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Sweeping crypto bill: it's a Commodity


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#1 Rogerdodger

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Posted 07 June 2022 - 10:39 PM

New sweeping crypto bill unveiled and it classifies most digital assets as commodities

This regulation is the first extensive bipartisan attempt to provide legal clarity to crypto markets.

The biggest takeaway from the bill is that most cryptocurrencies, including Bitcoin and Ethereum, are defined as commodities, which fall under the purview of the CFTC and not the SEC (the U.S. Securities and Exchange Commission).

In an interview with CNBC, Lummis and Gillibrand said the bill will have to go through at least three different Senate committees before moving for a full chamber vote.

The industry's reaction to the bill has been positive, with many touting the bill as a big step forward for the crypto space, preferring the CFTC oversight over the SEC.

 

 

Never Mind...

"It is not likely the bill will be passed quickly because of the looming midterm elections in November."



#2 OEXCHAOS

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Posted 08 June 2022 - 06:10 PM

The SEC is too incompetent and/or too corrupt to regulate cryptos. IMO.


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#3 brucekeller

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Posted 09 June 2022 - 12:44 AM

The SEC is too incompetent and/or too corrupt to regulate cryptos. IMO.

Still seems like a security, but you're right... I just always thought of commodities as something you can actually hold / deliver. 



#4 Douglas

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Posted 09 June 2022 - 12:53 AM

What I want to know is why is crypto currency legal, but if I go down to Kinko's and Xerox me a bunch of $100 dollar bills, it's illegal?  Both are just making money out of nothing, neither are backed by anything and both will stimulate the economy just like FED funny money.  How is it that digital counterfeiting is OK, but good old fashion printer counterfeiting is not? 

 

Regards,

Douglas



#5 Rogerdodger

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Posted 09 June 2022 - 04:11 PM

The concept of Crypto is not at all new!

There's nothing new under the Sun!

Perhaps at least 2000 years ago the concept was alive and well; treasured by the native inhabitants of the Yap islands in Micronesia.

Rai stones have been viewed by modern economists as a form of money, and are often used as an example to support the thesis that the value of some form of money can be assigned purely through shared belief in said value.
Ownership was established by shared agreement, and could be transferred even without physical access to the stone. Each large stone had an oral history that included the names of previous owners. In one instance, a large rai being transported by canoe and outrigger was accidentally dropped and sank to the sea floor. Although it was never seen again, everyone agreed that the rai must still be there, so it continued to be transacted as any other stone.
The perceived value of a specific stone was based on not only its size and craftsmanship, but also its history. The value could depend, for instance, on whether it was brought by a famous sailor, or whether people died during its transport.

.

I personally own a doggie coin once owned by an electric car maker who died on Mars!

In a few years, it will be worth ZILLION$!

Enough money to fill up a car on Brandon Gas.

(I'll be here all week!) purebs.gif

..

Yap-Stone-Money.jpg


Edited by Rogerdodger, 09 June 2022 - 04:21 PM.