SEC

Consistent-Revenue61

Let's make Vitalik Buterin the SEC Chair. The Snek Chair

partymsl

Yeah, just any SEC chairman would be controlled in the exact same way.

nothing2Cmovealong1

This kind of support is great for broader adoption. I would rather see this type of pro-BTC political rhetoric vs Sen Warren & SEC's anti-crypto crusade. Executive orders are not laws, they sound great, but they are easily reversed by the next administration. We have seen this over and over. I do applaud his pro-crypto stance. Unfortunately, I doubt it will make him a viable contender in the election cycle. I do think it is very bullish.

CointestMod

#Bitcoin Pro-Arguments Below is an argument written by a deleted user which won 1st place in the Bitcoin Pro-Arguments topic for a prior [Cointest](/r/CointestOfficial/wiki/cointest_policy) round. > **First-Mover Advantage and The Network Effect** > > Bitcoin is currently the most popular cryptocurrency and market cap leader by a long shot. The [Bitcoin dominance chart](https://www.coingecko.com/en/global-charts) shows that Bitcoin represents 60% of the entire cryptocurrency market cap. This has increased from 40% in 2020. > > Bitcoin is the **gateway**. People start out with Bitcoin before checking out other cryptocurrencies. They're likely going to keep holding any Bitcoin they bought along the way. > > People will flock to whichever product has the largest user base. For half a decade, Bitcoin was almost synonymous with cryptocurrency. The Network Effect creates a **positive feedback loop** and makes Bitcoin's lead grow even more. > > If Bitcoin, Bitcoin Cash, and Litecoin were all released simultaneously, Bitcoin would lose to its PoW competitors because its competitors have cheaper fees with higher throughput. But the reality is that Bitcoin's first-mover advantage gave it such a huge head start that the others can't catch up. > > **Has the largest block reward for security** > > Due to its high price, Bitcoin has a huge [block reward of 6.5 BTC](https://www.coingecko.com/en/coins/bitcoin/bitcoin-halving) (halves every 4 years) or ~$180k per block. This gives it the security lead because its block reward is so much bigger than other PoW cryptocurrencies, which attracts more miners. > > **Anti-censorship** > > Bitcoin provides partial censorship-resistance against sanctions and totalitarian government restrictions. It's much harder to prevent Bitcoin transactions than it is to prevent financial transactions at a centralized bank. [Legal sex workers](https://www.theverge.com/2021/8/24/22639356/onlyfans-ceo-tim-stokely-sexually-explicit-content-ban-banks) (e.g. Onlyfans) and [marijuana industries](https://www.leadingretirement.com/blog/cannabis-banking) are blocked from using traditional financial services due to social stigma. Even though they can operate legally, many TradFi banks avoid operating with them. Bitcoin provides those workers a way to transfer funds around that censorship. > > **Avoids Hyperinflation**: As long as governments keep causing high inflation through money-printing, people will run to Bitcoin for safety, which pumps up Bitcoin's price. > > **Considered a commodity by both SEC and CFTC**: Bitcoin is the only cryptocurrency that both the SEC and CFTC have openly agreed is a commodity. And the CFTC is much less lawsuit-happy than the SEC. > > **Legal tender**: El Salvador has shown (despite some technical mishaps) that Bitcoin can be successfully used as legal tender for a country. > > **Ordinals provide utility** > > Even though Bitcoin Maxis hate Ordinals, this new protocol gives utility to Bitcoin and adds demand. NFT bros are using it as an **on-chain data storage layer** for their own blockchains (e.g. Ethereum, Stack). This has an advantage over IPFS since IPFS is stored in centralized databases instead of on-chain. > > This generates more fees for Bitcoin miners. Transaction fees have finally [risen to ~20 sats/vByte](https://mempool.space/graphs/mempool) on days with high Ordinals activity like Mar 22-24. This gives hope that there may be sufficient demand for Bitcoin as an on-chain data-storage layer even after the block subsidy eventually disappears due to halvings. > > **Pseudonymous**: Bitcoin's UTXO transactions can provide moderately-high levels of obscurity. A single wallet can produce a near-unlimited amount of addresses, and there's no way to link them unless they interact with each other. It's much harder to trace UTXO-based wallets than Account-based wallets because the former creates new UTXO addresses with each transaction while Account-based blockchain wallets typically reuse the same account. > > **Lightning transactions are near-instant and cheap** > > As long as you're spending small amounts of Bitcoin, you can use the Lightning network to make near-instant, sub-$0.01 transactions. Many Lightning nodes for merchants are connected to 3rd-party services that convert between cash and Lightning, making it easy to transfer Bitcoins. Consumers usually don't have to care about rebalancing issues since they're only spending small amounts. > > And the [total capacity of the Lightning Network](https://bitcoinvisuals.com/ln-capacity) in BTC keeps increasing steadily. > > **Cannot be counterfeited**: Cash can be counterfeited, but you can't fake Lightning transactions. Merchants have to deal with counterfeit cash in many markets around the world. > > **Bitcoin has a very strong community of die-hard supporters** > > A huge portion of Bitcoin supporters have become Bitcoin Maxis who will keep spreading their arguments, regardless of accuracy. Because Bitcoin is a gateway cryptocurrency, crypto newbies will encounter it first and gobble up these narratives because they don't have the experience to know their flaws. And they're very convincing when you keep repeating them in an echo chamber: > > * Maximum supply cap of 21M BTC vs Fed's money printer > * Amazing past-performance gains vs fiat > * Works as Store of Value (despite volatility) > * Had a "fair launch" without an ICO > * Is not a risky altcoin > * Is decentralized (based on largest number of miners) > * Has instant payments via the Lightning Network > > **Ultimately, people are mainly using crypto for speculative investing and long-term Store of Value. Most people don't care about technology, Defi, or utility. Thus Bitcoin is sufficient for their investment needs.** > > And since cryptocurrency value is largely based on a Keynesian Beauty Contest (i.e. you buy not based on your own value, but on what you think others are going to buy), people are going to keep buying Bitcoin as long as the investment narrative holds. ***** Would you like to learn more? [Click here](/r/CointestOfficial/comments/100p7vq/top_coins_bitcoin_proarguments_january_2023/) to be taken to the original topic-thread for this argument or you can scan through the [Cointest Archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Bitcoin) to find arguments on this topic in other rounds.

Dextradomis

Taxing assets that go up in value in part because of inflation is something that happens all of the time. Stocks, real estate, vintage cars... However value added via inflation should be considered as part of the tax calculation, because not all of the gains are purely because it went up in value because X reason, some of it is because the government devalued the currency in which it was originally valued in. Taxes are usually lower for longer held assets because of this, but the tax code is way too simple to consider the real costs over decades of inflation. Anyways... If we want the utopia in which we seek though, Bitcoin should not be taxed every time it's converted into another currency. That would be the equivalent of taxing the Japanese Yen getting exchanged for the near equivalent US dollar amount. The world economy wouldn't fucking function without non-taxable exchange rates. And by the SEC's definition it's a commodity... So it would get taxed even more so if speculated upon... Like commodity futures.

Scary-Worry4735

The crypto market take-off isn’t for another few more months. The reasoning for bitcoins price growth is due to the ETF’s passed by the SEC back in January. Thus, more money than usual has been put in. As for Alt coins, they also lag behind Bitcoin and you should be prepared to convert some (not all) of you lr earning from bitcoin to altcoins as a means to make more money. This practice isn’t a ‘finessing the system’ but rather a common thing to do.

iM0bius

They are unable to with the current SEC rules for the spot ETFs. I couldn't see that changing anytime soon.

coinfeeds-bot

tldr; Following the SEC's approval of nine Ethereum ETFs, Coinbase received 160,930 ETH, worth nearly $565 million, over two days. This influx is linked to Grayscale's activities, which sold $811 million in Ethereum in the first two trading days. Despite 47,811 ETH leaving Coinbase, the net inflow of 113,119 ETH created significant selling pressure, leading to a price drop from around $3500 to $3200. The market cap of Ethereum is currently $390 billion, with trading volume down by 20% to $20 billion. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.

coinfeeds-bot

tldr; Michigan's retirement system has invested $6.6 million in Bitcoin through the ARK 21Shares' ARKB spot BTC exchange-traded fund (ETF), as revealed in a 13-F Form filed with the SEC. This investment represents 0.004% of the $143.9 billion in assets under management of Michigan’s pension fund as of December 2023. Michigan joins other pension funds, including Wisconsin's SWIB, in adding Bitcoin exposure to their portfolios. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.

RF_IT_Services

ISIS uses everything and everything knows that. Capital One. Reddit. The NYSE. Get real. Of course they used Binance. CoinBase. Etc. He didn't invite ISIS. Did he personally know or see them on there? Who knows. Guess what though: Anyone running a financial institution KNOWS criminals including terrorists use it! Anyone! I don't care about this guy. I'm just also not racist because he's chinese. What about the american crypto companies allowing terrorists? Hmm? Coinbase? Hmm? Oh, just a SEC fine. That's okay, right? Or did you forget about that? OR IS IT SO BURIED IT IS ALMOST IMPOSSIBLE TO FIND?!?!? Racism. If this dude was american you wouldn't care. I'm american but I can see it clear as day. If that was trump, you'd be all in defense of him. "He didn't know, he's a god, how could he have known? ... wait a minute ...." I've had criminals on my own websites that didn't break more than tens of thousands of dollars a month. CRIMINALS ARE EVERYWHERE. IF YOU OWN A WEBSITE, YOU WILL HAVE CRIMINALS ON IT. If it moves money, CRIMINALS WILL USE IT TO MOVE MONEY. Use some logic before starting a flame war, please.

