“Russian telecoms major MTS has placed commercial bonds worth a total RUB750m ($12 million), on central depositary NSD’s blockchain platform, in a transaction managed by investment bank Sberbank.
The transaction covers the full life cycle of a security in the form of a set of smart contracts – from placement to the full performance of the issuer’s obligations to investors.”
They’re apparently using the Linux Foundation open source Hyperledger backed by IBM, but perhaps more interesting is that it’s FTSE reporting all this.
Welcome to 2018, the year two of America’s biggest regulators, CFTC and SEC, get to fight over cryptos. In particular, ethereum, but this specific matter is a lot bigger than ethereum to cover a whole class of tokens.
“You have to regulate what exists in the market, and if things change, you need to recognize that things have changed,” Brian Quintenz, Commissioner of the Commodity Futures Trading Commission, said.
That sentence alone suggests CFTC is a bit annoyed with SEC, but just how annoyed Quintenz made it a bit clear to those who can read when he said in other reported remarks:
“The last thing we want to see is regulators take different views.”
Well, it’s been some time since we needed popcorns, so we wouldn’t mind the show, especially if SEC rereees and CFTC gets to give them a little bit of metaphorical bruising.
“There are a lot of big issues to sort out. We’re sorting them out, but I don’t have a timeline. I wouldn’t say days, but I wouldn’t say months,” Quintenz said according to Bloomberg.
Weeks, not months. People are apparently knocking on CFTC asking if they can green-light eth futures and other products. Clueless SEC, though, is probably all: but wait, there was an ICO here back when dinosaurs roamed the earth.
Obviously even if they say that should have been within SEC’s jurisdiction, they’d probably also say no-enforcement DAO style, because the purpose would be to clarify their position for other upcoming projects.
Now, bureaucracy being bureaucracy, they’d like to take as long as they can, as inefficiently as they can, but we think the picture is clear and, we’re always open to surprises, but we think what will happen here is as follows.
SEC will say eth did issue a security, but no enforcement action because the law wasn’t clear, ethereum now is a commodity, but from here on a token sale where the thing is not yet built must be registered, once it is built it becomes a commodity.
The mess here is palpable and maybe we’re giving too much ground to this outdated, barbaric, discriminatory law written by the rich for the rich for they alone could vote at the time.
Why is it so hard for SEC to simply lock up fraudsters or scammers or those that mislead considering this is a civil, contractual, matter with people voluntarily deciding whether they want to invest their money.
Why do they need to provide permission slips? For something like a billion, ok, fine, no one cares, but for something like $20 million? What business is it SEC’s, gov’s or anyone’s? Muh muneh, muh risk, muh decision whether to sink or swim or whether to stay here safe.
Arguably the blockchain industry does court some blame because they have failed to come up with a non-governing organization that provides some sort of vetting, but on the other hand that can’t happen overnight. It was beginning to happen and it has continued to refine in that aspect.
We don’t think, however, we don’t think we should give ground on this fundamental principle of non-discrimination. Risk means risk of course, but it also means stupendous reward. Why should that choice be denied to us?
Who is some lawyer spoon-fed by his mummy from birth then fast tracked to congress or whatever bureaucracy where he keeps his out of touch cushy job to tell us what we can do with our money when there is no harm whatever. Well, no harm except to Venture Capital firms and banks.
He is no one of course, send us all to prison.
Ah, nancy Hacker News. It will be difficult for us to forgive them for their shunning of bitcoin in 2011. Since then, they have become sort of a meme because some of the most successful tech projects were first dissed on HN. Here is one commenting on NYC opening a blockchain center:
“That’s a complete waste of tax payer money. Per the article this money will be used to actually find a use of blockchain, rather than funding existing ideas for how blockchain could improve ‘security, efficiency, and turn-around-times for government services.’
In other words, NYC is blowing $200M to chase a fad that they nor many in the press even seem to grasp. This is one of those schemes they look back on with shame and embarrassment.
I’m still waiting on the edge of my seat for the other uses for blockchain than pseudo currency. But I’ve been on the edge of my seat for three years now, and other than perhaps DNS I’ve not heard much.”
DNS. The commenter, who keenly shows his creativity by naming himself Someone1234, has amassed 18,981 pointless karma points since joining in June 2014.
If that doesn’t tell you he is more keen to be lazy and just chat about nonsense than go and do things, not sure what does. We’d guess probably a student or just out of uni. Few others would have so much time.
Certainly not the builders, or those that make things move. They were on HN once, back in 2010 and earlier, but whatever some call fake news today begun to be perfected on that forum probably shortly after.
The problem is, you see, people trust online comments. They do so because they think it is probably someone like them commenting, rather than a complete idiot, or worse.
Now a great principle of democracy, and more than that, of freedom, is that our government should not be able to engage in propaganda against us who pay them to work for us. But two decades of war take their toll, especially when someone goes around leaking diplomatic cables and gets cheered on by HN.
Speculatingnodes, our favorite past time. Jeff Garzik of Bloq has managed to get reuters to tell us his start-up Bloq will ICO… soon-ish.
Apparently they won’t limit it to the rich. Perhaps they sense SEC is a bit weak in any event by overshooting, or maybe they’ll run away to neutral Switzerland. We don’t know at this stage, but we probably will soon enough.
“Cryptocurrencies are strikingly innovative.” Earth would have melted, probably only a year ago, if we had run that headline while attributing it to FED Governor Lael Brainard.
And yet, today, we don’t think it’s even worth its own article within the limited resources we have. Perhaps unfairly. You see, some see enemies and adversaries. We only see reason. If something is logical, makes sense, and is good, then why would others not see it too?
We’ve long suspected this change of tune for the foundations of this space stand on the highest intellectual body that humankind has managed to produce. We see no enemies, not even the FED. They, more than others, we are sure, are actually probably secretly cheering on the young ones.
Alright, far too much candy in this news of news after office table chat section locked behind a premium paywall. So we’ll close the shop here.
But this metamorphosis. Ah, we have a poem, our very own. It’s called: The River.
The washed out river,
o so yellow,
from mountain high.
The years its seen,
the things that were,
all now washed,
o so washed out.
The river roars,
so clean, so fine,
with all that was.
A grandma once,
now so young,
so full of hope,
so full of life.
The river river,
ra ra ra for our times,
so much that was,
so much that was,
is now was not.
up heaven sky,
up mountain high.
Intrigue within it,
plots and plots,
death and terror,
All, just washed
so much that was,
so much that was,
it’s no longer a lot.
New the water,
clean and pure,
moves those rives,
No history here,
no people that were,
New water here,
pure as all,
what was, maybe was,
we know naught at all.
To the priests,
here, we go up,
we come down again.
Dirty as dirt,
we sometime get,
then like a nothing lot,
wash it all again.
Fallen the men
in our human head,
but here, ha,
gone the lot.
A new dawn,
a new day,
a new man indeed,