
Cameron Winklevoss|Mar 04, 2025 16:49
Any future crypto legislation must make it very hard to weaponize federal agencies against crypto. Crypto needs rules, not because investors lack protection but because builders and companies lack protection — we need a firewall against federal regulatory attacks. This should be a major goal of any future legislation put forth.
If Senator Warren was able to weaponize the SEC to DDOS crypto with enforcement actions, then we should assume that she will try to weaponize the CFTC or any other financial regulatory agency she can in the future against crypto. Just look at what she did with the CFPB against banks and fintechs. If the CFPB wasn’t DOGE’d, it would be turning its sights on crypto.
As a reminder, Gary Genser was the chairman of the CFTC from 2009 - 2014, well before he became the chairman of the SEC.
Default to the enemy is inside the system. Assume that any agency will be, or already is, infiltrated with Warrenites or the future equivalent who have zero compunction w/r/t bending an agency unlawfully to their ideological and political whims.
We should be operating with a zero trust model.
-We assume agencies will be weaponized
-We assume agencies will try to unlawfully extend their administrative powers
-We assume agencies will use rules and regulations as a means of control
-We assume agencies will attempt to become economic gatekeepers
-We assume agencies will be filled with apparatchiks
Warren gave us an invaluable lesson in the abuse of power and tyranny that we must never forget.
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