InclineDumbbellPress

Thank you a lot unnamed old man that I met in a cave. I will use **₿** in my quest to defeat the SEC and rescue crypto

Lemon_Club

You have repeatedly dodged simple questions I have posed to you, so I'll ask you again: Do you think it serves the investing public that the SEC cannot tell anyone what makes a crypto asset like ETH perfectly legal and what makes one an unregistered security? What is Coinbase supposed to do? Shut down it's entire multi billion dollar company because the SEC can't just plainly tell them what securities they think Coinbase is trading? Don't you think that if the SEC was operating in good faith allegiance under the law, that they would immediately tell these brokers and companies what they thought were unregistered securities? Do you think it makes for a safe market for investors and developers that the SEC cannot tell you what makes a crypto asset and an unregistered security? And no, I am not parroting crypto talking points around securities, I am repeating the logic around the decisions made by federal judges in both SEC v Ripple and SEC v Binance. It is clear as day that crypto tokens in of themselves do not embody an investment contract just in the same way that orange groves in SEC v Howey don't in of themselves embody investment contracts, it is how an asset is packaged and sold that makes it a security. If I buy XRP on the open market, I am not buying equity in Ripple, nor does Ripple have any post purchase obligations towards me the buyer. I am simply buying a digital asset that fits neatly as a commodity that should be regulated under the CFTC. Gary Gensler's SEC has repeatedly lost in court over his war on crypto and will continue to lose as long as his agency keeps on putting up these ridiculous cases.

raulbloodwurth

They were forced to approve by the courts. In 2023 the U.S. Court of Appeals for the District of Columbia that held that the SEC failed to adequately explain why it disallowed the listing and trading of a proposed Bitcoin ETF.

Olskoolah

The BTC ETF was only approved because Greyscale sued the SEC for it and won. The court ruled that since there was a futures market then there was no reason to not approve. Following that logic the SEC had to approve ETH too. Biden didn’t do it out of the goodness of his heart. Biden tried to kill crypto on ramps with Operation Chokepoint 2.0

coinfeeds-bot

tldr; Spot ether exchange-traded funds (ETFs) debuted in the U.S. without the ability for investors to earn staking income, a key feature of Ethereum. This was due to regulatory concerns, but issuers are hopeful that future regulations will allow staking. The ETFs, including new products from BlackRock and others, saw significant activity despite this limitation. The SEC's stance on staking as potentially violating securities laws is a major hurdle, but the industry remains optimistic that regulatory clarity will eventually permit staking within ETFs. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.

coinfeeds-bot

tldr; UNFK, founded by Gunnar Lovelace, is a movement using pranks and memes to challenge banks and big corporations, aiming to promote positive change through social pressure. It gained attention with a stunt at the Consensus crypto conference and is now launching a web app to coordinate its 'agents' in various campaigns, including a meme competition targeting the SEC. Lovelace, with a history of activism and successful consumer brands, believes crypto can supercharge social movements and aims to harness its anti-establishment energy for impactful campaigns. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.

kirtash93

 Anyway, scams like those coins should be followed by the SEC and they should punish them.

Financial_Design_801

The Jersey City pension fund is in process of updating paperwork to the SEC to allocate % of the fund to Bitcoin ETFs similar to the Wisconsin Pension Fund has done (2%). It Will be completed by end of the summer and I’m sure eventually it will be more common. - Mayor of Jersey https://twitter.com/stevenfulop/status/1816452663191450015?s=46&t=ihVglVXC0BQSbw6j57EoaA

AmongTheElect

Kamala "Bitcoin is money for criminals" Harris, open to crypto? And the only two names I've heard for SEC heads in a Kamala administration have been re-hiring Gensler or Elizabeth Warren, both anti-crypto, Warren, especially. Anything positive related to Kamala and crypto is entirely electioneering. If she actually got elected she'd do everything in her power to kill crypto. Always tons of anti-Trump bots in this sub anytime politics is brought up. Supporting democrats and Bitcoin is itself a conflict of interest.

themapwench

I'm older than you, lets just leave it at that ; ) You're probably right, hope not, but seems anytime wall street or govt gets involved stuff goes south. Half the kids on here thinking only in terms of investments and options, but I keep seeing new companies getting shorted to the dirt by hedges and fund management in the stock market and now they can manipulate in this too. For the SEC to go from suing the top alt crypto projects to approving ETFs so quickly some thing seems not quite right. I still have hopes for an immutable globally accessible coded ledger to legitimize and lower costs on transactions and smart contract use cases to remove some of the inefficient/corrupt from banks/govts and restore faith in democracy. Just idealistic I guess. Trump just spews rhetoric sprinkled with popular keywords, that either he doesn't understand or is the only one who does, since he's making it up. How people support a clusterfreak of constant lies I just can't fathom. RFK all the way yall, we only have to split the vote on both sides. "We need a movement with a quickness, You are the witness of change and to counteract We gotta take the power back With lecture I puncture the structure of lies. Installed in our minds and attempting to hold us back, We've got to take it back" (Rage Against the Machine)

CointestMod

#Ethereum Con-Arguments Below is an argument written by lj26ft which won 3rd place in the Ethereum Con-Arguments topic for a prior [Cointest](/r/CointestOfficial/wiki/cointest_policy) round. > Ethereum is being shown favoritism and privilege by US regulators. This is the biggest con for Ethereum. Early promoters of Ethereum approached and worked closely with the SEC to shield it from any securities laws. The arguments used by the SEC in the Ripple case can be more easily applied to Ethereum. > > Why does Ethereum get a free pass from creating a securities offering? Because Joe Lubin started the Brooklyn project before Ethereum even launched. There's multiple threads on this very sub that shows they sold it to more than just developers. I find the hypocrisy and corruption to be the biggest con argument for Ethereum. It's being chosen by the incumbent system as the only standard for web3 so far. I don't think Ethereum would be as highly valued or trusted if it didn't have carte blanche on illegal fundraising/ hosting tens of thousands of illegal securities offerings. > > The market needs to be a level playing field and right now it's heavily tilted towards Ethereum because of financial interests of early promoters, conflicts of interests from US regulators and their financial interests in Ethereum. ***** Would you like to learn more? [Click here](/r/CointestOfficial/comments/vpuid7/top_coins_ethereum_conarguments_july_2022/) to be taken to the original topic-thread for this argument or you can scan through the [Cointest Archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Ethereum) to find arguments on this topic in other rounds. Since this is a con-argument, what could be a better time to promote the Skeptics Discussion thread? You can find the latest thread [here](/r/CryptoCurrency/comments/1ebgodx/daily_crypto_discussion_july_25_2024_gmt0/).

Silversaving

It was not an issue in America. SEC was allowed to stonewall and sue for years. And let's not forget about the "build an anti-crypto army". Now? They have (rightfully) realized that there are huge swaths of voters that are pro crypto. It's suddenly become a campaign topic and in the news. It's suddenly become popular to be "pro-crypto".

Garlicoiner

Before anyone collossal idiot chimes in claiming Kamala/Democrats are more pro-crypto: historically, Democrats have significantly opposed crypto adoption. It's gone so far that now left-wing shills are trying to label crypto as something that is inherently far-right. Example: * Elizabeth Warren has been vocal about her concerns over crypto's role in facilitating crime and money laundering. * the Biden administration has pushed for stricter regulations, such as the proposal to include cryptocurrency transactions in tax reporting requirements and increased scrutiny on digital asset exchanges to prevent illicit activities. * Treasury Secretary Janet Yellen has repeatedly emphasized the need for robust regulation of cryptocurrencies to prevent their use in illegal activities. * The Infrastructure Investment and Jobs Act, signed in to law by Joe Biden in 2021, included provisions that require brokers to report crypto transactions to the IRS, expanding the tax compliance burden on the crypto industry. * And who could forget SEC Chair Gary Gensler has also been pushing for more regulations and oversight of the cryptocurrency market to ensure investor protection and market integrity. Never forgetti Trumps SEC pick Jay Clayton took a complete hands-off approach compared to his successors on crypto.

patniemeyer

Biden / Harris’ SEC gave us BTC and ETH ETFs. Trump didn’t do anything for crypto last time around and he’d drag it down with his chaos if given another chance.

Lemon_Club

Crypto """regulations""" Gensler's SEC can't even tell the investing public what makes something like Eth a non security, but many others are? Make it make sense.

coinfeeds-bot

tldr; Andreessen Horowitz founders Ben Horowitz and Marc Andreessen criticized the Biden-Harris Administration's handling of the cryptocurrency industry, citing regulatory challenges that stifle innovation. They highlighted issues with the SEC's unclear guidance on cryptocurrencies, aggressive enforcement actions against crypto companies, and difficulties in securing banking services due to FDIC policies. They contrasted this with former President Donald Trump's supportive stance towards the industry, including his opposition to a central bank digital currency (CBDC) and advocacy for the right to mine Bitcoin and self-custody digital assets. The founders expressed frustration over the current administration's reluctance to engage with them on these issues. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.

