this post was submitted on 31 Jul 2025
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SEC says it will deregulate cryptocurrencies with 'Project Crypto' (qz.com)
submitted 1 day 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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[–] NewNewAugustEast@lemmy.zip 4 points 20 hours ago* (last edited 20 hours ago) (1 children)

It was great to trade and move value around. You could send to other countries, or do work for it. But Bitcoin fucked it all by basically being a ponzi scheme. People below will talk about it and how it holds or increases in value. Thats because most people are still buying in and hording it. Making it terrible as a currency.

I never bought crypto, I only traded, bartered, worked for it. I never put it on an exchange or used another company. Another sink of value and a stupid place to keep it. But that is the vast majority of people now.

So it is not good for anything anymore. Except speculation and hoping your are not the last holding the bag.

[–] icylobster@lemmy.world -1 points 19 hours ago (2 children)

Bitcoin specifically was never meant as a currency. There is a reason why people call it "digital gold". I do find myself hesitant to buy it since people buy it with the goal of getting rich, it ruins the entire point.

In theory I actually love the idea of Bitcoin, something independent of resources. I know that sounds weird, but the moment asteroid mining gets big, traditional money storage will get rocked, hard. While something like Bitcoin, in theory, would be safe.

I see deregulation as generally a bad thing if you want any of this to be taken seriously and not be manipulated. At least, for most of them. In theory you could have a crypto that is very resilient to manipulation, I just don't know if that exists right now.

[–] Reverendender@sh.itjust.works 2 points 13 hours ago

I’m going to go ahead and not worry about asteroid mining

[–] NewNewAugustEast@lemmy.zip 3 points 19 hours ago (1 children)

Bitcoin specifically was never meant as a currency.

Sure it was, look at the name of Satoshi's paper: Bitcoin: A Peer-to-Peer Electronic Cash System

[–] explodicle@sh.itjust.works 2 points 16 hours ago

Um ackchually by electronic cash they mean like bearer bonds, irreversible but not necessarily usable at all.