A Logical Case for Crypto, CFPB Warning to Fiat Users, Big VC Funding
Happy Day RoboWarriors!
Why did common sense go on vacation?
Because it needed a break from dealing with people who seem to have misplaced theirs!
Logic for Crypto
All corny jokes aside, if you’ve been following the wild world of crypto lately, you have undoubtedly noticed the very extreme and irrational statements coupled with legal actions by the SEC against the crypto industry…Binance and Coinbase in particular. If you feel that the SEC and its chief mutt, Gary Gensler aren’t playing fairly, you're definitely not alone. U.S. lawmakers recently introduced a bill to remove Gary from his position. It's called the “The SEC Stabilization Act”. We honestly could not have thought of a better title for it :)
Congressman Emmer, a sponsor of the bill, stated: “American investors and industry deserve clear and consistent oversight, not political gamesmanship. The SEC Stabilization Act will make common-sense changes to ensure that the SEC’s priorities are with the investors they are charged to protect and not the whims of its reckless Chair.”
There’s a saying that common sense isn’t as common as it once was. There is a valid argument here for the use of sound judgment and common sense when it comes to regulating the crypto industry.
With that being said, it is notably understood that relegating the actions of the SEC to a mere lapse of common sense is being very, very lenient! The crypto industry and its major players have been incredibly patient and forthcoming in wanting clarification from the SEC in regards to what constitutes a “security” and requesting “guidelines” for operating in good faith.
Meanwhile, across the Atlantic, further crypto legislation is being framed by The Organization for Economic Cooperation and Development (OECD). The OECD is an international organization based in Europe that creates issue standards in areas such as taxation, jobs, climate change, and education. In regards to crypto, they are of course working hard at separating you from more of your digital assets through the creation of a new worldwide framework for taxes.
On the flip side, as most major banks are still calling for a steep recession later this year; according to a report by Cointelegraph; BTC, and crypto, in general, may be the only thing that beats current and projected inflation models. Watch out fiat!
CFPB Issues Warning to Non-Bank Fiat Users
The Consumer Financial Protection Bureau (CFPB) is warning consumers not to store money in nonbank, peer-to-peer payment apps such as Venmo, Paypal, and CashApp, because that money is not automatically insured by the government. (The Epoch Times)
The agency made this statement: “If a nonbank payment app was to go bankrupt as a result of these risks, customers may not be the only creditors with claims on the company’s remaining assets,”. “Even if consumers do not ultimately lose any funds, they may face significant delays in accessing their funds while the bankruptcy process unfolds.”
This doesn’t sound all that different than when a crypto exchange or a bank goes bankrupt (all of which has happened within the last year). It seems that even when using fiat (government-issued money), your funds may not be safe. This makes one wonder if the SEC is really out to “protect” crypto investors or just harass them.
Big VC Funding
Well, look out!…RBIF just got super noticed :) The VC firm Global Emerging Markets (GEM) recently agreed to infuse our favorite meme token with a 25 million dollar investment (yup, ya read that right pilgrim). This will help to further fund project development while also providing for other related expenses. We don’t know about you, but this is a really big boost for all of us who hold RBIF. If professional investors at the corporate level are looking at us…maybe we should fill those bags up while the price is low. Just saying :) It’s all about Financial Freedom and Community. At RBIF, we’re here to help with that journey! Til’ next time…
Other reads:
Utah goes DAO, a Young Woman goes West
Recession, Retail, and RBIF
Bank Disruption in Progress…
If you have read and enjoyed this blog, please don’t forget to like, share and subscribe to our page, check out our website, or join our telegram, Twitter, and Reddit.
