see xhttps://www.wsj.com/articles/coinbase-armed-for-legal-clash-over-how-crypto-is-regulated-dc08f85b?page=1
WHO CAN WE CHEAT?
The predominant business formula by which trillions of dollars are transferred from ordinary people to people without a conscience is based on a lack of disclosure and outright lying.
The problem for such players is that it is technically illegal to cheat and lie. But just because something is illegal doesn't make it impossible. And that is where crypto and certificates (dubbed "mortgage-backed securities") come into play.
You can rob a dozen banks and never go to prison if no law enforcement agency wants to catch you, charge you and convict you.
And you can remove law enforcement if you ignore it, as in cypto markets, or get laws passed that say that your kind of game cannot be regulated as in MBS certificates. Crypto issuers are saying, "don't stop ignoring us." Investment banks are basically saying the same thing.
Yes Martha, they are both securities and, therefore, subject to regulation under a variety of current laws that the SEC, FTC, and CFPB ought to be enforcing with great vigor.
The failure of such agencies to act is one of the ways the economic board was tilted far out of alignment against the foundation of the system ---- consumer spending. By defrauding consumers, debt rises, and wealth gets transferred. It is a going-out-of-business strategy.
Anyone who issues a "thing" that is based on passive income or profit is issuing a security. The regulation that is being fought is the power of government to make sure you are not lying when you issue your "thing."
Right now, crypto is claiming exemption on the grounds that it would go out of business if they were required to tell the truth.
And Wall Street investment banks have convinced almost everyone that they too would go out of business if they were subject to enforcement of laws.
One of the great memes of the last 10+ years is the "big lie." In this case, we have the big lie combined with the "big bluff." Presidents Bush, Obama, Trump, and Biden have been convinced to let financial players continue lying about the "things" they create in transactions with investors and homeowners.
Wall Street overcame all obvious objections by the simple threat that if they were held accountable or were subject to regulation, they would pull the plug on the rest of the economy, and we would be plunged into economic and social chaos. We have all heard such threats before, and they were never true.
There is no evidence that any part of the threat was based on a foundation of fact or truth any more than the lies they were telling investors and homeowners. They were just telling a new whopper to the government.
The fallback position for crypto issuers and the underwriting (issuance) of so-called "derivatives" (MBS) is that regulation is socialism. Go to any dictionary to see how it is an absolutely established fact that regulation is not socialism --- it is a basic component of any economic system.
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Neil F Garfield, MBA, JD, 76, is a Florida licensed trial and appellate attorney since 1977. He has received multiple academic and achievement awards in business, accounting and law. He is a former investment banker, securities broker, securities analyst, and financial analyst.
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