Comment on We asked the SEC for reasonable crypto rules for Americans. We got legal threats instead.
sj_zero@lotide.fbxl.net 2 years ago
Crypto sits in a dangerous realm. Legally, only congress has the right to create currency, but the entire crypto industry has sprung up around the idea of creating an alternative currency.
The idea that because it's on the Internet that it's not capable of being regulated is absurd. Once it's fully regulated, it's not really any different than any other thing since a government just needs to say "If you want your crypto to be legal, then you must make it do these things".
realcaseyrollins 2 years ago
Who says that only the government can make a new currency? So are things like Robux and V Bucks also illegal?
sj_zero@lotide.fbxl.net 2 years ago
The US Constitution says that the Congress has sole authority to mint money and that it's supposed to be made of gold and silver.
realcaseyrollins 2 years ago
Hmm...well then does that apply to bits and bytes? What about paper bills?
sj_zero@lotide.fbxl.net 2 years ago
What's interesting is that paper bills were tried before America's constitution, you ended up with continental scrip, a paper currency. It ended up getting massively debased and totally failed. As a result, the congress is responsible for currency, and is only supposed to use gold and silver as currency.
The fact that they've strayed so far from what's legal shouldn't be surprising since they don't follow the law on a lot of things.