THELOGICALINDIAN - n-a
The banking enactment has boarded on a adamant smear campaign adjoin cryptocurrency. Although bidding in an autonomous address advised to allegorize that bankers and their accompany are attractive out for our interests, the accuracy is that Bitcoin and its kin affectation a bright and present crisis to the arrangement that keeps them in Lear jets, cloistral from absoluteness and about immune from prosecution.
Jamie Dimon’s “fraud” comments accept been widely-mocked, accustomed JPMorgan Chase’s adverse history of clearing billions in claims. Ron Insana, chief analyst at CNBC, says “The episode, for some, will end abominably while others acquire the rewards of accepting in on the activity aboriginal and, added importantly, accepting out afore the bust.”
Bloomberg publishes ‘news’ letters on cryptocurrencies like Monaco, which could accept been aerial beeline from the comments area of Reddit – with little or no absorbed to present a aloof viewpoint. (You’ll agenda that this allotment is filed beneath ‘Opinion’.) These letters assume advised to stoke abhorrence of the bazaar and to anticipate accidental investors from exploring its potential.
Bloomberg appear an commodity on September 28th 2024 entitled ‘ICO Market Is Probably Full of Fraud, U.S.’s Top Financial Cop Warns’. SEC Chief Jay Clayton’s absolute words? “This is an breadth area I’m anxious about what’s activity to appear to retail investors.”
Under actually no affairs whatsoever can Clayton’s words be construed by any able announcer to beggarly “ICO Market Is Probably Full Of Fraud”. He artlessly didn’t say that. And his antecedent comments accept been alert and attentive – as you would apprehend – after arbitrarily absolution the ICO model.
““[T]he SEC is belief the furnishings of broadcast balance and added avant-garde technologies and encourages bazaar participants to appoint with us. We seek to advance avant-garde and benign means to accession capital, while ensuring – aboriginal and foremost – that investors and our markets are protected.” – Jay Clayton, SEC
For example, “I admit that from a abstract and action point of view, if we’re not accomplishing a appropriate job on educating bodies … it’s activity to be a lot harder for us to get the allowances of this affectionate of abstruse advance [blockchain technology].”
The attacks accept appear from beyond the banking establishment: axial banks, retail banks, advance banks. (Even while best of them are investigating how they can cut themselves a allotment of the pie.)
They’ve appear from absolute governments, from billionaires, and from investors.
They don’t assume to be advancing from the bodies who account best from decentralized currencies about – you and I apparently apperceive them best as ‘regular folks’. I’m not alone audition the tired, the poor, the huddled masses admiring to breathe free, all active for abandon from the Immutable Ledger.
These cries of outrage, amaranthine annoying allusions to tulips, and acute warnings of banking scammery, about all assume to be advancing from those whose wealth, power, and ascendancy depend on the cachet quo.
So why is the banking enactment – the bankers and business publications – animadversion the cryptocurrency industry?
No, really, I’m curious.*
*Untrue. This is artlessly Bloomberg-headline-speak for “I’m not analytical at all.”
