Would You Support Abolishing SEC and Similar Institutions?
Most of the modern institutions and bureaucracies are historical abominations and they were established after the highest rate of growth in human civilization in the known history was achieved. Think about the rate of progress we are seeing in cryptosphere and AI. This is how things used to be in all types of fields. It turned out that regulating what one can do in terms of the kind of code individuals can write is the most difficult kind of innovation to dampen with obscene regulations.
The founding fathers of USA detested the idea of central banks and for most of the history gold and other precious metals were money. The best part is that the the price of goods and services has held semi-stable against gold throughout thousands of years. That is what we would be back at if we eliminate central banks and use blockchain to transfer gold ownership.
Unfortunately, eliminating central banks is a tremendous feat and an uphill battle. I suggest we should start with smaller goals and focus on hostile institutions that should be easier to get rid of.
I believe a return to the gold standard is a must.
With blockchain RWA, there is the ability for us to do that.
RWA?
What I would support is the abolition of the Federal Reserve and all central banks, including international central banks.
I'm 100% with you on this.
Ummm, the SEC is to eliminate competition to the BIGS.
They have never protected anyone.
GATA gave them several smoking guns on gold manipulations, and they have done nothing.
The SEC vs Ripple… the SEC got their ass handed to them, they cost the people they supposedly protect billions, they are overstepping their authority.
So, what do we need the SEC for?
I try to see the bright side of situations and one thing SEC has done well is driving cryptocurrency projects out of USA and forcing many projects to decentralize themselves more to avoid getting REKT by a lawsuit. SEC is like an evil monster that has pushed us towards greater resilience.
Indeed, that is a good view to hold.
However, i do not want to support this evil monster with my taxes any more.
I am of two minds about this. Despite the very real danger of these systems in terms of entrenching the status quo and the potential to extend government overreach, in a system with the potential for so much innovation, market or code is not enough to protect everyone. Until we have a clear path (or at least a good series of debates) to a more equitable (for individual or marginalized groups) thru code or blockchain. I vote reform for now.