The sole function of the SEC is to increase the wealth gap. I am a startup founder in the middle of raising money and the compliance required to raise money from non-accredited investors that believe in our mission outweighs the need for their relatively small amount of investment money. The SEC denies access to high growth startup stock as an asset class to people worth less than 1M or make less than 200k per year. In my opinion this is criminal. There are new financing vehicles such as equity crowdfunding for non accredited investors that open this up, but you are still playing by the rules of the SEC.
DOWN WITH THE SEC
DOWN WITH THE IRS
DOWN WITH THE FEDERAL RESERVE
POWER TO THE PEOPLE
Yet we still have the Lotteries and Casinos... People lose lots of money on those!
I don't see why someone should have to have a million dollars to buy into something they think is cool. Don't risk more than you are willing to lose. No different than the lottery(oh wait, those help fund schools they say!) and Casinos.
I wonder if the exchanges will have to register with the SEC now to? Also wonder how that effects things like selling Bitcoins to friends or LocalBitcoins... Are you now a broker under the law?
One thing that really annoys me is all the bureaucracy. I wish things were written out in more plain English, straight to the point so the average honest entrepreneurial person could do things without spending millions of dollars on lawyers, paperwork, bonds and licenses, etc. Seems like starting a exchange is getting harder and harder. Plus the internet is global - so instead of complying with federal law - if you want to serve the entire US there's 50 different rules to follow - however some are very similar. Then going international is another mess.
For example some exchanges ban people from New York, which the main regulator who made that law is now consulting! We need to really get rid of that revolving door and funds out of politics!
Only those with wealth are allowed to make passive incomes, everyone else must sell their labor.
Translation: Slave Masters are allowed to own slaves. Slaves are not allowed to leave the plantation.
And they do it all in the name of "protecting" people.
Ugh. So frustrating. I get that we should care for those who can't care for themselves, but at some point... I dunno. It just seems like the "threats of violence" approach is such a terrible one. Maybe they see ICO space similar to predatory lenders giving out mortgages they know people can't pay back. That's a stretch though because speculative investing should only involve money people can afford to lose. If they get burned a time or two to learn that lesson, should that be okay? It's almost like government is still trying to be everyone's mommy and daddy. Let's all grow up instead.
you described it best: "integrity of the markets" sounds to me like "things we can control."