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Drudge Retort: The Other Side of the News
Sunday, May 05, 2024

A new, unholy alliance has emerged on Capitol Hill, and it's hoping not just to recraft governmental policy around digital funny money but to push its antiregulatory agenda across a whole host of elections. To do so, the crypto industry is teaming up with the people behind the latest megahyped, bubblicious tech trend: the artificial intelligence boom.

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Crypto is the safe haven from wasteful government spending madness. It is coming, it will take over and there is nothing that can be done to stop it.

#1 | Posted by THEBULL at 2024-05-05 05:16 PM | Reply | Funny: 2

Go buy some eggs with crypto from your local grocery store and get back to us.

#2 | Posted by ClownShack at 2024-05-05 05:24 PM | Reply | Newsworthy 2

De-regulating multi-national corporations would seem to be a strange goal for True Trumpers... well, except for the part about how they are Trumpers.

#3 | Posted by Corky at 2024-05-05 05:28 PM | Reply

"And in case it isn't clear what the endgame is, just look at what that ecosystem is currently up to in the judicial field. The Crypto Freedom Alliance of Texas is an industry group from a crypto-friendly state that formed in September with backing from "who else?" Coinbase and Andreessen Horowitz.

In February, it lodged a lawsuit against the SEC in the administration-hostile 5th Circuit,
challenging its authority to regulate crypto transactions.

The 5th Circuit has already all but declared the SEC to be unconstitutional in a case that has traveled up to the Supreme Court, which seems ready to curtail much of the administrative state's law-enforcement power.

The setup of the Crypto Freedom Alliance suit, and its choice of litigators, makes clear that the plaintiff wants to further weaken the SEC.

Add that to the Big Tech firms currently attempting to argue in court that the Federal Trade Commission and the National Labor Relations Board are also unconstitutional, and it becomes apparent that tech firms plan to secure a "positive future" by not just sweet-talking the political system but gutting its power altogether."

#4 | Posted by Corky at 2024-05-05 05:32 PM | Reply | Newsworthy 1

"In February, it lodged a lawsuit against the SEC in the administration-hostile 5th Circuit,
challenging its authority to regulate crypto transactions."

This is the reason crypto exists. It's supposed to be a currency that isn't controlled by the government.

Like gold or something. The government can interfere but government doesn't control the supply.

I'm not saying it's a good idea, but that's the idea. A decentralized currency.

#5 | Posted by snoofy at 2024-05-05 05:45 PM | Reply

Another view ...

SEC's Gensler turns tide against crypto in courts
www.politico.com

... The cryptocurrency industry is counting on the federal courts to survive a sweeping enforcement crusade by Wall Street's top regulator.

But that bet is beginning to backfire.

A string of legal victories by the Securities and Exchange Commission has jolted some of crypto's biggest players and shaken the industry as it strives for greater credibility in Washington.

Judges have recently rebuked claims that the SEC lacks authority to police the market. Coinbase, the largest U.S. exchange, lost a bid to throw out charges that it is violating investor-protection rules. And a New York jury found one-time billionaire entrepreneur Do Kwon and his firm liable for fraud.

Now, the crackdown is about to expand, with the SEC preparing for a new round of lawsuits.

"The SEC just keeps winning," said John Reed Stark, a former agency attorney and prominent crypto critic. "The law is catching up." ...


#6 | Posted by LampLighter at 2024-05-05 06:24 PM | Reply | Newsworthy 1

Embrace Extend Extinguish
en.m.wikipedia.org

Is what the Feds are hoping to do with crypto.

#7 | Posted by snoofy at 2024-05-05 06:58 PM | Reply

Go buy some eggs with crypto from your local grocery store and get back to us.

#2 | POSTED BY CLOWNSHACK AT 2024-05-05 05:24 PM | FLAG:

You can't eat gold!

#8 | Posted by THEBULL at 2024-05-05 07:48 PM | Reply

@#2 ... Go buy some eggs with crypto from your local grocery store and get back to us. ...

FTFY

Go buy some eggs with gold from your local grocery store and get back to us.


My local supermarket does not take gold, only dollars.

#9 | Posted by LampLighter at 2024-05-05 09:00 PM | Reply

Best Bitcoin Debit Cards
www.investopedia.com

#10 | Posted by snoofy at 2024-05-05 09:03 PM | Reply

imo, any vendor that sells product with the ability to pay in bitcoin is foolish.

For the reason of the volatility of bitcoin. A currency should not be that volatile.

(OK, maybe, just ignore the Yen for the nonce...)


#11 | Posted by LampLighter at 2024-05-05 09:07 PM | Reply

Crypto isn't a real currency, it has no rules, no oversight. You spend real money buying money that is computer money, it can disappear and then you have wasted your money for nothing. I'd invest in the stock market before I would ever buy crypto currency and I don't invest in the stock market. I think of crypto as computer monopoly money.

#12 | Posted by Ronnie68 at 2024-05-06 10:46 AM | Reply

"imo, any vendor that sells product with the ability to pay in bitcoin is foolish."

Is Tesla still doing that?

#13 | Posted by snoofy at 2024-05-06 02:35 PM | Reply

"Crypto isn't a real currency, it has no rules, no oversight."

Those are both wrong. The rule is a NFT is one of a finite number of solution to an equation, and the oversight is the blockchain.

#14 | Posted by snoofy at 2024-05-06 02:37 PM | Reply | Funny: 1

All investing is legalized gambling. Some is just high risk, high reward, while other investments are safer.
I have no problem w the concept of crypto. I have a problem with the politics of some of its biggest proponents though.

#15 | Posted by earthmuse at 2024-05-06 08:11 PM | Reply

"imo, any vendor that sells product with the ability to pay in bitcoin is foolish."

I don't see why you say that, but it's not really necessary to take crypto, as long as you take debit.

You buy something with the debit card. The card issuer sells some of your crypto for cash to cover the expense.

#16 | Posted by snoofy at 2024-05-07 10:36 PM | Reply

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