The inevitable SEC crackdown

#Defund the SEC and all that, fellow mirror hodlers, let us give this matter its due attention.

The article is older (July), and is quite clear in its condemnation of protocols like mirror.

What are the implications for mirror, its holders and its team?

Do we

a) ignore all the sabre rattling, mirror is an international and decentralised protocol that can safely shrug off persecution in one country

b) panic sell

c) buy the dip once it comes

d) attempt to somehow appease the SEC through some gimmick like Dydx posting a notice no Americans allowed


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I’m of the idea that we need to understand the scope and breadth of the SEC’s authority on these matters.
What is a security?
Is it only for those that are denominated/convertible into USD?
What type of organizations fall under the jurisdiction of the SEC’s (in)competence?
What regulations do they pretend to want to apply, that can’t be implemented by coding them into a smart contract?
As I see it, SEC regulations are for a time when contracts were on paper and between individuals; in crypto we have smart contracts which are lines of code and basically between wallets


With Gensler as head I thought we would have a hands off approach to regulation.

Clearly that is not going to be his program.

I am worried.

Buying more.