The Crypto World Is Living A Newfound Truth

By Shawn B

This article was published in 2021 on an earlier version of DibbSpot.com. It is being republished here for continuity. 

Recently I saw a tweet from Representative Warren Davidson, which referenced a Forbes article by Roslyn Layton entitled “The Crypto Uprising The SEC Didn’t See Coming”.  Roslyn, having closely followed the case over the past 9 months, artfully outlined a synopsis of the important occurrences – a kind of Cliffs Notes – if you will.  I’m not going to recount the article or summarize the case, please read it for yourself or the numerous items listed on the pubic docket in the case of SEC v Ripple Labs, Inc. 

Now, this tweet from Rep Davidson said, “There s a solution: pass the Token Taxonomy Act!”.  Thank you, Rep Davidson, for your proposed solution.  I did ask the question (or stated, rather) in reply, that even though this is a great proposal, what was puzzling to me is how congress is sitting by and watching as the SEC blatantly and corruptly tramples on us as constituents and citizens of this country.  It is painfully obvious to everyone, prima facie, that there are many things that are just OFF about the case, how it was filed, and the details that are emerging.  As well, if you dig even slightly deeper, the appearances of conflicts of interest seem to be transitioning from fictional speculation to fact.  These ‘proofs’ – articles, videos, messages, speeches, interviews and more – that Crypto Twitter are unearthing are alarming.  Even if you are of the persuasion that the government ALWAYS has your best interest at heart, it is difficult to trust that in this case, that is the case.  Reconciliation of this assumption with the now-known facts is charging towards the impossible. 

Now, I’m not a fan of hiding things or covering things up – far from that – but I have to ask, how can congress sit by while the world watches the dirty linens of the government on parade?  It is painfully obvious, even to us unsophisticated plebeians, that nefarious actions were or are in play.  Now, congress is (theoretically) the best of us, so I am left to assume that either congress is dumber than the rest of us; they are purposely ignoring this obvious travesty; or they are somehow complicit in this debacle.  Don’t let us speculate.  The TTA and other bills will go a long way – but only at the ‘speed of congress’.  What we need is immediate intervention.

Crypto is here to stay

As many as 59 million American adults own cryptocurrencies today – a staggering 61% increase from two years prior.  When will this become a priority for our politicians?  Are they going to wait until The Crypto Uprising The SEC Didn’t See Coming becomes The Crypto Uprising The American Government Didn’t See Coming?  This concept seems ridiculously inconceivable, yet here we are at stage one – which the SEC didn’t see coming.  Numerous countries of the world – developed or otherwise – have codified cryptocurrencies, aka Digital Assets, into their laws.  They distinguish CLEARLY what classes of assets there are – whether they be securities, utilities, commodities or otherwise.  The standout, not seemingly for caution or action, but rather pure ignorance and disbelief in their viability, is the United States.  It is time for this to change.  Our representatives and senators can and should be doing much more.  Start by taking an active interest in these developments.  Start by taking an active interest in this case.  Start by taking an active interest in your constituents’ needs because, in case you are intent on keeping your head in the sand, you are not only failing us, but you are failing to see the sand is quickly being washed away by a raging crypto tide.

Finally, it is quite unfortunate that in the case of SEC v Ripple Labs, Inc., the words of Ronald Reagan are proving timelessly true.  The crypto world is living a newfound truth:

https://www.forbes.com/sites/roslynlayton/2021/08/30/the-crypto-uprising-the-sec-didnt-see-coming/?sh=29cfef4143eb