2LostFlamingos

I disagree pretty completely there. “Biden” just vetoed the bipartisan bill that would limit SEC’s ability to mess with crypto. https://www.coindesk.com/policy/2024/07/11/us-house-fails-to-override-bidens-sec-veto-of-bill-that-would-end-controversial-sec-guidance/

Cryptotiptoe21

Fake news kamala has been running the show this whole time along with Biden and they have attacked the crypto sector in so many different ways especially by allowing the SEC do covertly manipulate everyone. Remember FTX? Bankman donated millions of dollars worth of crypto to Biden and ftx got away with scamming people for way to long until the truth caught up. Just like all the other lies the democrats are facing the truth is catching up. Don't fall for the fake news. Kamala = Biden.

patniemeyer

Donald Trump is a fraud who, if anything, represents the worst aspects of crypto... Lining up with a whiny loser who sells worthless NFTs reinforces what the public hates about the industry. You know what \*helps\* crypto? Roaring economy, record low unemployment, increasing wages, SEC clearance for bitcoin and ETH ETFs... and who brought us those things?: Biden / Harris... So if you want to make a case for voting for the idiot bring some facts.

Lemon_Club

I mean it's easy to say this, but then you have things like Gary Gensler's SEC which is waging a war on crypto in the U.S., so it's kinda hard to ignore. I think crypto should be something both parties support though.

coinfeeds-bot

tldr; Ethereum ETFs debuted on American stock exchanges with a combined trading volume of $1 billion following SEC approval in May. Grayscale’s Ethereum Trust led with $461 million, followed by BlackRock’s iShares Ether Trust and Fidelity’s Ethereum Fund. Despite the significant trading activity, Ethereum's price remained flat, and specific inflow and outflow details for each fund are not yet available. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.

coinfeeds-bot

tldr; Coinbase has filed a lawsuit against the U.S. Securities and Exchange Commission (SEC) and its Chairman Gary Gensler, demanding the release of documents related to internal discussions. These documents are crucial for Coinbase's defense in the ongoing litigation with the SEC over allegations of operating without proper registration. The lawsuit, filed in a New York court, seeks information on communications between SEC commissioners, staff, and crypto market stakeholders, including discussions on the legal status of cryptocurrencies and federal securities laws. The case is currently in the discovery phase. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.

Squirrel_McNutz

This. It’s hard to not have politics involved when different political players have such varying stances on crypto. It’s clear to everyone that the SEC has been anti-crypto for a while. This plays a role in pushing innovation out of the US. Also it’s not just here but all across the crypto space, I’m seeing almost every crypto ‘influencer’ backing Trump for their bags. To be clear I’d never back Trump even if it would be good for my bags, but I do hope it forces the left to also adjust their stance.

shanatard

maybe harris/biden should show they are crypto positive first instead of setting the SEC dogs loose on everyone just like the kraken ceo said, he'd donate or support anyone that's positive on the industry. biden/harris only have to take that first step and they refuse to

EthBass

The SEC case claiming that all tokens are securities was filed under Biden Harris. The SEC cases filed against all crypto exchanges including Binance, Coinbase, and Kraken to wipe out crypto purchasing was filed under Biden Harris. The SEC case against Metamask to kill self custody was under Biden Harris. The whole industry is frozen under Biden Harris

bailtail

Yep. I’ve seen a ton of people shitting on this as her just pandering. Yes, it COULD be that, but to assume that is an unproductive, fatalist attitude. Not given the benefit of the doubt and resisting those who express interest in crypto doesn’t get us anywhere. And the fact of the matter is, she was a part of the Biden administration, but it wasn’t her administration. And when you look at the two candidates, only one has a lengthy history of anti-crypto statements. And it ain’t her. Biden got swayed by Warren and his SEC Chair, but one of Harris’s longest-serving advisors is pro-crypto, and Harris and Warren are known to not like each other.

Lemon_Club

"SEC sent multiple warnings" This is so dishonest, the SEC couldn't even tell Coinbase what tokens they considered to be unregistered securities even after the Well's notice was sent and refused to answer their rules making request back in 2022. How was Coinbase ever possibly going to satisfy the SEC under these circumstances? Especially when some tokens like Eth aren't securities under the SECs eyes, but some are with very similar characteristics. I find it funny that you didn't respond to that part. Do you think obfuscating what is and isn't a security is protecting investors? And of course, this applies to the Ripple case as well. It's documented that their executives asked people high up at the SEC multiple times if they believed that they were selling unregistered securities, and they refused to answer. "Securities fall under the Howey Test" Wow what a stellar insight, you must practice securities law/s Assets can be packaged and sold as an investment contract(security), but that doesn't mean that the asset in of itself is a security(unless that you think orange groves are securities). The SECs broad legal theory that a token can be "the embodiment of an investment contract" is legally preposterous, and has already been succesfully challenged in court multiple times, rightfully so. "CFTC and FTX" Brother give me a break. You don't get to stand on your high horse and defend Gensler over the CFTC when Gensler miserably failed to stop FTXs collapse even after meeting with SBF multiple times and doing nothing. If anything Gensler and the SEC has proven time and time again that they are woefully unable to regulate crypto and that power should be delegated instead to the CFTC, especially since most crypto assets are commodities and not securities.

coachhunter2

The SEC case against Ripple was filed under Trump.

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Lemon_Club

Except they didn't tell multiple different firms their opinion until after sending out Well's notices and subsequently suing them. The SEC has also still not released any sort of rules on what they call "crypto security assets", and what separates them from non securities. For example, one could argue ETH has many of the same characteristics of many other tokens and schemes that the SEC has labeled as securities, yet it gets a free pass regardless. This is what I'm talking about when I say we need clear rules for the road. Developers and investors are completely flying blind, and that creates a chaotic and unsafe market in my opinion. It would be a much better idea to regulate most cryptos as commodities under the CFTC, such as is lined out in the FIT21 bill. As we've seen in the Ripple case, cryptocurrencies don't neatly fit into the securities label, nor should the SEC cripple an entire asset class just to "regulate".

Lemon_Club

Then maybe the SEC should try to actually regulate with clear rules of the road instead of trying to destroy companies who are trying to work with the U.S. government in good faith like Ripple and Coinbase?

HSuke

Michael Saylor only 2 months ago: [**SEC will classify ETH as security and reject spot Ethereum ETFs**](https://cryptobriefing.com/michael-saylor-ethereum-security-classification-sec/) > Ethereum is deemed to be a crypto asset security, not a commodity. After that, you’re gonna see that Ethereum, BNB, Solana, Ripple, Cardano, everything down the stack is just crypto-asset securities unregistered > None of them will ever be wrapped by a spot ETF. None of them will be accepted by Wall Street. None of them will be accepted by mainstream institutional investors as crypto assets

imsoulrebel1

IRS has been in taxing bitcoin for a Decade. He's talking about Gensler from the SEC passing a futures based ETF for Bitcoin but not spot based until he was just about forced in court to do so. Big differences.

CointestMod

#Ethereum Con-Arguments Below is an argument written by lj26ft which won 3rd place in the Ethereum Con-Arguments topic for a prior [Cointest](/r/CointestOfficial/wiki/cointest_policy) round. > Ethereum is being shown favoritism and privilege by US regulators. This is the biggest con for Ethereum. Early promoters of Ethereum approached and worked closely with the SEC to shield it from any securities laws. The arguments used by the SEC in the Ripple case can be more easily applied to Ethereum. > > Why does Ethereum get a free pass from creating a securities offering? Because Joe Lubin started the Brooklyn project before Ethereum even launched. There's multiple threads on this very sub that shows they sold it to more than just developers. I find the hypocrisy and corruption to be the biggest con argument for Ethereum. It's being chosen by the incumbent system as the only standard for web3 so far. I don't think Ethereum would be as highly valued or trusted if it didn't have carte blanche on illegal fundraising/ hosting tens of thousands of illegal securities offerings. > > The market needs to be a level playing field and right now it's heavily tilted towards Ethereum because of financial interests of early promoters, conflicts of interests from US regulators and their financial interests in Ethereum. ***** Would you like to learn more? [Click here](/r/CointestOfficial/comments/vpuid7/top_coins_ethereum_conarguments_july_2022/) to be taken to the original topic-thread for this argument or you can scan through the [Cointest Archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Ethereum) to find arguments on this topic in other rounds. Since this is a con-argument, what could be a better time to promote the Skeptics Discussion thread? You can find the latest thread [here](/r/CryptoCurrency/comments/1e9tkav/daily_crypto_discussion_july_23_2024_gmt0/).

