Senator Cynthia Lummis Bill Is a Regulatory Hit Job By Left-Tech, The SEC and GOP Bitcoiners

This is unacceptable. Tell the democrats to kill or fix the bill. These are NeoCon authoritarian republicans weaponizing the SEC for their own gain, it's anti-free market, and anti-cypherpunk. They want surveillance, they want to kill permissionless systems with the SEC.

They're no better than Trudeau, boot huffing for the SEC, so they have their crony capitalism in place to protect tradfi banks, to coopt and centralize things they can surveil, shutdown, and censor, and chokepoint, which is what the DoJ, Fatf, & Davos want. This kills Web3. But more importantly, it's what the Web2 left-tech engineers who hate crypto, the anti-crypto leftist like Steven Diehl have been wanting.

So effectively these two political groups are colluding with the SEC to screw over DeFi. VC is also colluding with Fatf and the SEC to get clemency, because they know they will try to put mandatory KYC throughout web3 to enforce these security laws, to engage in protectionism, and to ban most Layer 2's to americans. This is classic Cartel Crony behavior, to hurt the free market principles of low barrier startups and competition.

You can't just attack layer 1's with security regulation. You can't make major public networks securities, it's fundamentally incompatible with what a publicly owned common network is suppose to be, and it is atrocious for human rights, privacy, and political power against private concentrated wealth.

Dear God, you should never never trust Left-Tech, the SEC, NeoCon's like Heritage Foundation, or Maxi's, these are the last people to trust.

"https://www.theblockcrypto.com/post/149186/heres-a-full-draft-of-senator-cynthia-lummis-landmark-crypto-bill?utm\_source=twitter&utm\_medium=social

Perhaps crucially, the draft bill adds the term “ancillary asset” to the Securities Exchange Act.

Namely, it defines such an asset as:

“An intangible asset that is offered, sold, or otherwise provided to a person in connection with the purchase and sale of a security through an arrangement or scheme that constitutes an investment contract.”

Further, an ancillary asset “may include a digital asset, as defined in section 9801 of title 31, United States Code, that is used to facilitate the governance of a distributed ledger technology network or decentralized autonomous organization.”

In conversation with The Block, sources from the industry had previously expressed concern that the bill would label many cryptocurrencies other than Bitcoin as securities."

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"ICYMI: the @Heritage Foundation hosted a discussion on Bitcoin & cryptocurrencies last week. @SenLummis discussed proposed legislation that will be filed next week. Per her comments below, it is very comprehensive, thoughtful, bipartisan & covers a wide range of digital assets. On reaching common ground b/w conservatives and #bitcoin????, “The common ground is looking for the sweet spot between not stifling innovation but rather encouraging innovation, while at the same time, creating a regulatory framework that everyone understands.”

“It is a very comprehensive bill, it will be filed on June 7th. It includes coins that are commodities, coins that are securities, it includes stablecoins, it includes a discussion about CBDCs, consistent with what we heard earlier and a small nod to NFTs.

“It includes algorithmic as well as asset backed stable coins. It includes definitions, consumer protection, privacy, taxation, and several other components of the discussion as it relates to all of this, using the existing regulatory framework.”1 “It’s a long bill, comprehensive, we’ve had it vetted for months. Michael @saylor was one of our first set of eyes on it because his expertise is long standing and we want to make sure we have lots of input before we file it. “It’s going to be bipartisan, it’s been broadly vetted by people in both parties. It’s been broadly vetted by both bureaucrats and regulators. As well as the innovative community. So we think we are on the right track, we think we have found that sweet spot. It was a wide ranging discussion featuring @tedcruz, @saylor, @CaitlinLong_, @KevinRobertsTX and @profstonge and covered many topics beyond legislation. Link to watch in its entirety: https://youtu.be/hh-elIu\_KPk"