Big clash between industry interests seeing crypto regulation as entrenching the power of Wall Street, and consumer interests seeing it as an extension of reining in Wall Street.
Conversation
The pressure for crypto regulation isn't just from big banks and their stooges. It's coming from consumer and civil right groups, who see crypto as a get rich quick scheme for whales.
Attacking their motives will be less productive than addressing their concerns on the merits.
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Who are the consumer and civil rights groups calling for crypto regulation? I’ve only heard calls for updates that would exempt crypto from ancient regs and enable more access to crypto.
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Americans for Financial Reform and Consumer Federation of America were among signatories to the SEC letter below. Open Markets Institute advocated for the reporting provision in the infrastructure bill.
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They could have used fewer words by just saying “please use the securities laws as a shield to protect our entrenched interests as aggressively as you can because we already feel the heat of open competition and innovation”
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