Last week, Senators Kirsten Gillibrand (D-NY) and Cynthia Lummis (R-WY) made a joint appearance on CNBC to discuss their bipartisan bill regulating the cryptocurrency industry.
Thank you, Jud. I for one have been suspicious of cryptocurrency and you have made it (somewhat) clear that it should be avoided as a vehicle for secure investments especially in 401(k) plans.
I think these two, and I have a great mistrust of Gillibrand, have a hidden agenda.
Judd great job. We know the GOP would love to back a place to hide money to exempt it from taxes. But we have bipartisan support here. Hoping pocket lining on both sides of the aisle will be paid in Bitcoin. I don' t know whether to laugh or cry.
The poor saps sticking money in a 401k. And from theooks of Twitter lots of saps are Bitcorn dealing.
Bury your 401k in your back yard, it will be safer.
I'm so sick of crypto. I hope these senators lose their entire investments in it. Of course they already have skin in the game. There is no end and no bottom to how low senators will sink (on both sides of the aisle) to line their pockets first. They do not care about the majority and the greater good. We need to get rid of career politicians at every level of government. This cannot continue or we are doomed as a nation.
What amazes me about crypto, is beside a being 99% a pyramid scheme, it’s a pyramid scheme that’s highly susceptible to cyber theft. So it’s not a same as most pyramid schemes. But it’s flashy and new, so people buy in. I dread the future reckoning. (The 1% that’s not pure pyramid scheme is crypto’s usefulness for money laundering. Not exactly a social good.)
Let’s not forget the ridiculous waste of resources it takes to mine most cryptocurrency. I can see a Republican not caring about that, but a Democrat encouraging it is shameful.
This is the dumbest recommendation since "corporations are people" became law. And revolving door between CFTC and crypto business is a clear sign crypto bros are loading the dice once again. Everything I read about crypto is that it's a giant Ponzi scheme. And it's so vaguely defined and cryptic I guess that's why it's called "crypto"! Stay far, far away from it, especially in retirement savings until it's better defined and understood! Definitely needs regulation, but even the regulators can't define it!
Thanks for the heads up, Judd. I live in New York City and have called Sen, Gillibrand's office to express my deep concern about the bill and acknowlede your article. Keep up the good work.
Crypto in 401(k)s scares the daylights out of me. I wouldn’t be surprised if we saw class action suits against employers who allow this in their plans alleging breach of fiduciary duty.
Instead of innovating and solving climate change, we are intentionally inventing technology that makes it worse??
Shame on these Senators for not addressing the elephant in the room capable of smothering their grandchildren. Crypto has bigger future issues than regulation. Where is Jane Fonda when I need her??? 🙃
Sorry this is off topic but FYI: Some far-RW Salem Media websites have abruptly cut off their blogs to non-subscribers. As of Monday most were routinely available for anyone to read and participate in. Tuesday morning access was restricted to subscribers only (VIP members). Could it be a desperate move to cut off discussion of the feared unraveling of Trump? Considering how all-in Salem is with Trump they might worry that too much reality may upset their audience's MAGA delusions -- which they have earlier tolerated (assuming that anti-Trump bloggers are not chipping in). The vast majority of bloggers are very conservative, mostly anonymous, anti-democratic, often purveyors of warped history, frequently bigoted, and as vulgar as the usual low-info debater. Then there are a few never-Trumpers and liberals (like me) who stick their necks out for abuse and entertainment.
Not surprisingly, the nitty gritty from the 1/6 committee is getting scant attention on these sites with few exceptions including Hot Air's libertarian anti-Trump columnist "allahpundit". The level of tension from the Team Normal-type comments and their Team Rudy-type talking points has been quite a show lately. A political horror show.
I scan these sites often, especially at times when there should be high anxiety on the right. I want to see how they present various exposes to their leaders' nefarious hijinks. Naturally their hair is on fire these days, and while they usually claim to boycott the hearings they toss out scads of references to kangaroo courts, stalinist show trials and marxist demonrats. But lately they were also getting more attention from a growing few of us who were bringing actual news to their Orwellian site. Popping up were references to Ivanka, Barr, Miller, and other Team Normal wannabees. That was over Monday. Tuesday is a Brave New Insulated World at Salem Communications (BTW is it AKA Hugh Hewitt's cash machine?)
"Why is the crypto industry so enthusiastic about this bill? First, it needs a regulatory framework around crypto so that more people feel comfortable investing and using crypto. More investors mean higher prices and bigger profits. Regulation is also seen as inevitable, so establishing a framework reduces uncertainty and makes crypto a more attractive asset.
At the same time, the industry doesn't want to give up the freedom of operating as an effectively unregulated industry. Gillibrand and Lummis' bill threads the needle, giving the crypto industry the best of both worlds. "
Yeah, what could *possibly* go wrong with that arrangement?
The sheer hypocrisy of this would be stunning if it hadn't become typical of the way things work in what is rapidly becoming a kleptocracy in this country. The sales pitch of the crypto hustlers was that crypto currencies, despite their obvious risks and volatility, had the advantage of being *unregulated*. So it was, like, a free enterprise libertarian "power to the people (with disposable income)" thing.
Now, of course, we discover (as we knew we would) that the whole unregulated thing was just a scam to get enough suckers on board so that the $1000 suit crowd could exercise enough political power to get the same sweetheart legislation that all the big evil regulated systems get.
Gee, who saw THAT coming? Aside from P.T. Barnum, that is?
Thank you, Jud. I for one have been suspicious of cryptocurrency and you have made it (somewhat) clear that it should be avoided as a vehicle for secure investments especially in 401(k) plans.
