🌰 Old rules will always bend new technology

Existing regulation will always bend new technology to its image a little bit. The Howie test already impacts what kinds of tokens are being launched. Sometimes I think the Howie test and fear of the SEC is part of what caused the ICO bust. ICO teams couldn’t make a strong case that their token was an investment vehicle, otherwise they had created a security. So they had to make hand-wavy claims that something something networks effects something something money. Claims that of course often didn’t stand to scrutiny. DeFi, by comparison, doesn’t have to pretend it’s not paying you.

It’s not a bad thing that old regulations shape new technologies. There were ICO scams and there likely would have been more if it weren’t for the SEC. Nothing is built in a vacuum, everything we do is a reaction to something that has already been done.

• Source:
• Inspired by: 🗨️ the revolution will be capitalized
• Related to:
  • [[❔ does democracy allow for more experimentation]]
  • 🌰 the thing about China and BTC is– does it matter

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Every post on this blog is a work in progress. Phrasing may be less than ideal, ideas may not yet be fully thought through. Thank you for watching me grow.