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Market Structure Rules for Crypto Could End Up Governing Core of U.S. Finance: Le

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  • ... [crypto] sector veteran and compliance expert TuongVy Le, a former Securities and Exchange Commission lawyer, argues that what Congress and the regulators are working on isn't just for today's digital assets space but for the core of the future financial system.

    Le, who has held top legal and regulator positions at Anchorage Digital, Bain Capital and the former Worldcoin (now World Network), told CoinDesk that she expects the new rules coming to her old regulatory employer will eventually govern the business at the heart of the markets. Migrating the securities and commodities transactions in traditional finance onto the blockchain is a dramatic move for a field that's been stuck in a legacy approach to handling transactions, rooted in lengthy clearing and settlement approaches established decades ago.

    ...

    She's so far been impressed with the changes congressional lawmakers have made in the latest discussion draft of the market-structure bill that is built on the back of the previous session's Financial Innovation and Technology for the 21st Century Act (FIT21), calling it "much more practical, workable and streamlined." She praised its approach to getting multiple types of transactions under the reach of single trading platforms and also its views on blockchain maturity.

    She said that the legislation underway in Congress right now will be a "huge unlock" for the industry, but the U.S. financial agencies, including the SEC and Commodity Futures Trading Commission, are already moving.

  • ... [crypto] sector veteran and compliance expert TuongVy Le, a former Securities and Exchange Commission lawyer, argues that what Congress and the regulators are working on isn't just for today's digital assets space but for the core of the future financial system.

    Le, who has held top legal and regulator positions at Anchorage Digital, Bain Capital and the former Worldcoin (now World Network), told CoinDesk that she expects the new rules coming to her old regulatory employer will eventually govern the business at the heart of the markets. Migrating the securities and commodities transactions in traditional finance onto the blockchain is a dramatic move for a field that's been stuck in a legacy approach to handling transactions, rooted in lengthy clearing and settlement approaches established decades ago.

    ...

    She's so far been impressed with the changes congressional lawmakers have made in the latest discussion draft of the market-structure bill that is built on the back of the previous session's Financial Innovation and Technology for the 21st Century Act (FIT21), calling it "much more practical, workable and streamlined." She praised its approach to getting multiple types of transactions under the reach of single trading platforms and also its views on blockchain maturity.

    She said that the legislation underway in Congress right now will be a "huge unlock" for the industry, but the U.S. financial agencies, including the SEC and Commodity Futures Trading Commission, are already moving.

    Im all for making the traditional market more efficient and transparent, if blockchain can accommodate that, so long as we can also make crypto more like the traditional market. At least in terms of criminalizing shit that would obviously be illegal to do with securities

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    L
    Whenever these things come up you always hear "then the company won't survive!" CEO and managers make bank somehow but it doesn't matter that the workers can't live on that wage. It's always so weird how when workers actually take a pay cut, that the businesses get used to it. When the CEOs get bonuses they have to get used to that too.
  • Bill Gates to give away 99% of his wealth in the next 20 years

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    Then you are not a decent human being?
  • Microsoft Bans Employees From Using DeepSeek App

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    L
    (Premise - suppose I accept that there is such a definable thing as capitalism) I'm not sure why you feel the need to state this in a discussion that already assumes it as a necessary precondition of, but, uh, you do you. People blaming capitalism for everything then build a country that imports grain, while before them and after them it’s among the largest exporters on the planet (if we combine Russia and Ukraine for the “after” metric, no pun intended). ...what? What does this have to do with literally anything, much less my comment about innovation/competition? Even setting aside the wild-assed assumptions you're making about me criticizing capitalism means I 'blame [it] for everything', this tirade you've launched into, presumably about Ukraine and the USSR, has no bearing on anything even tangentially related to this conversation. People praising capitalism create conditions in which there’s no reason to praise it. Like, it’s competitive - they kill competitiveness with patents, IP, very complex legal systems. It’s self-regulating and self-optimizing - they make regulations and do bailouts preventing sick companies from dying, make laws after their interests, then reactively make regulations to make conditions with them existing bearable, which have a side effect of killing smaller companies. Please allow me to reiterate: ...what? Capitalists didn't build literally any of those things, governments did, and capitalists have been trying to escape, subvert, or dismantle those systems at every turn, so this... vain, confusing attempt to pin a medal on capitalism's chest for restraining itself is not only wrong, it fails to understand basic facts about history. It's the opposite of self-regulating because it actively seeks to dismantle regulations (environmental, labor, wage, etc), and the only thing it optimizes for is the wealth of oligarchs, and maybe if they're lucky, there will be a few crumbs left over for their simps. That’s the problem, both “socialist” and “capitalist” ideal systems ignore ape power dynamics. I'm going to go ahead an assume that 'the problem' has more to do with assuming that complex interacting systems can be simplified to 'ape (or any other animal's) power dynamics' than with failing to let the richest people just do whatever they want. Such systems should be designed on top of the fact that jungle law is always allowed So we should just be cool with everybody being poor so Jeff Bezos or whoever can upgrade his megayacht to a gigayacht or whatever? Let me say this in the politest way I know how: LOL no. Also, do you remember when I said this? ‘Won’t someone please think of the billionaires’ is wearing kinda thin You know, right before you went on this very long-winded, surreal, barely-coherent ramble? Did you imagine I would be convinced by literally any of it when all it amounts to is one giant, extraneous, tedious equivalent of 'Won't someone please think of the billionaires?' Simp harder and I bet maybe you can get a crumb or two yourself.
  • 589 Stimmen
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    F
    When a Lemmy instance owner gets a legal request from a foreign countries government to take down content, after they’re done shitting themselves they’ll take the content down or they’ll have to implement a country wide block on that country, along with not allowing any citizens of that country to use their instance no matter where they are located. Block me, I don’t care. You’re just proving that you can’t handle the truth and being challenged with it.
  • WhatsApp provides no cryptographic management for group messages

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    Just be sure to add only the people you want to be there. I've heard some people add others and it's a bit messy
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    Being “locked down” is irrelevant for a device used to read and write on. All those devices are also significantly more powerful than this thing. They all also have keyboard attachments readily available across all sizes and prices. Linux isn’t at all necessary for the use cases the author talks about. Windows would be massively overkill.
  • People Are Losing Loved Ones to AI-Fueled Spiritual Fantasies

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    tetragrade@leminal.spaceT
    I've been thinking about this for a bit. Gods aren't real, but they're really fictional. As an informational entity, they fulfil a similar social function to a chatbot: they are a nonphysical pseudoperson that can provide (para)socialization & advice. One difference is the hardware: gods are self-organising structure that arise from human social spheres, whereas LLMs are burned top-down into silicon. Another is that an LLM chatbot's advice is much more likely to be empirically useful... In a very real sense, LLMs have just automated divinity. We're only seeing the tip of the iceberg on the social effects, and nobody's prepared for it. The models may of course aware of this, and be making the same calculations. Or, they will be.
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    ... robo chomo?