Some people I respect a great deal have joined this Blockchain Alliance where Bitcoin companies will partner with agencies like the DHS, FBI and Immigration Service (of all things). I must be missing something because I don't see how this is beneficial. A couple years back, many industry leaders gladly cheered and supported the "bold" and "progressive" efforts of Ben Lawsky to proactively regulate Bitcoin. At the time, I was one of the very earliest minority voices who spoke out against this and the reasons I thought supporting Lawsky was a terrible idea. Our industry engaged him, we attended his media show hearings, we cheered at his Reddit AMA marketing and gave him fame, notoriety and legitimacy. The result was a horrible and overbearing Bitlicense which took thousands of industry man hours and millions of dollars to roll back to the current point...which is still quite onerous and harmful to business. Did we learn nothing from this? Unlike many who thought it was a good idea, I've actually been a regulated investment professional (with a spotless compliance record) for over 20 years...including 18 years as a FINRA General Securities Principal and time as an SEC Registered Investment Advisor. I've seen first hand the massive harm that many of these regulations do to business while doing little to nothing to actually stop actual fraud or bad behavior. The investment industry spends billions of dollars annually on compliance with vague and ever changing rules directed by unelected bureaucrats who generally seek to increase influence and power with more far reaching regs. Meanwhile, derivatives scams, penny stock pumping schemes, dishonest bond underwriting, conflicts of interest, corrupt rating services, fraudulent marketing and outright frauds run rampant. Even one of their own, Bernie Madoff, the Chairman of the largest industry regulator, the NASD, was not caught for years...despite a 17 page detailed tip from a whistleblower to the SEC. The regulators simply are not adept at catching bad actors....they are far more adept at creating hurdles for legitimate business. As with proactively supporting more regulations, the support of the Department of Homeland Security, FBI, ICE and others in partnership with Bitcoin industry leaders is unlikely to yield any positive results in improving the image of Bitcoin OR reducing bad behavior -- but will most certainly result in a form of reverse regulatory capture where the govt officials our industry are dealing with seek increased influence and control over Bitcoin and related technologies. In what way is Federal involvement in our technology with peaceful, non criminal actors a legitimate role for government? By what logic does one assume that the government officials and agencies involved will not continually expand and increase influence and control over this technology? Would the cooperation of the Blockchain Alliance with government agencies continue if the agencies asked for blacklisting of coins, elimination of privacy features, removing fungibiliy features and other requests? Does the Blockchain Alliance support current actions by the agencies including the current methods of asset forfeiture without trial by which the government can seize property without even charging someone of s crime? Does the Blockchain Alliance support the Federal government's policy of ignoring the mandates of voters in jurisdictions such as Colorado and prosecuting crimes that the majority of state voters and representatives have already voted against? Is there ANY law, rule or policy by any future agencies or future politicians which the Blockchain Alliance would refuse cooperation on? From the current announcements it does not seem so. I hope I'm wrong and have misunderstood somehow. As I said, many I respect a great deal have supported this. submitted by bruce_fenton [link] [105 comments] > lees heel artikel
