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SEC says it will deregulate cryptocurrencies with 'Project Crypto' (qz.com)

submitted 4 days ago by tonytins@pawb.social to c/technology@lemmy.world

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In a Thursday speech, U.S. Securities and Exchange Commission (SEC) chairman Paul S. Atkins announced “Project Crypto,” an initiative to modernize the country’s securities rules and regulations to move financial markets on-chain.

“Under my leadership, the SEC will not stand idly by and watch innovations develop overseas while our capital markets remain stagnant,” he said at an America First Policy Institute event in Washington D.C. His plan includes measures to reshore crypto businesses that have left the country and to ensure that “archaic rules and regulations do not smother innovation and entrepreneurship in America.”

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[–] Cocodapuf@lemmy.world 1 points 1 day ago (1 children)

So I'm hearing that perhaps the idea I talked about in my example didn't sound cool to you. But it was cool to a lot of people, and your opinion doesn't speak for everyone. And it does work, like today.

[–] UnderpantsWeevil@lemmy.world 1 points 21 hours ago (1 children)

it was cool to a lot of people

So were pogs

[–] Cocodapuf@lemmy.world 1 points 20 hours ago (1 children)

So you really think the ability to trade digital keys is useless? That's honestly weird.

I mean there are so many instances of people actively using digital keys right now, so clearly that part of the functionality has value. Surely there are situations where one might want to sell access to something, and the ability to transfer a digital key with a single transaction would be useful.

I think you're being overly dismissive based on preconceived notions.

[–] UnderpantsWeevil@lemmy.world 1 points 20 hours ago (1 children)

So you really think the ability to trade digital keys is useless?

When the keys cost several hundred dollars to generate? I'd say the price vastly outstrips the reward.

I mean there are so many instances of people actively using digital keys right now

Bailey: "Cryptocurrency is useful."

Moot: "Oh, so you think cryptography is useless?!"

I think you’re being overly dismissive

That's fine. I don't really value your opinion.

[–] Cocodapuf@lemmy.world 1 points 16 hours ago (1 children)

When the keys cost several hundred dollars to generate? I'd say the price vastly outstrips the reward.

It does not necessarily have to cost that much... But even if it did, the key to my Honda cost a couple hundred dollars to copy, so that's not really different.

I don't expect to change your mind, but it seems worth pointing out that the things you're saying are pretty dumb.

[–] UnderpantsWeevil@lemmy.world 1 points 15 hours ago

It does not necessarily have to cost that much…

And yet that's the selling point behind proof-of-work cryptocurrency models. The whole reason they have value is the raw material cost to fabricate a new key.

Absent that cost, it's not cryptocurrency. It's just cryptography.

things you’re saying are pretty dumb

Hey, good luck out there.