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TenderfootGungi t1_j8x5i5z wrote

Reply to comment by jeekiii in US charges Terra founder Do Kwon with fraud by lonewolfgambit

How would you regulate this and still allow innovation to happen? People voluntarily put their money at risk. I believe they are taking a wait to see what happens before deciding what regulation is appropriate.

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jeekiii t1_j8y9phf wrote

You can do it a posteriori, but like it's time to actually enforce "we are backed by real dollards" as something either true (by actually investigating) or make sure no one is making crazy claims like that.

Like you know when SBF says he's "just" an exchange but spends crazy amounts of money... mayybe check what's going on?

Maybe, you know, actually enforce all these fancy anti-fraud laws.

The crypto space is filled with rugpulls and people are getting away with these. Yes people who invest in these are dumb but how is it possible that so many scams are happening all the time yet no one in the government is moving.

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TSL4me t1_j91ehp4 wrote

The problem is most financial products are not backed by the hard currency that they claim. Etfs are worse then crypto scams, shares are mostly non existent. If there was a crackdown most 401ks would be wiped out.

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