Former SEC chief blasts ‘bogus’ catchphrase: ‘Regulation by enforcement’
Lawyer and former SEC official John Reed Stark came out in defense of the SEC’s enforcement efforts in the crypto space.
The mere fact that it annoys him is proof enough to keep using the phrase.
Ripple General Counsel Stuart Alderoty has also questioned the approach in a Nov. 28 post, citing the high-profile collapse of FTX and the related contagion that claimed BlockFi as evidence it doesn’t work.
Brian Armstrong, CEO of Coinbsse, adds that "rhetoric is important", but guidance and clarity more so.
All those cases that the SEC claims as "victories", just because the hapless crypto corp pays a fine to settle out of court, mean that they are worth nothing in terms of legal precedence as no judgments were ever made. Thus, they do little to clarify the issues, apart from paying the SEC some protection money. Remember EOS?
Words are very important for propaganda - and for anti-propaganda too. Maybe we can help Stark with some more memetic catchphrases.
Regulation by extortion.
Regulation by entrapment.
words are important - choose them wisely - use them as a weapon.
They are acting like racketeers - taking a cut of illicit profits when they can.