Conversation

Jesse Powell
@jespow
1/ Problem with going ahead now is fines/penalties can be astronomical. Will a judge understand the complex issues and side against the government? Will SEC retaliate? Refusal to discuss merits is just more leverage to force a settlement/shutdown.
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Jerry Brito
@jerrybrito
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1/ If true, this is pretty underhanded. I know it's easy for me to say, but Coinbase should go ahead and launch its product, let the SEC sue, and go to court. Let the SEC make its case and let a judge decide what the law is. blog.coinbase.com/the-sec-has-to
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Jesse Powell
@jespow
2/ “We won’t tell you why we think your product is illegal but we will tell you that there is no path to making it legal. Disagree? Go ahead and see what happens.” SEC is not the only regulator playing this game. It’s getting to be more common tactic because it works.
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Jesse Powell
@jespow
3/ US companies are being hobbled vs competitors because of selective enforcement. Is it protecting consumers? No. They’ll either go offshore to the many unbothered, freely operating alternatives or they will simply lose out on the opportunities offered by crypto.
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Jesse Powell
@jespow
4/ the only reasonable paths here are: 1. Enforce against domestic companies simultaneously and only after you have enforced against all offshore competition; 2. Create a reasonable, legal path to offer these basic crypto-enabled financial products that consumers demand.
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Jesse Powell
@jespow
5/ current approach makes it look like our regulators work for the legacy banking cartel, not consumers. I assure you that consumers are not harmed by CEX 5% yield or DEX trading but they are absolutely harmed by being prevented from taking advantage of them.
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Jesse Powell
@jespow
New laws that clear up any gray area and explicitly enable this new technology to be fully utilized. Sooner the better because regulators are now moving fast for the power grab. Consumers are already suffering the consequences.
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J O E D R A G O N 🇺🇸
@j0j0r0
Replying to
@jespow
Elected lawmakers doing their actual job is the right path forward, but generations of govt propaganda schools mean that civics in the West are dead and those representatives are often just as owned as the bureaucrats (or more so).
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Skyfall
@skyfall1425
Replying to
@jespow
1) I was reading until this last tweet. Yes you are right. No agency can be allowed to act like this by threatening companies and inspiring fear to them. When you try to approach the SEC in an honest way asking for guidance and they refuse to tell the clear written rules instead
Skyfall
@skyfall1425
Replying to
@jespow
2) they threaten you with legal enforcement, it’s a sick outstanding abuse of power. How come they can enforced you if they don’t give you clear written rules? The only possible answer is abusing the power.
Skyfall
@skyfall1425
Replying to
@jespow
3) The abuse of power must be stopped because is undermining the civil rights of the entire society. Hope you all guys understand that if you work together you will have a lot more power than working each one alone.
Skyfall
@skyfall1425
Replying to
@jespow
4) The entire industry must demand clear written rules from the SEC and Congress. SEC needs to understand that it’s mandatory (not optional) to generate clear and written rules if they want companies to follow them. It’s illegal to establish rules in the air.
Skyfall
@skyfall1425
Replying to
@jespow
5) SEC is an agency whose salaries are paid with citizens taxes so they can’t be allowed to abuse the power in the way they are doing it.