Legislators in the US and EU are paying more attention to crypto, and two projects get exploited for the second and third times.
Incredible newsletter title this week.
I’m worried that the EU may end up legitimizing a bunch of pyramid and Ponzi schemes. It’ll be Albania all over again, just on a continental scale. I’d hope they’ll be like the UK and only approve a minority of companies and tokens but the problem is they’re only going to be as protected as their weakest jurisdiction due to “passporting”. Malta and the Baltic states will get most of the applications and approvals while very well resourced companies will go to France and Germany. And of course they have reverse solicitation so the Malta/Baltic crypto registrants will still get French and German customers. I cautioned someone who messaged me to celebrate the passage that the law is just a stamp of approval - the outcomes with crypto still remain to be seen.
That Emmer guy is a piece of work, you do not need to read very much between the lines that is stance is basically: throw the American retail investors under the bus with poor to non-existent crypto regulations while I myself can profit off donations from the industry.
I always thought "Yearning for the Blade" would be a good metal track or band name.