I think these two, and I have a great mistrust of Gillibrand, have a hidden agenda.
cathy bjust now
Judd great job. We know the GOP would love to back a place to hide money to exempt it from taxes. But we have bipartisan support here. Hoping pocket lining on both sides of the aisle will be paid in Bitcoin. I don' t know whether to laugh or cry.
The poor saps sticking money in a 401k. And from theooks of Twitter lots of saps are Bitcorn dealing.
Bury your 401k in your back yard, it will be safer.
I'm so sick of crypto. I hope these senators lose their entire investments in it. Of course they already have skin in the game. There is no end and no bottom to how low senators will sink (on both sides of the aisle) to line their pockets first. They do not care about the majority and the greater good. We need to get rid of career politicians at every level of government. This cannot continue or we are doomed as a nation.
What amazes me about crypto, is beside a being 99% a pyramid scheme, it’s a pyramid scheme that’s highly susceptible to cyber theft. So it’s not a same as most pyramid schemes. But it’s flashy and new, so people buy in. I dread the future reckoning. (The 1% that’s not pure pyramid scheme is crypto’s usefulness for money laundering. Not exactly a social good.)
Is it sad that I was suspicious from the moment I saw a Republican and a Democrat both supporting the legislation?
Thank you. It’s important to know the extent to which our elected representatives represent themselves.
Let’s not forget the ridiculous waste of resources it takes to mine most cryptocurrency. I can see a Republican not caring about that, but a Democrat encouraging it is shameful.
Thank you Judd!
We knew Gillibrand was n.g. when she went after Al Franken. Now this! Grrrr. Thanks for spelling this out for us, Judd.
"You want some assets [in a retirement account] that are just a store of value, and I think that's where bitcoin really shines."
"In the last 6 months, for example, Bitcoin has plummeted 43%."
Yep, I see no contradictions there, carry on
What could *possibly* go wrong, amirite?
This is the dumbest recommendation since "corporations are people" became law. And revolving door between CFTC and crypto business is a clear sign crypto bros are loading the dice once again. Everything I read about crypto is that it's a giant Ponzi scheme. And it's so vaguely defined and cryptic I guess that's why it's called "crypto"! Stay far, far away from it, especially in retirement savings until it's better defined and understood! Definitely needs regulation, but even the regulators can't define it!
Thanks for the heads up, Judd. I live in New York City and have called Sen, Gillibrand's office to express my deep concern about the bill and acknowlede your article. Keep up the good work.
Crypto in 401(k)s scares the daylights out of me. I wouldn’t be surprised if we saw class action suits against employers who allow this in their plans alleging breach of fiduciary duty.
Instead of innovating and solving climate change, we are intentionally inventing technology that makes it worse??
Shame on these Senators for not addressing the elephant in the room capable of smothering their grandchildren. Crypto has bigger future issues than regulation. Where is Jane Fonda when I need her??? 🙃
Sorry this is off topic but FYI: Some far-RW Salem Media websites have abruptly cut off their blogs to non-subscribers. As of Monday most were routinely available for anyone to read and participate in. Tuesday morning access was restricted to subscribers only (VIP members). Could it be a desperate move to cut off discussion of the feared unraveling of Trump? Considering how all-in Salem is with Trump they might worry that too much reality may upset their audience's MAGA delusions -- which they have earlier tolerated (assuming that anti-Trump bloggers are not chipping in). The vast majority of bloggers are very conservative, mostly anonymous, anti-democratic, often purveyors of warped history, frequently bigoted, and as vulgar as the usual low-info debater. Then there are a few never-Trumpers and liberals (like me) who stick their necks out for abuse and entertainment.
Not surprisingly, the nitty gritty from the 1/6 committee is getting scant attention on these sites with few exceptions including Hot Air's libertarian anti-Trump columnist "allahpundit". The level of tension from the Team Normal-type comments and their Team Rudy-type talking points has been quite a show lately. A political horror show.
I scan these sites often, especially at times when there should be high anxiety on the right. I want to see how they present various exposes to their leaders' nefarious hijinks. Naturally their hair is on fire these days, and while they usually claim to boycott the hearings they toss out scads of references to kangaroo courts, stalinist show trials and marxist demonrats. But lately they were also getting more attention from a growing few of us who were bringing actual news to their Orwellian site. Popping up were references to Ivanka, Barr, Miller, and other Team Normal wannabees. That was over Monday. Tuesday is a Brave New Insulated World at Salem Communications (BTW is it AKA Hugh Hewitt's cash machine?)
"Why is the crypto industry so enthusiastic about this bill? First, it needs a regulatory framework around crypto so that more people feel comfortable investing and using crypto. More investors mean higher prices and bigger profits. Regulation is also seen as inevitable, so establishing a framework reduces uncertainty and makes crypto a more attractive asset.
At the same time, the industry doesn't want to give up the freedom of operating as an effectively unregulated industry. Gillibrand and Lummis' bill threads the needle, giving the crypto industry the best of both worlds. "
Yeah, what could *possibly* go wrong with that arrangement?
The sheer hypocrisy of this would be stunning if it hadn't become typical of the way things work in what is rapidly becoming a kleptocracy in this country. The sales pitch of the crypto hustlers was that crypto currencies, despite their obvious risks and volatility, had the advantage of being *unregulated*. So it was, like, a free enterprise libertarian "power to the people (with disposable income)" thing.
Now, of course, we discover (as we knew we would) that the whole unregulated thing was just a scam to get enough suckers on board so that the $1000 suit crowd could exercise enough political power to get the same sweetheart legislation that all the big evil regulated systems get.
Gee, who saw THAT coming? Aside from P.T. Barnum, that is?
"This way to the Egress," y'all.