As big financial industry players like Fidelity Investments push SEC to approve Bitcoin-linked ETFs, crypto lobbying efforts meet resistance from US lawmakers
A strong push by Wall Street to open up access to Bitcoin investment is meeting resistance from a bipartisan group of lawmakers … Tweets: @pinboard , @ryannegri , @pinboard , @marcan42 , @zachary , @tante , @taylorlorenz , @max_hodak , @davecraige , @joemccann , @jonahblank , @sarahjamielewis , @pinboard , and @pinboard Tweets: @pinboard : I think it's time for us in the tech world to speak out and make it clear the emperor has no clothes here. Cryptocurrency is sustained by a mix of money laundering, vaporware, fraud, ransomware, gambling, and delusion. It has no social benefit except helping end first dates fast Ryan Negri / @ryannegri : Sitting at home in his mom's basement on Sunday, mad that everyone is making money but him, decides to post the most factually incorrect (incoherent) claims imaginable. Zero research. Just fury. https://twitter.com/... @pinboard : Because Bitcoin especially (through the Tether fraud) and cryptocurrency more generally is a pyramid scheme, of course Wall Street and venture capital need it to go mass market. It's the only road to getting out of their current investment at a profit https://www.politico.com/... Hector Martin / @marcan42 : It's 2021, climate change should be a P0 action item for the entire world, and instead here we are pissing away countries' worth of electricity to fund money laundering, fraud, pyramid schemes, and other insanity. It was cute when it started. It's not cute any more. https://twitter.com/... Zach Warmbrodt / @zachary : Wall Street is facing bipartisan resistance in Washington as firms like Fidelity and Anthony Scaramucci's SkyBridge Capital try to launch bitcoin investment products for the masses @kelmej https://www.politico.com/... @tante : This is absolutely essential. Everyone working in cryptocurrencies (or related scam terms such as “DeFi”, “DLT” or whatever BS they come up with) should be shunned. It should be as much of a black mark on your CV as working for Palantir is. https://twitter.com/... Taylor Lorenz / @taylorlorenz : Becoming addicted to reading crypto takes https://twitter.com/... Max Hodak / @max_hodak : He says, as I sit here playing a game that uses zero knowledge proofs for its map and has no central server, thinking about all of the stuff you could build from these parts https://twitter.com/... @davecraige : @Pinboard This thread is chock full of bad takes about internet money. Joe McCann / @joemccann : Weird flex, but ok. https://twitter.com/... Jonah Blank / @jonahblank : 1. I'm amazed that there is bipartisan support for anything. 2. I'm more amazed that it's for something useful: Protecting the public from #Bitcoin Ponzi scheme. 3. I'm certain that #WallStreet will soon overcome this minor setback. https://twitter.com/... Sarah Jamie Lewis / @sarahjamielewis : We live in a age where financial surveillance and censorship is one of the most effective tactics used to persecute marginalized communities and still people will make the argument that state surveillance and control over financial systems is not only good, but necessary. https://twitter.com/... @pinboard : Cryptocurrency solves no problems that it didn't first create, and most of those it doesn't solve. Smart contracts are neither of those things—at worst they're an API for fraud, or as @qrs put it, self-funding bug bounties at best https://twitter.com/... @pinboard : What we especially need to stress to regulators is that there's no relationship between the technical claims of cryptocurrency and our now over 13 years of experience. It's not decentralized, it's not a currency, it's not a store of value, and it's not a promising technology