Apr. 4, 2022
Hello, I’m an American crypto investor. I don’t like the SEC’s proposal to expand its definitions of an exchange and an alternative trading system, because the rules as written are so vague they could apply to DeFi and crypto. Yet the SEC doesn’t mention crypto once in these proposed changes… and I have no doubt that the SEC intends to use these changes to regulate crypto. If you’re going to regulate crypto or DeFi, then come out and state it in your rule making, and explicitly mention the words “crypto” and “DeFi”. Don’t try to sneak changes in like this. Talk about crypto and DeFi openly and honestly and how these rules would impact the industry, then we can have a constructive discussion. You are not acting in good faith when you try to pass changes in a roundabout, sneaky, hidden way like this. You already suck at regulating crypto. Because of you I missed out on a $60,000 DYDX airdrop, because they decided that airdropping to US residents was too much legal trouble to deal with. You do not protect crypto investors AT ALL, you do the exact opposite and cause us to lose money! There is nothing wrong with airdrops which are essentially free money. Because of you, AMERICANS ARE LOSING FREE MONEY to the tune of hundreds of thousands of dollars in missed airdrops. This is just on an individual basis, collectively we have lost BILLIONS OF DOLLARS. Your crypto policy is bad, and one of the main reasons why is that you never make the rules clear- which is what we were talking about in the first place. Don’t kill innovation. You already know that crypto is better tech than the existing financial system (which is just ancient mainframes running Cobol in batch mode). With crypto I can send stablecoins for $1 which is 45x cheaper than a wire transfer which costs me $45 and takes 24 hours to settle. I can do this INSTANTLY, 24 hours, 7 days a week. With crypto I can accept payments, make transfers and do business on weekends. I cannot do this with stupid wire transfers that are only available Monday through Friday from 9 to 4pm which is just 21% of the time in a week. With wire transfers I cannot have INSTANT payments and settlement, I have to wait 24 hours which is lost money because time is money. Just face it, your anti-crypto stance is r******* because crypto is better than the traditional financial system. Don’t kill innovation just because your buddies at the big banks (who you didn’t even jail for causing the 2008 financial crisis) didn’t get in on crypto early enough. Signed, A concerned American crypto investor, who has lost $150k+ personally due to your vague, dumb rules around crypto. I can’t believe I have to take time out of my weekend to explain to you how bad your crypto rules are. I’m not getting paid for this. I’m just trying to fight for a better world where big bank cronies don’t kill innovative tech just because they didn’t make enough money off of it.