U.S Treasury Secretary Janet Yellen was accused of corruption recently for accepting "speaking fees" (bribes) in exchange for attacking the crypto industry. This accusation comes in the wake of a limited disclosure where she admitted to receiving at least $7.2M from Citadel hedge fund and Citi Bank. As someone with a total net worth of $20M, this staggering value is definitely quite suspect. Who knows what kinds of arrangements she has with these various organizations.
Do I think she is corrupt?
Of course she is. All politicians are corrupt by design. You can't climb the politics ladder without getting your hands dirty. It's all about networking and doing favors for the people who are doing favors for you. However, at the same time there is a pretty reasonable explanation that Yellen would be against crypto without having to be paid to think that way.
Yellen is a staunch economic dove (supporting low-interest rates and expansionary monetary policies, valuing low unemployment over keeping inflation low). ... She and her husband, George Akerlof, are both Keynesian economists who believe that economic markets need governmental regulation to function correctly.
Keynesian Economists don't get it.
This old way of thinking simply doesn't mesh with the real world anymore. Once you mix it with crypto it becomes complete nonsense. There's a reason why these "experts" can't even grasp why Bitcoin has value in the first place.
When your entire life's experience depends on Big Government to make everything work correctly, of course crypto libertarianism would make absolutely zero sense. Crytpo is exactly the opposite of everything Keynesian Economics stands for. This is why many economists are more ignorant about crypto than even average Joe's on the street. Their discipline has taught them in such a way that crypto runs contrary to crypto in every way.
So is Janet Yellen corrupt? Yeah... all politicians are by design. Is she accepting bribes in exchange to promote anti-crypto policy? Probably not, as she was already anti-crypto before she got paid by Citidel. The money is just a bonus. Besides, what kind of idiot would publically disclose an obvious bribe? It's not like this information was leaked or hidden in any way.
Senate passes $1.2T infrastructure bill.
The language to modify the definition of a "broker" was not changed despite the proposed Amendments. It will now be voted on in the House. It's hard to say what kind of amendments the House of Representatives will propose, so I guess we'll just have to wait and see.
The funny thing about all this is that the infrastructure bill alarmism is pure speculation. Everyone is just assuming that simply because miners and programmers theoretically could be considered "brokers" under this language that it will automatically be enforced this way. This assumption doesn't really make a lot of sense. Miners and devs are not being overtly targeted. It's just hard to legally separate these entities because at the heart of crypto is the transference of value.
Just because lawmakers theoretically could try to say that a miner is a broker under this language doesn't mean they would actually try to attempt that nonsense. I mean I wouldn't put it past them but this really all feels like much ado about nothing. Not only is this bill not going to be put into effect until 2023, everything that everyone is saying about it as it relates to crypto is pure speculation and doesn't even really make a lot of sense.
Conclusion
At the end of the day, it doesn't really matter what the regulators do. Crypto is self-regulating, and if it does what it's supposed to do, this infrastructure bill will be nothing compared to the madness that will be coming down the pipe over the next decade.
Crypto threatens pretty much every established industry, as it's primed to replace the entire core of the economy. Those who do not make the transition to crypto will get left behind just like the businesses that got replaced by the Internet itself. It doesn't matter what the regulators have to say. They are irrelevant. That's the entire point of this movement.
2023? that is like 10 crypto years
Of course veteran politicians believe in Government regulations. It will be interesting to see the shift from the effects of the blockchain's success on the political landscape in the future
"Mr president Negan, those crypto kids online are starting to make sense and gathering in larger groups... How ya want to handle this?"
Oh, I got this... * * Takes Lucille to town on the internet connections * *
Sorry, watching walking dead, it only made sense...
Sidenote: I should watch revolution again, a JJ Abrams great, about a world with no technology... LoL.
The problem I see with this grand "the government is dead and on its way out" idealism is a basic infrastructure one,.... If it does get real bad for them, we just lose the internet because it's government controlled anyways... As for those prepared for a world without mainstream internet connections,... Well, they are already prepping right? Damn preppers and their camouflage! Blend in they said, it'll work out in the end they said...
All the main structure of global society is based upon connectivity (that includes also political spheres) therefore it is pretty uncertain that such a thing as a massive Internet breakdown could happen.
