BRF #43 Executive Order On Crypto!
Well I wasn’t expecting to email you again so fast but the last two days have had major pieces drop that is extremely concerning to say the least. It would appear as though they are attempting to stomp out anyone wanting to use Bitcoin, defi and any alt money system in the US and they are gearing up to do this quickly.
We literally went from holding hands singing WAGMI in the last email on news IMF was trying to blockade funding to El Salvador for recognizing BTC as legal tender to now yesterday the SEC releasing its proposal to destroy Defi and stomp out anything undoxxed to now today biden says Bitcoin is a National security matter now and is preparing an Executive Order.
The Biden administration is preparing to release an executive action that will task federal agencies with regulating digital assets such as Bitcoin and other cryptocurrencies as a matter of national security, a person familiar with the White House’s plan tells Barron’s.
Read the full story here.
Next lets attempt to frame up in short the SEC document that was dropped, housing a wasted 654 pages, and Commissioner Peirce’s commentary. This is of course created and worded in a general way so you will never read it and they can once again get away with whatever they want. You can read the full piece here, and Peirce’s commentary here.
Here is a snippet from a really good breakdown I found that you can find here.
Just as one easy way to illustrate the seriousness of this issue, under this new rule, EVEN A BLOCK EXPLORER LIKE ETHERSCAN could be argued to be a SECURITIES EXCHANGE because it could be argued to constitute a COMMUNICATIONS PROTOCOL through which buyers and sellers can interact with smart contracts to communicate TRADING INTEREST resulting in a trade. If the SEC in fact intends such a result, it is clearly unacceptable, and should be deemed an unconstitutional restraint on free speech.
So basically the stuff they were hinting at they are attempting to change now inside the ATS ruling ( Alternative trading system) so they can rope in AMMs, Defi platforms, sites like Etherscan and Block Explorer into being a “securities exchange” aka now they will make everything centralized and doxed once again.
This looks to be an aggressive 1-2 punch on the regulation side and then Executive order to zip this up real quick. Think of what this is once again doing, its once again making it 100x harder for the average person to get access to the same tools that “accredited investors” have, making the divide between rich and poor greater because at the end of the day we can’t have rich free thinkers in society, they must have sheep.
Here is the full summary right here in case you don’t want to read all the links I gave.
The Securities and Exchange Commission (“Commission”) is proposing to amend a rule which defines certain terms used in the statutory definition of “exchange” under Section 3(a)(1) of the Securities Exchange Act of 1934 (“Exchange Act”) to include systems that offer the use of non-firm trading interest and communication protocols to bring together buyers and sellers of securities.
In addition, the Commission is re-proposing amendments to Regulation ATS under the Exchange Act that were initially proposed in September 2020 for alternative trading systems (“ATSs”) to take into consideration systems that may fall within the definition of exchange because of the proposed amendments and operate as an ATS.
The Commission is reproposing, with certain revisions, amendments to Regulation ATS for ATSs that trade government securities as defined under Section 3(a)(42) of the Exchange Act (“government securities”) or repurchase and reverse repurchase agreements on government securities (“Government Securities ATSs”) to: eliminate the exemption from compliance with Regulation ATS for an ATS that limits its securities activities to government securities or repurchase and reverse repurchase agreements on government securities (“repos”), and registers as a brokerdealer or is a bank; require Government Securities ATSs to file public revised Forms ATS-N, 2 which would be subject to Commission review and effectiveness process, and would require a Government Securities ATS to disclose information about its manner of operations and the ATSrelated activities of the registered broker-dealer or government securities broker or government securities dealer that operates the ATS and its affiliates; and apply the fair access rule to Government Securities ATSs that meet certain volume thresholds in U.S. Treasury Securities or in a debt security issued or guaranteed by a U.S. executive agency, or government-sponsored enterprise (“Agency Securities”). The Commission is also proposing to amend Form ATS-N for NMS Stock ATSs, which would require existing NMS Stock ATSs to file an amendment to their existing disclosures. In addition, the Commission is proposing to amend the Regulation ATS fair access rule. The Commission is also proposing to require electronic filing of and to modernize Form ATS-R and Form ATS, which would require existing Form ATS filers to amend their existing disclosures. Further, the Commission is re-proposing amendments to Regulation Systems Compliance and Integrity (“Regulation SCI”) to apply it to ATSs that meet certain volume thresholds in U.S. Treasury Securities or Agency Securities.
Reading through the bold sections I highlighted above, you starting to see how they are going to be able to craft the regulation for defi, stables, AMMs etc? Its all there in not-so-plain English.
We need more people with money to join this fight and stand as a united crypto market but that will never happen so the people who write fake rules will once again win. Good luck out there, can’t say you weren’t all warned!
Oh ya buy my sht because if I had more funding I wouldn’t be a pussy, I would be getting in their face!
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