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biba8163

It looks like he was in since November 2017 aKtually....and the problem is not him, it's XRPEEEE PEEE PEEE Peee. FLiP the fucking SwITch Brad! > I am here since november 2017 and DCAing into XRP... Yeah, i cannot wait for it to be over. Either it's a win or a total crush down my finances. https://np.reddit.com/r/XRP/comments/14sx7cz/anyone_else_burnt_out_and_mentally_exhausted_from/jr0853z/ > BTC and ETH are in a freefall, XRP is steady. Soon #2 https://np.reddit.com/r/CryptoCurrency/comments/xkldsr/daily_general_discussion_september_22_2022_gmt0/ipeqatx/ > After the Ripple wins vs SEC, the tides will turn. https://np.reddit.com/r/CryptoCurrency/comments/zpnwf1/the_ftx_disaster_has_set_back_crypto_by_years/j0tsvf3/

CointestMod

#Ethereum Con-Arguments Below is an argument written by lj26ft which won 3rd place in the Ethereum Con-Arguments topic for a prior [Cointest](/r/CointestOfficial/wiki/cointest_policy) round. > Ethereum is being shown favoritism and privilege by US regulators. This is the biggest con for Ethereum. Early promoters of Ethereum approached and worked closely with the SEC to shield it from any securities laws. The arguments used by the SEC in the Ripple case can be more easily applied to Ethereum. > > Why does Ethereum get a free pass from creating a securities offering? Because Joe Lubin started the Brooklyn project before Ethereum even launched. There's multiple threads on this very sub that shows they sold it to more than just developers. I find the hypocrisy and corruption to be the biggest con argument for Ethereum. It's being chosen by the incumbent system as the only standard for web3 so far. I don't think Ethereum would be as highly valued or trusted if it didn't have carte blanche on illegal fundraising/ hosting tens of thousands of illegal securities offerings. > > The market needs to be a level playing field and right now it's heavily tilted towards Ethereum because of financial interests of early promoters, conflicts of interests from US regulators and their financial interests in Ethereum. ***** Would you like to learn more? [Click here](/r/CointestOfficial/comments/vpuid7/top_coins_ethereum_conarguments_july_2022/) to be taken to the original topic-thread for this argument or you can scan through the [Cointest Archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Ethereum) to find arguments on this topic in other rounds. Since this is a con-argument, what could be a better time to promote the Skeptics Discussion thread? You can find the latest thread [here](/r/CryptoCurrency/comments/1e9tkav/daily_crypto_discussion_july_23_2024_gmt0/).

baconcheeseburgarian

No, it wasnt clear at all. You made a reference to attacks on FTX competitors that you didnt really spell out. Before he was head of SEC he was teaching blockchains at MIT.

Oheson

Once Gensler is out, they will change to allow staking. Hester Peirce, a Republican SEC commissioner has said so. All Depends on who wins the election. If Democrats win, we will have to wait another 4 years for staking in the ETFs. If Trump wins, we should get staking immediately.

coinfeeds-bot

tldr; BlackRock's Ethereum ETF began pre-market trading on July 23, 2024, following SEC approval, marking a significant step for mainstream Ethereum investment. Analysts predict up to $5.4 billion inflows within six months, though Wintermute forecasts a more conservative $3.2 to $4 billion due to the absence of a staking mechanism and a unified investment narrative. Despite these challenges, the ETFs are seen as a major milestone for Ethereum and the broader crypto market, potentially increasing Ethereum's price by 18% to 24%. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.

9999999910

From that angle it almost looks OK, but if you were in crypto from the beginning, getting an ETF 6 months ago is a complete fuckjob by the SEC, and sanctioning FTX and SBF only after his catastrophic blowup took down most of an industry, was also a fuckjob. Gensler’s attacks on FTX competitors were occurring for years beforehand.

CointestMod

#Ethereum Con-Arguments Below is an argument written by lj26ft which won 3rd place in the Ethereum Con-Arguments topic for a prior [Cointest](/r/CointestOfficial/wiki/cointest_policy) round. > Ethereum is being shown favoritism and privilege by US regulators. This is the biggest con for Ethereum. Early promoters of Ethereum approached and worked closely with the SEC to shield it from any securities laws. The arguments used by the SEC in the Ripple case can be more easily applied to Ethereum. > > Why does Ethereum get a free pass from creating a securities offering? Because Joe Lubin started the Brooklyn project before Ethereum even launched. There's multiple threads on this very sub that shows they sold it to more than just developers. I find the hypocrisy and corruption to be the biggest con argument for Ethereum. It's being chosen by the incumbent system as the only standard for web3 so far. I don't think Ethereum would be as highly valued or trusted if it didn't have carte blanche on illegal fundraising/ hosting tens of thousands of illegal securities offerings. > > The market needs to be a level playing field and right now it's heavily tilted towards Ethereum because of financial interests of early promoters, conflicts of interests from US regulators and their financial interests in Ethereum. ***** Would you like to learn more? [Click here](/r/CointestOfficial/comments/vpuid7/top_coins_ethereum_conarguments_july_2022/) to be taken to the original topic-thread for this argument or you can scan through the [Cointest Archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Ethereum) to find arguments on this topic in other rounds. Since this is a con-argument, what could be a better time to promote the Skeptics Discussion thread? You can find the latest thread [here](/r/CryptoCurrency/comments/1e9tkav/daily_crypto_discussion_july_23_2024_gmt0/).

the_lone_unlearned

Gensler for sure needs to go. SEC is supposed to be unbiased and just do their job, but Gensler is extremely biased against Bitcoin/Crypto. Only reason we got ETFs is because the courts basically told him he's full of it and he can't keep denying the ETF applications based on BS reasons. We need a Dem in the oval office so America keeps working, but that new Dem needs to kick Gensler out and spearhead some common sense crypto rules so that the industry is no longer at the whim of the SEC.

BuffaloBrain884

Maybe a month ago when the news broke that the SEC was actively working with issuers to approve the Ethereum ETF... Were way past the "sell the news" phase of this event.

ccModBot

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Donjarox

Eth dumping on SEC etf approval news

HSuke

Imagine not recognizing that Heater Pierce is the most pro-crypto SEC commissioner who has been fighting against Gensler these past 4 years.

generiatricx

To answer my own question, all one needs is to ask these search engine ai bots anymore: Clearing up the uncertainty, Seyffart pointed to a section of the Fidelity [filing](https://cdn.cboe.com/resources/regulation/rule_filings/pending/2023/SR-CboeBZX-2023-095-Amendment-No-2.pdf), which, like its competitors, added very clear language that the fund's ether cannot be staked by anyone, at least if they want a better chance at SEC approval. “Neither the Trust, nor the Sponsor, nor the Custodian, nor any other person associated with the Trust will, directly or indirectly, engage in action where any portion of the Trust’s ETH becomes subject to the Ethereum proof-of-stake validation or is used to earn additional ETH or generate income or other earnings,” the filing states. “The Trust will not acquire and will disclaim any incidental right (‘IR’) or IR asset received, for example as a result of forks or airdrops, and such assets will not be taken into account for purposes of determining NAV,” it adds. [https://www.theblock.co/post/295999/no-the-prospective-spot-ethereum-etf-issuers-wont-be-able-to-stake-ether-in-the-background](https://www.theblock.co/post/295999/no-the-prospective-spot-ethereum-etf-issuers-wont-be-able-to-stake-ether-in-the-background) another interesting tidbit from Coinbase, which you all may or may not know (or take at face value): # What percentage of Ethereum is currently being staked? Of the available tokens, 27.54% is currently staked. [https://www.coinbase.com/earn/staking/ethereum](https://www.coinbase.com/earn/staking/ethereum)

coinfeeds-bot

tldr; Binance.US has received court approval to invest approximately $40 million of customer fiat funds in US Treasury Bills, under strict conditions to ensure transparency and security. The investments will be managed in increments through a TreasuryDirect trading account, with no involvement from third parties, including Binance entities. The court's decision mandates Binance.US to maintain sufficient USD on its platform to cover potential customer withdrawals and to provide detailed monthly reports on the Treasury investments. This move follows a federal judge's partial dismissal of the SEC's lawsuit against Binance and its founder. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.

generiatricx

Does anyone know what is going to happen to the Fees generated by the ETH held in these funds? From what i remember from teh reporting weeks ago was that SEC didnt approve of the hodlers receiving the fees for the eth held in the fund... so if that's the case, where's it go? The brokerage sponsoring the ETF? the custodian of the ETF ETH? is there a chance the investors will get it?

Smile_lifeisgood

Gotcha - thank you. I wasn't sure if there was a shift or not. But iirc everyone was stoked about Gensler getting the SEC post and welp...

coinfeeds-bot

tldr; Bitcoin experienced a significant surge, gaining around 17% or approximately $9,000 over the past week, reaching a six-week high above $68,000. The momentum was driven by a shift in market sentiment to bullish, retail trading activity, and $3.3 billion in market inflows, primarily from futures, stablecoins, and spot Bitcoin ETFs. Additionally, speculation about China adopting a more favorable stance on crypto, South Korea's proposed postponement of crypto taxation, and lower-than-expected CPI inflation data contributed to the surge. Rumors of the SEC settling a major case and speculation about former President Trump announcing Bitcoin as a strategic reserve asset also fueled market optimism. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.

TrueCryptoInvestor

Doesn’t matter. The SEC won’t win jack shit in the longterm either way so their constant fight against cryptocurrency is completely useless. They just keep taking loss after loss.