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I appreciate the feedback, but, I'm sure if china can mostly figure it out with the "great firewall of china", other countries could figure it out with more control.... Like some provisions to block all outbound connections unless it's to an approved ip/service, you knows infrastructure related ones. Lots of ideas to be had there, but a blanket "it'll never work because" is bad prose,... Especially in a world that functioned without internet in most hands until about 25 years ago. Just saying... LoL. I'm sure some gov't groups already have a contingency plan in place just in case a need presents itself, as infringing on our rights as it may be,.. idk, just some random thoughts on the subject. Surely one of the rules of prepping is take nothing for granted right?
Not like a solid "iot network" option exists in the scale to sustain communication and community if the internet goes dark... although there is work being done in that ecosystem, it's far from widely available...
As you say, by the time this bill actually gets hashed out and passed, it could say something completely different.
I also agree that it would be grossly incompetent to try and go after miners and devs in the court system. If anything, the courts are eventually going to have to rule on this definition, most likely in a completely separate court case. By the time this all happens, crypto is going to have advanced another full technological leap and will be so firmly entrenched within the legacy systems and big-tech that there really will be no way to legislate it on such a macro level.
The ship is already sailing, whether the government likes it or not. There's a whole new generation coming up that are going to adopt crypto through gaming and there will be no turning back. The world has already changed and they still don't even know it.
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whether she got paid for her remarks or not, in her position she acts as part of the gang. a gang that has never been about representation but indoctrination to submission.
i really hope we won't be lulled in. the premise crypto got started on is so often forgotten and watered down through all the noise and the sphere's readiness to somehow accept these crownies' rules voluntarily...
$7.2 million just to talk hot air? How do I get that job. I'll do it for 10%. Can it be a random subject? I'm good at making things up on a whim.
Amazing!
Ditto
Hahah get me a similar gig too!
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Apparently citizens attacking the white house wasn't enough of a wake up call that people are getting tired of the BS going on in our government. These people need to seriously start waking up and realizing they work FOR the people not the other way around.
All that matters.
Also, no more leofinance.io front-end?
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there is a reason for that,
surprised you noticed.
Haha, I'm always trying to encourage the top LEO authors and curators (you falling into both categories) to write well structured content with SEO value for our domain.
Are you going to let us in on the secret?
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"Technical Difficulties"
I can only imagine how much worst it can get since those politicians are looking for another way to generate some tax revenue.
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This is an amazing bit of clarity in an unclear time.
Bravo. Well done.
While I agree that vague laws can be interpreted anyway the regulators want, do they want to? Or do they just want more money and more data ?
As you said the hill still has to pass the House of Representatives and the House and Senate bills need to be meldeded in one bill via the joint conference committee So this isn’t over yet.
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It is difficult to make someone understand something when their salaries are based on them not understanding it. Plus I don’t like yelling Yellen!
It will be interesting to see what the House does with the bill. If anything...
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I mean yes/no. I understand what you mean about crypto being self regulated, but a core aspect of an asset is its store of value and transferability. What the regulators do scares boomer money away, as they are still entrenched in the old ways. I'll gladly agree their influence is waning pretty rapidly though.
Citadel Hedge Fund? You mean the same one that shorted Gamestop(GME) 160% of their total stock? Pushed to rig the markets, disallowing sales of GME, screwing the little man to enrich the big man, ironically on a platform called Robinhood? Color me shocked they are involved.
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I think Gamestop was Melvin Capital IIRC.
But yeah, they are all the same.
Entities born of greed.
Wow,in this world today Government work is not helping matter compared how much crypto has helped a lot of graduate who are not doing anything at the this moment but depends on crypto because it is a sure business,if you are expecting white collar job that means your brothers are already there working or father or any members of your family or your relative that is political,but crypto anyone can choose to become the members of the community anytime any days.however,if is true that jenet yellow has that kind of intentions (bribe) in exchange for attacking crypto industry,she should resisty from setting down fall of crypto.
Their system as well as their ideas have become obsolete. It is the sure definition of cronyism, zombified companies, banks that lend/trade with themselves, and a legacy system that serves itself and not the people. Money and politics never mix well.
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The problem is that, typically, agencies will want to enforce laws as the were written rather than how they are intended. But, as you state, it is unlikely that any enforcement will begin immediately. They would need to get set up to even try to figure out how to enforce. It could take years before they are ready.
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LOL, I think the issues are only in my country. Politicians in my country, when the time comes for election day, give money to the voters. My country is a developing country and not all people understand politics. They accept the money as the generousity of the politicians.... When the politicians sit on the perliemant, the policies they make will eredicate their voters... That is the stupidest thing I have ever seen.
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STOPTo support your work, I also upvoted your post!
They are wasting a lot of time and money to try to stop something that's already unstoppable at this point.
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