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Bob Hale
@bobhale
🚨Following this news – the SEC has also now dropped its probe into Robinhood’s crypto arm…🧵
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Bob Hale
@bobhale
The speed at which the SEC and Trump admin is moving is nothing short of astounding. I think it’s partially a play to desensitise and disengage opposition voters, but regardless it may be harmful
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Bob Hale
@bobhale
I’m all for improves regulator efficiency, but this all seems far too Trumpy. I wrote over the weekend about the problems with just how politicised regulators are becoming under Trump –
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Bob Hale
@bobhale
These regulators will always be somewhat political but their ultimate goal should be the same. TO REGULATE. To be the safety nets and guardrails that restrict private actors from acting unfairly and harming citizens
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Bob Hale
@bobhale
While I may not be its biggest fan, the economy is meant to be capitalist – this means good competition can lead to growth and all that good stuff – but as we know, this requires regulation
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Bob Hale
@bobhale
So what is a regulator’s job? To create this growth? No. To ensure growth is created by economic actors FAIRLY. Right now regulators in the US are being treated like extra arms of the ruling party rather than the rule makers they should be
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Bob Hale
@bobhale
I’m not singling out this Robinhood case, and the SEC has some excellent pro-crypto people on its side. But these regulators (CFTC too) cannot get carried away with becoming political machines or we will continue to see rapid rises in wealth inequality, the poor will get poorer and more people will slip into poverty
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