TrueCryptoInvestor

Good riddance. One of the biggest clowns ever. As a matter of fact, just abolish the whole corrupt SEC who pretends so hard to “protect investors”. How many cases have they lost so far exactly? 9 out of 10? Just give it up already, these guys are fooling no one but themselves.

coinfeeds-bot

tldr; NYSE Arca has approved the listing of Bitwise and Grayscale's spot Ethereum ETFs, marking a significant move for Ethereum's presence on Wall Street. This approval, detailed in a filing on the SEC official website, allows for the listing and registration of the ultimate beneficial ownership shares of these Ethereum ETFs under the 1934 Exchange Act. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.

raphaiki

Does anyone else think that Trump is essentially gaslighting us when he talks about Bitcoin? He was saying similar things before his last stint as president, only for him to basically give the SEC and courts free reign to go after Bitcoin companies and start litigating. The reality what he's currently proposing are things that the Biden administration and courts have already been doing against the banks. The reality is that the courts, the Sec and the government have basically screwed the FED over with how much it's done for Bitcoin. FIT21 was such a bold move by the US goverment that I was surprised that there wasn't much backlash and it was passed by Congress. Until I realised that.... Trump 24 will probably try to veto it. Him appointing Larry Fink, as Fink was one of the least pro-Bitcoin people out in the past, it's extremely surprising to see him publicly admit he was wrong. This is something a narcissist does, not to show that he was wrong, but to gaslight you into a false sense of security, before doing the exact opposite. I've just finished reading both Propaganda and Manufacturing Consent by Edward Bernays, and the more I look at Trumps presidential campaign and the orchestrated Pantomine that surrounds it, I can't help but see the work of Bernays all over it. Does anyone else think his Bitcoin talk is a bullshit narrative and that he's probably going to reverse all the decisions against the SEC when he gets into office? He's sooooo deep in debt and basically all his companies run off of credit lines. That he's an ideal debt slave candidate and will basically do what the banks tell him to do. Well the more I look at his past relationship with the Truth and his history of lying, the more I realize that believing anything that comes out of his mouth is a pretty stupid idea, because if I did that, I would believe that he was an actual billionaire, that has never scammed anyone for ACN, solicited porn stars for sex, and that he has never ever simulated violence on WWE or after it. He's even got a huge PR campaign trying to pretend he's the messiah. Which is something he can't afford. But his creditors definitely can. TLDR: Larry Fink and Trump are both establisment debt slaves, that have a longer documented history against Bitcoin, than they have done being proponents of it. Could they be gaslighting us for a rug pull like Defi and ICOs but on like a much bigger level?

LargeSnorlax

Trump realizes that people who like Crypto are an untapped demographic that in theory could provide votes for a close election, that's all there is to it. He doesn't understand what Bitcoin is (never did), doesn't understand how Bitcoin is mined or really anything else about it, he just knows that people like it and that's something he can tap into. He couldn't care less about Bitcoin, or the SEC, or anything else - The only thing he cares about is getting into office so he can stay out of jail. If you're believing that Trump or Elon are going to be Bitcoin's saviour, you're blinded by dollar signs. They're "in it" for their own purposes, be realistic about it, it really isn't anything more than that.

raphaiki

Does anyone else think that Trump is essentially gaslighting us when he talks about Bitcoin? He was saying similar things before his last stint as president, only for him to basically give the SEC and courts free reign to go after Bitcoin companies and start litigating. The reality what he's currently proposing are things that the Biden administration and courts have already been doing against the banks. Him appointing Larry Fink, as Fink was one of the least pro-Bitcoin people out in the past, it's extremely surprising to see him publicly admit he was wrong. This is something a narcissist does, not to show that he was wrong, but to gaslight you into a false sense of security, before doing the exact opposite. I've just finished reading both Propaganda and Manufacturing Consent by Edward Bernays, and the more I look at Trumps presidential campaign and the orchestrated Pantomine that surrounds it, I can't help but see the work of Bernays all over it. Does anyone else think his Bitcoin talk is a bullshit narrative and that he's probably going to reverse all the decisions against the SEC when he gets into office? He's sooooo deep in debt and basically all his companies run off of credit lines. That he's an ideal debt slave candidate and will basically do what the banks tell him to do. Well the more I look at his past relationship with the Truth and his history of lying, the more I realize that believing anything that comes out of his mouth is a pretty stupid idea, because if I did that, I would believe that he was an actual billionaire, that has never scammed anyone for ACN, solicited porn stars for sex, and that he has never ever simulated violence on WWE or after it. He's even got a huge PR campaign trying to pretend he's the messiah. Which is something he can't afford. But his creditors definitely can. TLDR: Larry Fink and Trump are both establisment debt slaves, that have a longer documented history against Bitcoin, than they have done being proponents of it. Could they be gaslighting us for a rug pull like Defi and ICOs but on like a much bigger level?

raphaiki

Does anyone else think that Trump is essentially gaslighting us when he talks about Bitcoin? The reality his proposals are what the Biden administration and courts have already been doing against the banks. Larry Fink was one of the least pro-Bitcoin people out in the past, it's extremely surprising to see him publicly admit he was wrong. This is something a narcissist does, not to show that he was wrong, but to gaslight you into a false sense of security, before doing the exact opposite. I've just finished reading both Propoganda and Manufacturing Consent by Edward Bernays, and the more I look at Trumps presidential campaign and the orchestrated Pantomine that surrounds it, I can't help but see the work of Bernays all over it. Does anyone else think his Bitcoin talk is a bullshit narrative and that he's probably going to reverse all the decisions against the SEC when he gets into office? He's sooooo deep in debt and basically all his companies run off of credit lines. That he's an ideal debt slave candidate and will basically do what the banks tell him to do. Well the more I look at his past relationship with the Truth and his history of lying, the more I realize that believing anything that comes out of his mouth is a pretty stupid idea, because if I did that, I would believe that he was an actual billionaire, that has never scammed anyone for ACN, solicited porn stars for sex, and that he has never ever simulated violence on WWE or after it. He's even got a huge PR campaign trying to pretend he's the messiah. Which is something he can't afford. But his creditors definitely can. TLDR: Larry Fink and Trump are both establisment debt slaves, that have a longer documented history against Bitcoin, than they have done being proponents of it. Could they be gaslighting us for a rug pull like Defi and ICOs but on like a much bigger level?

raphaiki

Does anyone else think that Trump is essentially gaslighting us when he talks about Bitcoin? The reality his proposals are what the Biden administration and courts have already been doing against the banks. Larry Fink was one of the least pro-Bitcoin people out in the past, it's extremely surprising to see him publicly admit he was wrong. This is something a narcissist does, not to show that he was wrong, but to gaslight you into a false sense of security, before doing the exact opposite. I've just finished reading both Propoganda and Manufacturing Consent by Edward Bernays, and the more I look at Trumps presidential campaign and the orchestrated Pantomine that surrounds it, I can't help but see the work of Bernays all over it. Does anyone else think his Bitcoin talk is a bullshit narrative and that he's probably going to reverse all the decisions against the SEC when he gets into office? He's sooooo deep in debt and basically all his companies run off of credit lines. That he's an ideal debt slave candidate and will basically do what the banks tell him to do. Well the more I look at his past relationship with the Truth and his history of lying, the more I realize that believing anything that comes out of his mouth is a pretty stupid idea, because if I did that, I would believe that he was an actual billionaire, that has never scammed anyone for ACN, solicited porn stars for sex, and that he has never ever simulated violence on WWE or after it. He's even got a huge PR campaign trying to pretend he's the messiah. Which is something he can't afford. But his creditors definitely can. TLDR: Larry Fink and Trump are both establisment debt slaves, that have a longer documented history against Bitcoin, than they have done being proponents of it. Could they be gaslighting us for a rug pull like Defi and ICOs but on like a much bigger level?

raphaiki

Does anyone else think that Trump is essentially gaslighting us when he talks about Bitcoin? The reality his proposals are what the Biden administration and courts have already been doing against the banks. Larry Fink was one of the least pro-Bitcoin people out in the past, it's extremely surprising to see him publicly admit he was wrong. This is something a narcissist does, not to show that he was wrong, but to gaslight you into a false sense of security, before doing the exact opposite. I've just finished reading both Propoganda and Manufacturing Consent by Edward Bernays, and the more I look at Trumps presidential campaign and the orchestrated Pantomine that surrounds it, I can't help but see the work of Bernays all over it. Does anyone else think his Bitcoin talk is a bullshit narrative and that he's probably going to reverse all the decisions against the SEC when he gets into office? He's sooooo deep in debt and basically all his companies run off of credit lines. That he's an ideal debt slave candidate and will basically do what the banks tell him to do. Well the more I look at his past relationship with the Truth and his history of lying, the more I realize that believing anything that comes out of his mouth is a pretty stupid idea, because if I did that, I would believe that he was an actual billionaire, that has never scammed anyone for ACN, solicited porn stars for sex, and that he has never ever simulated violence on WWE or after it. He's even got a huge PR campaign trying to pretend he's the messiah. Which is something he can't afford. But his creditors definitely can. TLDR: Larry Fink and Trump are both establisment debt slaves, that have a longer documented history against Bitcoin, than they have done being proponents of it. Could they be gaslighting us for a rug pull like Defi and ICOs but on like a much bigger level?

raphaiki

Does anyone else think that Trump is essentially gaslighting us when he talks about Bitcoin? The reality his proposals are what the Biden administration and courts have already been doing against the banks. Larry Fink was one of the least pro-Bitcoin people out in the past, it's extremely surprising to see him publicly admit he was wrong. This is something a narcissist does, not to show that he was wrong, but to gaslight you into a false sense of security, before doing the exact opposite. I've just finished reading both Propoganda and Manufacturing Consent by Edward Bernays, and the more I look at Trumps presidential campaign and the orchestrated Pantomine that surrounds it, I can't help but see the work of Bernays all over it. Does anyone else think his Bitcoin talk is a bullshit narrative and that he's probably going to reverse all the decisions against the SEC when he gets into office? He's sooooo deep in debt and basically all his companies run off of credit lines. That he's an ideal debt slave candidate and will basically do what the banks tell him to do. Well the more I look at his past relationship with the Truth and his history of lying, the more I realize that believing anything that comes out of his mouth is a pretty stupid idea, because if I did that, I would believe that he was an actual billionaire, that has never scammed anyone for ACN, solicited porn stars for sex, and that he has never ever simulated violence on WWE or after it. He's even got a huge PR campaign trying to pretend he's the messiah. Which is something he can't afford. But his creditors definitely can. TLDR: Larry Fink and Trump are both establisment debt slaves, that have a longer documented history against Bitcoin, than they have done being proponents of it. Could they be gaslighting us for a rug pull like Defi and ICOs but on like a much bigger level?

