@molly0xfff@hachyderm.io

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 random

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,

Emmer accuses Gensler and the SEC of "pushing American firms into the hands of the [Chinese Communist Party]".

Emmer entered into the record a WSJ article about crypto going to China. I believe it was this one: https://www.wsj.com/articles/hong-kong-banks-are-netting-crypto-customers-as-citys-push-gains-steam-ccb5811f

molly0xfff,

Rep. Loudermilk (R-GA): "What I see in industry is a decentralization of information because of the risk of disclosure. Blockchain. Many industries are going to blockchain because you're no longer centralizing. When it's centralized, there's a one-stop shop for the bad players to come and get information about individuals."

molly0xfff,

Loudermilk: "Let me tell you, there is no one in the information systems industry that's worth their salt that will tell you that it's more secure to have information at one point, one-stop-shop so if I'm a bad guy, I'm a foreign player, I've only got one spot to go to pull all this information. I'm going to put all my investment, all my technology in breaking your security to get that information." 1/2

molly0xfff,

"Is it easier to protect decentralized investor information held by thousands of firms, or do you feel it's more secure to centralize that in a database administered from Washington, DC?"

🥴

molly0xfff,

Rep. Gottheimer (D-NJ, member of blockchain 8) says he's concerned about the SEC is regulating by enforcement and not through formal guidance. Gensler says they have been issuing guidance.

hildjj, to random

@molly0xfff did you ever hear anything back from Feedly? A non-reply or the anticipated useless reply means I have to take down an API library I lightly maintain.

molly0xfff,

@hildjj I'll see if I can get a reply: https://twitter.com/molly0xFFF/status/1647234446695845888

molly0xfff,

@hildjj this was the explanation they were giving: https://hachyderm.io/@molly0xfff/110129583712947429

they also said they intended to take a week to research whether the model "can be used in harmful ways", but haven't replied to anyone asking what their research showed. the model is still available, though.

molly0xfff, to random

other weird shit from a16z's investment portfolio: newnew, a project described by the BBC as "the app that lets you pay to control another person's life"

indeed, the app invites you to "sign up to become a creator and have people pay to vote and bid on your life decisions!"

Several cards: "Get me out of Utah!! Will do ALMOST anything 🥵" "Accepting the best bid I get 😎" "Craziest thing I should eat??? Image text: "completely strip" "🫠 choose my torture 🫠"

molly0xfff,

"The app, which is still in its 'beta' or pre-full release stage, describes itself as 'a human stock market where you buy shares in the lives of real people, in order to control their decisions and watch the outcome'."
https://www.bbc.com/news/business-57085557

molly0xfff, to RSS

see ya, feedly. shameful stuff.

"Cancel Pro+ subscription" screen. In the "Anything else you'd like to add?" text field: "The 'track protests and strikes' tool is shameful. I can't support a company helping union busting and strikebreaking."

molly0xfff,

if you're trying to migrate off feedly, here's how to export an .opml file to import all of your feeds into a new RSS reader

Feedly's "Organize Feeds" page, with an arrow pointing to the curved arrow icon that allows export of an .opml file

molly0xfff, to random

Starting in 30 minutes: a Senate hearing titled "Crypto Crash: Why Financial System Safeguards are Needed for Digital Assets".

Livestream at https://www.banking.senate.gov/hearings/crypto-crash-why-financial-system-safeguards-are-needed-for-digital-assets

Witnesses will be:
• Lee Reiners (policy director at the Duke Financial Economics Center, crypto skeptic)
• Linda Jeng (crypto lobbyist)
• Yesha Yadav (law prof at Vanderbilt, pro-crypto, big on crypto self-regulation)

Written testimonies linked at same URL above.

molly0xfff,

Vance pulls out the ol' argument about "isn't this like the dawn of the Internet?"

Reiners asks why it's taken fourteen years for value to emerge. Says that most people buying crypto are simply looking to speculate.

molly0xfff,

Hoo boy, Sen. Vance (R-OH) — crypto booster and holder — is up now. He says he owns crypto, then goes on to say "we don't really know what [crypto] is yet".

molly0xfff,

Warren: "If they couldn't use crypto, would ransomware gangs even exist?"
Reiners: "No."

molly0xfff,

Says a lot of countries are jumping to embrace crypto, including countries like The Bahamas that were burned by it.

molly0xfff,

Sen. Tillis (R-NC) tries to argue for proof-of-reserves, Reiners shuts him down by saying that POR "aren't worth the paper they're written on", and what we need are audits.

molly0xfff,

Sen. Menendez (D-NJ) asks if the US is ahead or behind the curve compared to other countries' crypto regulation.

Yadav says behind, praises EU's proposped MiCA legislation.

Jeng praises other countries' approaches to not only crypto regulation but data privacy.

Reiners says he doesn't think the US is falling behind, argues it is better to get regulation right than to prioritize "not falling behind".

molly0xfff,

Reiners: "There is no evidence whatsoever to suggest that crypto promotes financial inclusion. In fact, there is overwhelming evidence to suggest the exact opposite is happening. Most people who've invested in cryptocurrency have lost money. Of those people, a plurality are minorities and low-income Americans. This is an example of predatory inclusion..." 1/2

molly0xfff,

Reiners says he agrees with Gensler that most cryptos are securities, but that some (like Bitcoin) are "sufficiently decentralized" to the point that they're more like commodities, which splinters the regulatory environment.

He argues that to address that, Congress should carve out cryptos to be placed under SEC jurisdiction to provide a unified regulator.

molly0xfff,

Reiners calls for transparency from banks to customers as to their crypto exposure.

Reiners cites the recent Silvergate crypto bank run, a bank that likely only survived because of emergency liquidity from the Federal Home Loan Bank of San Francisco. "[This] of course is not the reason we have federal home loan banks. They exist to support home ownership, not to bail out banks that gamble on crypto".

molly0xfff,

Sen. Britt (R-AL) and Jeng are arguing that crypto will allow "more people in the US to achieve the American dream", they pull out stats on adoption of crypto by people of color, women.

molly0xfff,

Sen. Van Hollen (D-MD) asks about thoughts on Professor Hilary Allen's testimony in a previous hearing, where she urged for a sort of "Glass–Steagall 2.0" for crypto.

molly0xfff,

Sen. Scott: "Let's be clear: had the SEC provided anything besides hostility to the crypto industry, we may have been able to save investors from losing billions of dollars on FTX, Celsius, BlockFi, and the list goes on."

molly0xfff,

Sen. Warren (D-MA), as to be expected, starts out with a statement about crypto enabling crime, terrorism, ransomware, etc. focuses on the use of crypto for money laundering.

molly0xfff,

"... We saw the same thing with subprime loans leading up to the 2008 financial crisis, where low-income and minority communities are being explicitly targeted with very, very risky products. And unfortunately they have lost, in many cases, everything." 2/2

molly0xfff,

Yadav cites two examples of "innovation for as long as we can remember in this economy": ATMs and "all of the financial engineering that we saw pre-crisis".

molly0xfff,

Linda Jeng is not covering herself in glory here... I'm having a really hard time following her train of thought as she bounces from topic to topic.

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