Another awesome update Mark, really appreciate your insight and balanced perspective on the general state of the economy in conjunction with crypto markets.
Have you read anything about the the suggested provision to the "America Competes Act?" It would supposedly allow the government to regulate all crypto transactions on exchanges that they deem a "concern" without any due process. Do you have any concerns regarding this or do you think it's mostly blowing smoke? Thanks again for another great post!
Yes, concerned but too early to draw conclusions. The provision is very broad and probably unconstitutional, if it went to court I think the administration would say it's a national security matter but seems like a flimsy argument bc no clear or present danger. Also, we don't know the timing or what changes can get made from now until it becomes law, and then the additional step of implementing, and even then the administration has to actually use the provision which is a whole 'nother issue.
That assumes it even becomes law. First attempt failed. Why assume this time will succeed?
Also, this may be a message not a means - a few members of Congress putting the industry on notice or throwing a bone to Wall Street.
Another awesome update Mark, really appreciate your insight and balanced perspective on the general state of the economy in conjunction with crypto markets.
Excellent!
😊
Hi Mark,
Have you read anything about the the suggested provision to the "America Competes Act?" It would supposedly allow the government to regulate all crypto transactions on exchanges that they deem a "concern" without any due process. Do you have any concerns regarding this or do you think it's mostly blowing smoke? Thanks again for another great post!
Yes, concerned but too early to draw conclusions. The provision is very broad and probably unconstitutional, if it went to court I think the administration would say it's a national security matter but seems like a flimsy argument bc no clear or present danger. Also, we don't know the timing or what changes can get made from now until it becomes law, and then the additional step of implementing, and even then the administration has to actually use the provision which is a whole 'nother issue.
That assumes it even becomes law. First attempt failed. Why assume this time will succeed?
Also, this may be a message not a means - a few members of Congress putting the industry on notice or throwing a bone to Wall Street.
Thanks Mark. I always need to hear your comments and analysis.
Glad you appreciate my work!