Softestpoop

FYI, this article is entirely based on the prediction of a Markus Thielen, the same guy who also put out a report in January that all BTC ETFs will be rejected by the SEC (a few days before the ETFs were approved). Save your click, there's nothing useful to see here.

_Jimmy_Rustler

The SEC chairman is selected by the president so there is a good chance he will just be fired and replaced in early 2025. Gary knows this so he's probably just trying to pull a "You can't fire me because I quit!"

Jojokrieger

Greyscale had a bitcoin trust before the ETFs were approved by the SEC. This was just a certificate that didn't necessarly had to be backed up with btc. This had been the only way to invest in BTC for institutional investors before the ETFs. Now that the ETFs were approved the product had been converted to an ETF but the fees weren't reduced which lead to massive outflows. What some people forget is that these outflows are probably inflows to other ETFs. So technically this doesn't influence the price. Always look at the net inflows of all ETFs combined.

coinfeeds-bot

tldr; The U.S. Securities and Exchange Commission (SEC) has approved two spot Ethereum ETFs: Grayscale’s Ethereum Mini Trust and ProShares’ Ethereum ETF, set to be listed on the NYSE Arca on July 23, pending final regulatory approval. This move is seen as a significant step for Ethereum, potentially increasing its market liquidity and price by making it accessible to everyday investors without the need for crypto wallets and exchanges. The approval follows a legal victory by Grayscale against the SEC, challenging the commission's earlier reluctance to approve Ethereum ETFs while allowing Bitcoin ETFs. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.

the_lone_unlearned

Yes I'd be perfectly happy with 2025-2029 a Democratic president simply letting Bitcoin be (nothing for or against), while Congress passes some basic regulations for the industry with safeguarding measures for exchanges, stablecoins, stopping scams, stuff like that. Just let Bitcoin grow and flourish organically as it has always done. Also get Gensler out of the SEC. Just have the govt be unbiased toward the industry.

CointestMod

#Bitcoin Pro-Arguments Below is an argument written by a deleted user which won 1st place in the Bitcoin Pro-Arguments topic for a prior [Cointest](/r/CointestOfficial/wiki/cointest_policy) round. > **First-Mover Advantage and The Network Effect** > > Bitcoin is currently the most popular cryptocurrency and market cap leader by a long shot. The [Bitcoin dominance chart](https://www.coingecko.com/en/global-charts) shows that Bitcoin represents 60% of the entire cryptocurrency market cap. This has increased from 40% in 2020. > > Bitcoin is the **gateway**. People start out with Bitcoin before checking out other cryptocurrencies. They're likely going to keep holding any Bitcoin they bought along the way. > > People will flock to whichever product has the largest user base. For half a decade, Bitcoin was almost synonymous with cryptocurrency. The Network Effect creates a **positive feedback loop** and makes Bitcoin's lead grow even more. > > If Bitcoin, Bitcoin Cash, and Litecoin were all released simultaneously, Bitcoin would lose to its PoW competitors because its competitors have cheaper fees with higher throughput. But the reality is that Bitcoin's first-mover advantage gave it such a huge head start that the others can't catch up. > > **Has the largest block reward for security** > > Due to its high price, Bitcoin has a huge [block reward of 6.5 BTC](https://www.coingecko.com/en/coins/bitcoin/bitcoin-halving) (halves every 4 years) or ~$180k per block. This gives it the security lead because its block reward is so much bigger than other PoW cryptocurrencies, which attracts more miners. > > **Anti-censorship** > > Bitcoin provides partial censorship-resistance against sanctions and totalitarian government restrictions. It's much harder to prevent Bitcoin transactions than it is to prevent financial transactions at a centralized bank. [Legal sex workers](https://www.theverge.com/2021/8/24/22639356/onlyfans-ceo-tim-stokely-sexually-explicit-content-ban-banks) (e.g. Onlyfans) and [marijuana industries](https://www.leadingretirement.com/blog/cannabis-banking) are blocked from using traditional financial services due to social stigma. Even though they can operate legally, many TradFi banks avoid operating with them. Bitcoin provides those workers a way to transfer funds around that censorship. > > **Avoids Hyperinflation**: As long as governments keep causing high inflation through money-printing, people will run to Bitcoin for safety, which pumps up Bitcoin's price. > > **Considered a commodity by both SEC and CFTC**: Bitcoin is the only cryptocurrency that both the SEC and CFTC have openly agreed is a commodity. And the CFTC is much less lawsuit-happy than the SEC. > > **Legal tender**: El Salvador has shown (despite some technical mishaps) that Bitcoin can be successfully used as legal tender for a country. > > **Ordinals provide utility** > > Even though Bitcoin Maxis hate Ordinals, this new protocol gives utility to Bitcoin and adds demand. NFT bros are using it as an **on-chain data storage layer** for their own blockchains (e.g. Ethereum, Stack). This has an advantage over IPFS since IPFS is stored in centralized databases instead of on-chain. > > This generates more fees for Bitcoin miners. Transaction fees have finally [risen to ~20 sats/vByte](https://mempool.space/graphs/mempool) on days with high Ordinals activity like Mar 22-24. This gives hope that there may be sufficient demand for Bitcoin as an on-chain data-storage layer even after the block subsidy eventually disappears due to halvings. > > **Pseudonymous**: Bitcoin's UTXO transactions can provide moderately-high levels of obscurity. A single wallet can produce a near-unlimited amount of addresses, and there's no way to link them unless they interact with each other. It's much harder to trace UTXO-based wallets than Account-based wallets because the former creates new UTXO addresses with each transaction while Account-based blockchain wallets typically reuse the same account. > > **Lightning transactions are near-instant and cheap** > > As long as you're spending small amounts of Bitcoin, you can use the Lightning network to make near-instant, sub-$0.01 transactions. Many Lightning nodes for merchants are connected to 3rd-party services that convert between cash and Lightning, making it easy to transfer Bitcoins. Consumers usually don't have to care about rebalancing issues since they're only spending small amounts. > > And the [total capacity of the Lightning Network](https://bitcoinvisuals.com/ln-capacity) in BTC keeps increasing steadily. > > **Cannot be counterfeited**: Cash can be counterfeited, but you can't fake Lightning transactions. Merchants have to deal with counterfeit cash in many markets around the world. > > **Bitcoin has a very strong community of die-hard supporters** > > A huge portion of Bitcoin supporters have become Bitcoin Maxis who will keep spreading their arguments, regardless of accuracy. Because Bitcoin is a gateway cryptocurrency, crypto newbies will encounter it first and gobble up these narratives because they don't have the experience to know their flaws. And they're very convincing when you keep repeating them in an echo chamber: > > * Maximum supply cap of 21M BTC vs Fed's money printer > * Amazing past-performance gains vs fiat > * Works as Store of Value (despite volatility) > * Had a "fair launch" without an ICO > * Is not a risky altcoin > * Is decentralized (based on largest number of miners) > * Has instant payments via the Lightning Network > > **Ultimately, people are mainly using crypto for speculative investing and long-term Store of Value. Most people don't care about technology, Defi, or utility. Thus Bitcoin is sufficient for their investment needs.** > > And since cryptocurrency value is largely based on a Keynesian Beauty Contest (i.e. you buy not based on your own value, but on what you think others are going to buy), people are going to keep buying Bitcoin as long as the investment narrative holds. ***** Would you like to learn more? [Click here](/r/CointestOfficial/comments/100p7vq/top_coins_bitcoin_proarguments_january_2023/) to be taken to the original topic-thread for this argument or you can scan through the [Cointest Archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Bitcoin) to find arguments on this topic in other rounds.

ChonsonPapa

I really appreciate your input on this so thank you! If you want my opinion on CrowdStrike, it was done purposefully for reasons most would call me crazy for so I wont divulge too much. But there were $2.7 trillion dollars worth of options expiring that day (most in history) and $555 Billion of it was specifically in GameStop stock. Call me tin foily but this CS “accident” bought Wall Scum more time before inevitable market implosion thanks to no regulation by SEC and insane greed/bad bets.

4biddenpleasure

Crypto is one giant Ponzi (like it or not) hence why the SEC has be trying to crack down on it. Its only purpose for me is to make money. Adoption will come for some. I think Tokenisation of RWA will be great. WEB3 gaming may take off one day. NFTs will be great for some industries like Music.

