Crypto bros vs. Government Bros?
By Lesia Dubenko 229 25 May 2023
Crypto bros are furious with the American regulators who use derogatory language toward them and are striking back.
Is it time to call the bigwigs “government bros”?
It seems like some crypto figures think that we start referring to the politicians as precisely that.
In his tweet, Hayden.eth, inventor of the Uniswap protocol, takes a hit at Brad Sherman, an American politician serving in US Congress.
He quoted a video, where Sherman says that “the crypto bros made over $1 trillion out of thin air”. Pre-empting the potential criticism, which often comes from the crypto domain toward the government, Sherman says, “they will accuse the US government of making money out of thin air. Maybe we do but we are the US government.”
The community loved Hayden’s suggestion, saying “I’m with you on this”, “state bros”, “good take”, “brilliant” and even the more cheeky: “guess that’s better than corrupt pieces of shit.”
The comments on YouTube where the session was live streamed were equally of unpleasant nature.
The hearing in question was organized by House Financial Services Committee Chairman Patrick McHenry and House Committee on Agriculture Chairman Glenn GT Thompson. Its aim is to measure the regulatory gaps in the digital asset markets. It brought together forty different congressmen.
The hearing also featured Kraken Digital Asset Exchange's chief legal officer Marco Santori, along with former CFTC chairman Timothy Massad.
During the hearing, different actors, including so-called crypto bros were discussing regulatory practices such as certain coins being securities. In the focus, for example, was Filecoin, an open-source, public cryptocurrency and digital payment system which, as noted by one Congressman, is not a security.
“I’ve heard today that we need fit for purpose regulatory tools that the SEC or the CFTC are [...] in the spot market in dealing, in registering something that is not a security, clarifying how the laws work and, of course, custody,” the presiding figure of the session said, adding that the confusion of statutory jurisdiction between the SEC or the CFTC also requires being cleared up.
Previously, Gagarin News reported that The United States House Committee on Financial Services has established a May 19 deadline for Securities and Exchange Commission (SEC) Chair Gary Gensler to address their queries.