Monday, November 28, 2022

Max Keiser Says There’s A Major Flaw In Lummis’ Crypto Bill

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Max Keiser says there’s a major flaw in Senator Lummis’ crypto bill because BTC is the only commodity and the rest of the cryptocurrencies are proven securities so let’s read more today in our latest Bitcoin news.

After years of no regulatory clarity, the US authorities received a bill proposed that aims to shed light on how the local watchdogs can oversee the crypto industry. Led by Senator Cynthia Lummis, and with support from Kirstin Gillibrand as well as Ted Cruz, the bill aims to classify most assets as commodities and give power to the CFTC instead of the SEC. While the proposition got some backing from crypto proponents, Max Keiser one of the biggest Bitcoin supporters sits on the opposite corner. He outlined why he believes only BTC should be a commodity since it is the only fully decentralized asset.

Lummis made strides this week when the first draft of the bill came out and it was a 69-page proposition that brings up different types of assets like NFTs, stablecoins, BTC, and DAos. As expected, the bill categorized the main cryptocurrency as a commodity and this is something that the US authorities admitted in the past as well. The insiders claimed that Etheruem will get the same classification but only one US senator thinks the SEC Chair Gary Gensler has the same opinion:

“Digital assets which are not fully decentralized, and which benefit from entrepreneurial and managerial efforts that determine the value of the assets, but do not represent securities because they are not debt or equity or do not create rights to profits, liquidation preferences or other financial interests in a business entity (“ancillary assets”), will be required to furnish disclosures with the SEC twice a year. Ancillary assets in compliance with these disclosure requirements are presumed to be a commodity.”

Lummis’ Bitcoin Bill, btc, regulation
Cynthia Lummis. Source C-Span

Max Keiser says that Bitcoin is a fully decentralized digital asset and that is why he thinks the bill has one major flaw. Keiser described the bill as “Dumb” and thinks that Ethereum and other altcoins are provably securities, not commodities. Relying on his experience of 40 years, Keiser added:

“Bitcoin could be on the periodic table of the elements; it’s the discovery of a new, digital commodity that is absolutely scarce that soon started being used as money. It’s unmistakable as a commodity. Everything else, all 20,000 altcoins, per the Howey Test, qualify as unregistered securities.

The Lummis bill is a political junk attempting to attract lots of lobbying money from disgraced shitcoiners and shows a complete misunderstanding of securities laws, and the functioning of the SEC and CFTC, while also showing an exceptional misunderstanding of Bitcoin.”

 

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