Phylaras

Exactly this! Remove Gensler (demoting him is apparently possible). Drop existing SEC claims against non-malicious agents (UNI, SOL, etc.) Establish a sandbox for new crypto ideas that don't need to meet SEC regulatory requirements--so that we can figure out what would make sense. Recognize DAOs federally, and make sure they have additional legal advantages over LLCs. He's mentioned BTC mining but that isn't the support we need.

CointestMod

#Ethereum Con-Arguments Below is an argument written by lj26ft which won 3rd place in the Ethereum Con-Arguments topic for a prior [Cointest](/r/CointestOfficial/wiki/cointest_policy) round. > Ethereum is being shown favoritism and privilege by US regulators. This is the biggest con for Ethereum. Early promoters of Ethereum approached and worked closely with the SEC to shield it from any securities laws. The arguments used by the SEC in the Ripple case can be more easily applied to Ethereum. > > Why does Ethereum get a free pass from creating a securities offering? Because Joe Lubin started the Brooklyn project before Ethereum even launched. There's multiple threads on this very sub that shows they sold it to more than just developers. I find the hypocrisy and corruption to be the biggest con argument for Ethereum. It's being chosen by the incumbent system as the only standard for web3 so far. I don't think Ethereum would be as highly valued or trusted if it didn't have carte blanche on illegal fundraising/ hosting tens of thousands of illegal securities offerings. > > The market needs to be a level playing field and right now it's heavily tilted towards Ethereum because of financial interests of early promoters, conflicts of interests from US regulators and their financial interests in Ethereum. ***** Would you like to learn more? [Click here](/r/CointestOfficial/comments/vpuid7/top_coins_ethereum_conarguments_july_2022/) to be taken to the original topic-thread for this argument or you can scan through the [Cointest Archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Ethereum) to find arguments on this topic in other rounds. Since this is a con-argument, what could be a better time to promote the Skeptics Discussion thread? You can find the latest thread [here](/r/CryptoCurrency/comments/1e89akz/daily_crypto_discussion_july_21_2024_gmt0/).

coinfeeds-bot

tldr; Five Ethereum (ETH) spot exchange-traded funds (ETFs) are set to begin trading on the Chicago Board Options Exchange on July 23, following approval by the US Securities and Exchange Commission (SEC). The ETFs include Invesco Galaxy Ethereum ETF, VanEck Ethereum ETF, Franklin Ethereum ETF, Fidelity Ethereum Fund, and 21Shares Core Ethereum ETF. These ETFs aim to provide investors with exposure to Ethereum without the need to directly purchase and hold the cryptocurrency. Issuers of these ETFs plan to temporarily eliminate or reduce fees to gain market share upon trading commencement. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.

CointestMod

#Ethereum Con-Arguments Below is an argument written by lj26ft which won 3rd place in the Ethereum Con-Arguments topic for a prior [Cointest](/r/CointestOfficial/wiki/cointest_policy) round. > Ethereum is being shown favoritism and privilege by US regulators. This is the biggest con for Ethereum. Early promoters of Ethereum approached and worked closely with the SEC to shield it from any securities laws. The arguments used by the SEC in the Ripple case can be more easily applied to Ethereum. > > Why does Ethereum get a free pass from creating a securities offering? Because Joe Lubin started the Brooklyn project before Ethereum even launched. There's multiple threads on this very sub that shows they sold it to more than just developers. I find the hypocrisy and corruption to be the biggest con argument for Ethereum. It's being chosen by the incumbent system as the only standard for web3 so far. I don't think Ethereum would be as highly valued or trusted if it didn't have carte blanche on illegal fundraising/ hosting tens of thousands of illegal securities offerings. > > The market needs to be a level playing field and right now it's heavily tilted towards Ethereum because of financial interests of early promoters, conflicts of interests from US regulators and their financial interests in Ethereum. ***** Would you like to learn more? [Click here](/r/CointestOfficial/comments/vpuid7/top_coins_ethereum_conarguments_july_2022/) to be taken to the original topic-thread for this argument or you can scan through the [Cointest Archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Ethereum) to find arguments on this topic in other rounds. Since this is a con-argument, what could be a better time to promote the Skeptics Discussion thread? You can find the latest thread [here](/r/CryptoCurrency/comments/1e7ibkc/daily_crypto_discussion_july_20_2024_gmt0/).

ptrnyc

Still, her extreme anti-crypto stance left a vacuum and all of a sudden - Trump is crypto’s savior! I wish Democrats had realized, after Blackrock ETF, that their dogmatic position was a losing one. They could have regulated it instead of playing games with the SEC.

CointestMod

#Ethereum Con-Arguments Below is an argument written by lj26ft which won 3rd place in the Ethereum Con-Arguments topic for a prior [Cointest](/r/CointestOfficial/wiki/cointest_policy) round. > Ethereum is being shown favoritism and privilege by US regulators. This is the biggest con for Ethereum. Early promoters of Ethereum approached and worked closely with the SEC to shield it from any securities laws. The arguments used by the SEC in the Ripple case can be more easily applied to Ethereum. > > Why does Ethereum get a free pass from creating a securities offering? Because Joe Lubin started the Brooklyn project before Ethereum even launched. There's multiple threads on this very sub that shows they sold it to more than just developers. I find the hypocrisy and corruption to be the biggest con argument for Ethereum. It's being chosen by the incumbent system as the only standard for web3 so far. I don't think Ethereum would be as highly valued or trusted if it didn't have carte blanche on illegal fundraising/ hosting tens of thousands of illegal securities offerings. > > The market needs to be a level playing field and right now it's heavily tilted towards Ethereum because of financial interests of early promoters, conflicts of interests from US regulators and their financial interests in Ethereum. ***** Would you like to learn more? [Click here](/r/CointestOfficial/comments/vpuid7/top_coins_ethereum_conarguments_july_2022/) to be taken to the original topic-thread for this argument or you can scan through the [Cointest Archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Ethereum) to find arguments on this topic in other rounds. Since this is a con-argument, what could be a better time to promote the Skeptics Discussion thread? You can find the latest thread [here](/r/CryptoCurrency/comments/1e7ibkc/daily_crypto_discussion_july_20_2024_gmt0/).

CointestMod

#Bitcoin Pro-Arguments Below is an argument written by a deleted user which won 1st place in the Bitcoin Pro-Arguments topic for a prior [Cointest](/r/CointestOfficial/wiki/cointest_policy) round. > **First-Mover Advantage and The Network Effect** > > Bitcoin is currently the most popular cryptocurrency and market cap leader by a long shot. The [Bitcoin dominance chart](https://www.coingecko.com/en/global-charts) shows that Bitcoin represents 60% of the entire cryptocurrency market cap. This has increased from 40% in 2020. > > Bitcoin is the **gateway**. People start out with Bitcoin before checking out other cryptocurrencies. They're likely going to keep holding any Bitcoin they bought along the way. > > People will flock to whichever product has the largest user base. For half a decade, Bitcoin was almost synonymous with cryptocurrency. The Network Effect creates a **positive feedback loop** and makes Bitcoin's lead grow even more. > > If Bitcoin, Bitcoin Cash, and Litecoin were all released simultaneously, Bitcoin would lose to its PoW competitors because its competitors have cheaper fees with higher throughput. But the reality is that Bitcoin's first-mover advantage gave it such a huge head start that the others can't catch up. > > **Has the largest block reward for security** > > Due to its high price, Bitcoin has a huge [block reward of 6.5 BTC](https://www.coingecko.com/en/coins/bitcoin/bitcoin-halving) (halves every 4 years) or ~$180k per block. This gives it the security lead because its block reward is so much bigger than other PoW cryptocurrencies, which attracts more miners. > > **Anti-censorship** > > Bitcoin provides partial censorship-resistance against sanctions and totalitarian government restrictions. It's much harder to prevent Bitcoin transactions than it is to prevent financial transactions at a centralized bank. [Legal sex workers](https://www.theverge.com/2021/8/24/22639356/onlyfans-ceo-tim-stokely-sexually-explicit-content-ban-banks) (e.g. Onlyfans) and [marijuana industries](https://www.leadingretirement.com/blog/cannabis-banking) are blocked from using traditional financial services due to social stigma. Even though they can operate legally, many TradFi banks avoid operating with them. Bitcoin provides those workers a way to transfer funds around that censorship. > > **Avoids Hyperinflation**: As long as governments keep causing high inflation through money-printing, people will run to Bitcoin for safety, which pumps up Bitcoin's price. > > **Considered a commodity by both SEC and CFTC**: Bitcoin is the only cryptocurrency that both the SEC and CFTC have openly agreed is a commodity. And the CFTC is much less lawsuit-happy than the SEC. > > **Legal tender**: El Salvador has shown (despite some technical mishaps) that Bitcoin can be successfully used as legal tender for a country. > > **Ordinals provide utility** > > Even though Bitcoin Maxis hate Ordinals, this new protocol gives utility to Bitcoin and adds demand. NFT bros are using it as an **on-chain data storage layer** for their own blockchains (e.g. Ethereum, Stack). This has an advantage over IPFS since IPFS is stored in centralized databases instead of on-chain. > > This generates more fees for Bitcoin miners. Transaction fees have finally [risen to ~20 sats/vByte](https://mempool.space/graphs/mempool) on days with high Ordinals activity like Mar 22-24. This gives hope that there may be sufficient demand for Bitcoin as an on-chain data-storage layer even after the block subsidy eventually disappears due to halvings. > > **Pseudonymous**: Bitcoin's UTXO transactions can provide moderately-high levels of obscurity. A single wallet can produce a near-unlimited amount of addresses, and there's no way to link them unless they interact with each other. It's much harder to trace UTXO-based wallets than Account-based wallets because the former creates new UTXO addresses with each transaction while Account-based blockchain wallets typically reuse the same account. > > **Lightning transactions are near-instant and cheap** > > As long as you're spending small amounts of Bitcoin, you can use the Lightning network to make near-instant, sub-$0.01 transactions. Many Lightning nodes for merchants are connected to 3rd-party services that convert between cash and Lightning, making it easy to transfer Bitcoins. Consumers usually don't have to care about rebalancing issues since they're only spending small amounts. > > And the [total capacity of the Lightning Network](https://bitcoinvisuals.com/ln-capacity) in BTC keeps increasing steadily. > > **Cannot be counterfeited**: Cash can be counterfeited, but you can't fake Lightning transactions. Merchants have to deal with counterfeit cash in many markets around the world. > > **Bitcoin has a very strong community of die-hard supporters** > > A huge portion of Bitcoin supporters have become Bitcoin Maxis who will keep spreading their arguments, regardless of accuracy. Because Bitcoin is a gateway cryptocurrency, crypto newbies will encounter it first and gobble up these narratives because they don't have the experience to know their flaws. And they're very convincing when you keep repeating them in an echo chamber: > > * Maximum supply cap of 21M BTC vs Fed's money printer > * Amazing past-performance gains vs fiat > * Works as Store of Value (despite volatility) > * Had a "fair launch" without an ICO > * Is not a risky altcoin > * Is decentralized (based on largest number of miners) > * Has instant payments via the Lightning Network > > **Ultimately, people are mainly using crypto for speculative investing and long-term Store of Value. Most people don't care about technology, Defi, or utility. Thus Bitcoin is sufficient for their investment needs.** > > And since cryptocurrency value is largely based on a Keynesian Beauty Contest (i.e. you buy not based on your own value, but on what you think others are going to buy), people are going to keep buying Bitcoin as long as the investment narrative holds. ***** Would you like to learn more? [Click here](/r/CointestOfficial/comments/100p7vq/top_coins_bitcoin_proarguments_january_2023/) to be taken to the original topic-thread for this argument or you can scan through the [Cointest Archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Bitcoin) to find arguments on this topic in other rounds.

