@molly0xfff@hachyderm.io
@molly0xfff@hachyderm.io avatar

molly0xfff

@molly0xfff@hachyderm.io

crypto researcher & critic, software engineer, wikipedian • https://indieweb.social/@web3isgreat creator • subscribe to my newsletter at http://citationneeded.news/
she/her • :QueerCat_Bisexual:

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molly0xfff, to internet
@molly0xfff@hachyderm.io avatar

with bluesky using domains for usernames, the time has finally come for of us who've somewhat habitually collected bizarro domains over the years

molly0xfff,
@molly0xfff@hachyderm.io avatar

last year i discovered that law360.​com required a "professional email address" to sign up for free, which is how i came to be the proud owner of fartbag.​lol

My account Currently signed in as: toots@fartbag.lol Change My Password

molly0xfff,
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@johnefrancis i have no invite codes 😞 but that's a great get

molly0xfff,
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@ssangervasi huge loss

molly0xfff, (edited ) to random
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John Oliver did a crypto episode on Last Week Tonight! 😁

(I'm not in it, I just helped a little with the content and fact-checking)

https://www.youtube.com/watch?v=o7zazuy_UfI

molly0xfff,
@molly0xfff@hachyderm.io avatar

@jomo for that you might like youtube.com/watch?v=g6iDZspbRMg

molly0xfff, to random
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i keep being asked questions along the lines of "now that crypto's dead, what are you going to focus on next?"

reminds me of when people stop taking antibiotics as soon as they start to feel better

molly0xfff,
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https://pdx.social/@a yes!

molly0xfff,
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@patrick_h_lauke @TorontoWill i'm sorry to report that's well underway

molly0xfff,
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@laimis i do 🙂 i've been on the pod once, actually.

molly0xfff,
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@ncweaver and tether, for sure

molly0xfff,
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seeing headlines like this helps solidify my opinion that the reports of crypto's death are greatly exaggerated

reputable media outlets have learned absolutely nothing from the last go-round

molly0xfff,
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@float13 bleugh

molly0xfff,
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@laimis oh, got it! (not that i mind recommendations!)

molly0xfff, to random
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Emmer: "You say the crypto market is rife with noncompliance, however existing SEC rules make no sense for blockchain-based companies, and following them would actually kill these businesses."

molly0xfff,
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Aaaand we're back! Rep. Garbarino (R-NY) is up now, asking if the SEC has coordinated with CISA or other agencies on drafting regulations. Gensler says yes.

molly0xfff,
@molly0xfff@hachyderm.io avatar

Ogles is explaining that the document could be reviewed in a SCIF or under other various measures to protect confidentiality. He's very irritated with Gensler, accusing him of "preaching" around the confidentiality issue.

molly0xfff,
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Rep. Ogles to Gary Gensler: "You're either intentionally obstrutching [sic] .... [long pause] .... or you're not just a good man. Alright? No offense."

molly0xfff,
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Houchin: "Given your own statements have vacillated, I think it's clear that the lack of clarity on this issue hasn't done anything to help this industry thrive in the US. There's constant threat of regulation by enforcement, and that has driven innovators elsewhere."

molly0xfff,
@molly0xfff@hachyderm.io avatar

Rep. Ogles (R-TN) is following up on Huizenga's line of question earlier about the SBF document. He wants the memo regarding the SEC charges, Gensler is explaining that internal documents are kept confidential to protect investigative files.

molly0xfff,
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Gensler: "Putting crypto assets off balance sheet is a recipe for further risk in the system and disaster for the system."

molly0xfff,
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Gensler: "Let me just say: we have a clear regulatory framework built up over ninety years. It's just a bunch of intermediaries in this market that think they have a choice. They don't have a choice. They're noncompliant generally, and they need to come into compliance."

molly0xfff,
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Lawler: "Why didn't the SEC take action on FTX's alleged secret lending of at least $4 billion to Alameda Research?" Gensler replies he's not able to talk about specific companies or investigations.

molly0xfff,
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Rep. Lawler (R-NY): "Does the SEC deserve any culpability for the collapse of FTX?" Lawler wants a yes or no answer, which he is not getting and not likely to get based on Gensler's answers today so far lol

molly0xfff,
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Lawler asks Gensler about comment periods, Gensler says SEC values feedback.
Lawler: "Let me remind you that at a Bloomberg conference you said you don't trust industry participants to provide honest feedback, so do you actually benefit from comment periods or no?"
Gensler: "Yes, we very much benefit."
Lawler: "So you take back your comments where you said you don't trust their feedback?"
Note:SEC comment periods seek comments from the broad public, not just industry participants.

molly0xfff,
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Gensler: "I will say, all of these companies should come into compliance with the law, and until they do, we will continue to pursue as the cop on the beat and investigate and follow the facts and law. But it takes time to build cases, it takes time to do them as thoughtfully and carefully as you'd want us to do."
Lawler: "I just want you to answer my question, but.. that's fine."

molly0xfff,
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Rep. Houchin (R-IN) provides three quotes in which Gensler clearly states that the vast majority of crypto tokens are securities, then asks how people can have clarity if his views have changed so much.

lol wat

molly0xfff,
@molly0xfff@hachyderm.io avatar

Rep. Flood (R-NE) is asking why Gensler has not responded to the letter he sent 2–3 weeks ago, then didn't let him reply. Flood is strongly suggesting that Gensler ignored his letter because Gensler thinks Flood is low in the pecking order lol

molly0xfff,
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Rep. Donalds (R-FL): "You've said that the players in the digital asset space don't have a choice, that they have to comply with the rules. But once again, Congress has never given you a framework for regulating digital assets. Where are you pulling that one from?"

Gensler explains that the SEC has a broad mandate.

Rep. Donalds: "Congress painted with a broad brush in 1933 and 1934 not in 2023! We've not touched that! It's a new industry!"

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