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Jack Solowey
@jacksolowey
Congress advanced 2 big pieces of crypto legislation in 2 wks--a SAB 121 disapproval (Sen & House) & #FIT21 (House). But it also did something more: it took steps to rein in an administrative state that's perpetrated a long train of abuses against U.S. consumers & innovators.đ§”
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Jack Solowey
@jacksolowey
Crypto technology is a 21stââcentury instantiation of the idea of decentralized control. The American Founders built decentralization into the U.S. Constitution in several ways. One was the separation of powers. 2/
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Jack Solowey
@jacksolowey
By hammering U.S. crypto users & developers w/ aggressive crackdowns beyond the scope of congressionally delegated authority, U.S. regulators usurped the role of the legislature. The administrative state has made a mockery of the separation of powers. 3/
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Jack Solowey
@jacksolowey
Fittingly from a Madisonian perspective, bipartisan votes in both houses of Congress disapproved SAB 121--an SEC rule defective procedurally (by violating the CRA) and substantively (by contravening accepted accounting standards). 4/
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Jack Solowey
@jacksolowey
Similarly, the House's bipartisan vote advancing FIT 21 is a challenge to SEC's "unsupervised dirty war" against the U.S. crypto ecosystem. 5/ https://cointelegraph.com/news/lawmakers-should-check-the-sec-s-wartime-consigliere-with-legislation
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Jack Solowey
@jacksolowey
This wk, Martin Gurri wrote that elite technocrats' âdream is to turn the clock back to the day before the internet was invented,â before technology made it difficult to act on their belief that âevery transaction demands their intervention.â 6/ https://www.thefp.com/p/martin-gurri-revenge-of-populist-normies
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