CointestMod

#Ethereum Con-Arguments Below is an argument written by lj26ft which won 3rd place in the Ethereum Con-Arguments topic for a prior [Cointest](/r/CointestOfficial/wiki/cointest_policy) round. > Ethereum is being shown favoritism and privilege by US regulators. This is the biggest con for Ethereum. Early promoters of Ethereum approached and worked closely with the SEC to shield it from any securities laws. The arguments used by the SEC in the Ripple case can be more easily applied to Ethereum. > > Why does Ethereum get a free pass from creating a securities offering? Because Joe Lubin started the Brooklyn project before Ethereum even launched. There's multiple threads on this very sub that shows they sold it to more than just developers. I find the hypocrisy and corruption to be the biggest con argument for Ethereum. It's being chosen by the incumbent system as the only standard for web3 so far. I don't think Ethereum would be as highly valued or trusted if it didn't have carte blanche on illegal fundraising/ hosting tens of thousands of illegal securities offerings. > > The market needs to be a level playing field and right now it's heavily tilted towards Ethereum because of financial interests of early promoters, conflicts of interests from US regulators and their financial interests in Ethereum. ***** Would you like to learn more? [Click here](/r/CointestOfficial/comments/vpuid7/top_coins_ethereum_conarguments_july_2022/) to be taken to the original topic-thread for this argument or you can scan through the [Cointest Archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Ethereum) to find arguments on this topic in other rounds. Since this is a con-argument, what could be a better time to promote the Skeptics Discussion thread? You can find the latest thread [here](/r/CryptoCurrency/comments/1e7ibkc/daily_crypto_discussion_july_20_2024_gmt0/).

funkinaround

The title makes it seem like Binance requested this for a new feature on their platform. Really it should be: > Judge allows BAM Trading (Binance.US) to move all corporate and customer assets away from Binance control This is coming from the SEC v Binance lawsuit. There's a whole lot of, "the Binance Entities will not have possession, custody, or control of any assets in wallets provided by a Third-Party Custodian," in the referenced court order. Whatever money or crypto you may have on Binance.US now, for sure, cannot be touched by the parent level Binance.

anjie_eth

The feds, SEC and people's greed

Savi321

Something about this sounds wrong. They mess up with Binance and crypto operations in the U.S. through SEC and yet welcome Binance investments in US treasury bills?

diwalost

Asset managers decide the date of approval and listing not SEC.

Handlermeister

Would be best to hear if he’d recommend someone capable of heading up the SEC first.

funkinaround

This is some spin, huh? The title makes it seem like Binance requested this for a new feature on their platform. Really it should be: >Judge allows BAM Trading (Binance.US) to move all corporate and customer assets away from Binance control This is coming from the SEC v Binance lawsuit. There's a whole lot of, "the Binance Entities will not have possession, custody, or control of any assets in wallets provided by a Third-Party Custodian." Whatever money you may have had on [Binance.US](http://Binance.US) now, for sure, cannot be touched by the parent level Binance. Not that you're using [Binance.US](http://Binance.US) as no one is using it. It has less volume than Gemini. The rest of the SEC lawsuit against Binance is ongoing.

coinfeeds-bot

tldr; Binance.US has received court approval to invest $40 million of customer fiat funds in US Treasury Bills. The investment will be made in $10 million increments over four weeks through TreasuryDirect. The court's approval came with conditions, including maintaining sufficient funds for customer withdrawals and updating terms of use. Additionally, Binance.US is allowed to engage third-party investment advisors and must ensure these advisors are not affiliated with Binance entities. This development occurs amidst Binance.US's ongoing legal battle with the SEC. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.

Letsmovethemarket

No, you missed the point completely. No matter what any individual says or tries to do...the SEC runs the show.

Letsmovethemarket

The SEC is the puppeteer.

CointestMod

#Ethereum Con-Arguments Below is an argument written by lj26ft which won 3rd place in the Ethereum Con-Arguments topic for a prior [Cointest](/r/CointestOfficial/wiki/cointest_policy) round. > Ethereum is being shown favoritism and privilege by US regulators. This is the biggest con for Ethereum. Early promoters of Ethereum approached and worked closely with the SEC to shield it from any securities laws. The arguments used by the SEC in the Ripple case can be more easily applied to Ethereum. > > Why does Ethereum get a free pass from creating a securities offering? Because Joe Lubin started the Brooklyn project before Ethereum even launched. There's multiple threads on this very sub that shows they sold it to more than just developers. I find the hypocrisy and corruption to be the biggest con argument for Ethereum. It's being chosen by the incumbent system as the only standard for web3 so far. I don't think Ethereum would be as highly valued or trusted if it didn't have carte blanche on illegal fundraising/ hosting tens of thousands of illegal securities offerings. > > The market needs to be a level playing field and right now it's heavily tilted towards Ethereum because of financial interests of early promoters, conflicts of interests from US regulators and their financial interests in Ethereum. ***** Would you like to learn more? [Click here](/r/CointestOfficial/comments/vpuid7/top_coins_ethereum_conarguments_july_2022/) to be taken to the original topic-thread for this argument or you can scan through the [Cointest Archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Ethereum) to find arguments on this topic in other rounds. Since this is a con-argument, what could be a better time to promote the Skeptics Discussion thread? You can find the latest thread [here](/r/CryptoCurrency/comments/1e6q1fe/daily_crypto_discussion_july_19_2024_gmt0/).

MaximumStudent1839

> downfall of the United States' economic hegemony It is not even a wild hypothesis anymore. Even prominent figures, like Mark Cuban, are talking about it on Twitter. >Here is a contrary opinion on the emergence of Silicon Valley support for former President Trump. Which like all my opinions on here, probably won’t be popular. It’s a bitcoin play. Not because the former President is a far stronger proponent of crypto. That’s nice. But doesn’t really impact the price of crypto. It makes it easier to operate a crypto business because of the inevitable, and required, changes at the SEC What will drive the price of BTC is lower tax rates and tariffs, which if history is any guide (and it’s not always ), will be inflationary. Combine that with global uncertainty as to the geopolitical role of the USA, and the impact on the US Dollar as a reserve currency, and you can’t align the stars any better for a BTC price acceleration Source: [https://x.com/mcuban/status/1813591281970348264](https://x.com/mcuban/status/1813591281970348264) It is basically what I said. Silicon Valley is aiming to support Trump to bring economic destruction to the greatest democracy on earth. They want to pump their bags by intentionally destroying American economic hegemony. For the novice, it sounds crazy. Why would a bunch of US-based VCs want active destruction of their nation-state? It is because they are greedy mfers. Their loyalty is to their bags and the make their book looking appeasing to LPs. If it means destroying America their bad investment starts to pump, they would do it.

Bongressman

Yup. Bullshit and constant lies. He changes his tune every time someone new drifts by his ear. He will pivot in a heartbeat after he locks the vote and slots anyone into the SEC or the Treasury that hates it. They will need roughly 4 minutes to get him to change his mind. In the end, he doesn't give a shit about anything that doesn't benefit him directly.