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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.🧵
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Jack Solowey
@jacksolowey
Crypto technology is a 21st‐century 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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