Haters. Gonna. Hate.
Yet again, the powers that be in Washington have decided there is another expansive crypto decision that they do not like the sound of or feel is wildly dangerous, unless they in all their wisdom immediately enact (probably) overlarge regulation to reign in the evils of this new financial system. Or something like that.
The Usual Suspects:
First it was reigning in big tech, then tracking all crypto, then doing full audits on exchanges reserves, and now just saying no to the industry trying to improve itself.
Maybe I had it wrong......but wasn't de-coupling form government oversight kinda the point? It is a de-centralized token system precisely so that government cannot control (see: ruin) it. Let's straighten this out.
The latest rant comes from 84 year old Congresswoman from CA's 43rd district Maxine Waters, who I am sure with her BA in Sociology from 1971 is eminently qualified to make broad statements about the present and future needs of American crypto policy......Right......Sure......
Look. In all fairness to Congresswoman Waters, who has a long career of public service behind her promoting a host of excellent causes (children, family, anti-poverty, pro-equality, etc.) I am sure she has done many great things for American domestic policy. I am just highly skeptical when someone I've never heard of before comes out lambasting PayPal's attempt to fill the gap left by government's failure to "regulate" the crypto currency industry.
Do I think PayPal's gotta it all figured out with this digital stablecoin that will lead to crypto's growth and eventual common use? No. I don't.
Do I think they should try and everyone else get out of the way? You betcha.
Ultimately the government has been completely absent in consistency or fairness, slapped a couple rushed lawsuits from the SEC on the wall hoping something would stick (Thanks Gary, really doing the Lord's work there) and have generally confused everyone.
Many large players in the industry are on record asking for clarification, seeking some kind of common (though-not-overly-invasive) crypto regulation that can be understood and followed.
The G-men have failed to create any approximation of that.
From here in the cheap seats, I say let 'em at it. Everyone should know the risks going into this rather volatile world, eyes wide open.
(Remember this guy? Hint: Persona SUPER Non Grata)
If the crypto industry can't find a balance for itself, I believe it doesn't deserve to succeed.
I think it ultimately will.
What About You?
Thanks, hope your time was wellspent.
-Rom
