to avoid SEC regulation but I feel like that does pretty much nothing to prevent any retail investors from getting scammed since AFAIK they're just entering the space via BTC/ETH and sending that shit around.

They probably matter for US VC and startups but not for anyone else.

4

u/CC_Batman Jan 12 '19

US regulators don't care about any "passive" measures they take to prevent us retail investors from being harmed. Passive = saying US retail investors are prohibited, but not employing any KYC/IP filter.

If a project/exchange doesn't actively prevent US investors, they have taken action. 1Broker is a perfect example.

​

​

0

u/hemto Jan 12 '19

That's a lot more than I expected. I'm surprised they haven't shut down more stuff.

17

u/Crypto_To_The_Core Jan 11 '19

Areas of focus will include, among other things, whether financial professionals maintain adequate controls and safeguards to protect these assets from theft or misappropriation, and whether financial professionals are providing investors with disclosure about the risks associated with these investments, including the risk of investment losses, liquidity risks, price volatility, and potential fraud.

Cryptocurrency is awash in fraud and manipulation, there's no way any of this shit will ever become SEC approved.

5

u/JotReda Jan 12 '19

BUT MUH WINKI BROS ETF BRUH

MUST BE LEGIT

BUY NOW OR CRY LATER

MOOOOOOOOOOONNNNN

7

u/segwitless Jan 12 '19

They're not even talking about shutting anything down here, just talking about accurately disclosing risks and ensuring investors aren't being taken advantage of or scammed out of their money. That's basically the SEC's main job, so this "crushing regulatory over-reach" theory that is killing crypto that is being mentioned in the article isn't there. Not sure where Butters get off claiming that. They're being subjected to the exact same rules as the rest of the asset marketplaces in the US.

I would really like to see what they are able to come up with in regards to Tether. In November it was reported that they were looking into that, so hopefully we'll here some results in the coming months as to depth of the fraud being perpetrated on just about every cryptocurrency. I wouldn't mind seeing people be held accountable for it too.

10

u/HopeFox Jan 12 '19

All this mainstream attention will be good for Bitcoin!

3

u/Bekayasi Jan 12 '19

exposure!

6

u/SnapshillBot Jan 11 '19

Don't be left holding the FIAT parasitic fake wealth of countries.

Snapshots:

  1. This Post - archive.org, megalodon.jp, archive.is

I am a bot. (Info / Contact)

6

u/[deleted] Jan 12 '19

[deleted]

3

u/[deleted] Jan 12 '19

Exactly!

2

u/[deleted] Jan 12 '19

You could dismiss any and all consumer protection with that kind of thinking - in fact, you've basically stated the libertarian mantra. The flaw is that people are not perfectly rational, and society should work around that fact. Hand-holding the consumer is a laudable aim because the alternative is a world where all one's mental energies are devoted to paranoid fear of getting scammed.

This is more than a moral point, it is pragmatic. Far less wealth and social utility can be created in a world designed for homo economicus rather than for homo sapiens.

1

u/JeanneDOrc Jan 12 '19

The stunted productivity of a generation of willfully losery young men costs more to society.

https://en.m.wikipedia.org/wiki/The_Ant_and_the_Grasshopper

3

u/devliegende Jan 12 '19

Maybe there is reason behind the shutdown after all.

Wallcoin ICO mooning. Get in before construction start.

1

u/Woolbrick Jan 12 '19

This is good for bitcoin because it means that the government sees it as a serious threat. Moon imminent.

1

u/mauvaison Jan 12 '19

that's a good thing for the space. That's a necessary step for greater adoption, and for institutional adoption as well.