I mean, I knew Greenspan was old... There's nothing "almost" comedic about it. It's like that example in Ariely's "Honest Truth about Dishonesty." What keeps most of us from being filthy rich is scruples and integrity, and the further you remove a crime from the physical representation of money, the more people will perpetrate it. And unfortunately, the SEC isn't punishing a lot of ICOs because it won't take much for all ICOs to go underground and once they've started that adventure, you can kiss regulation goodbye. A dark pool is one thing. A dark pool on a blockchain via Tor...“I.C.O.s represent the most pervasive, open and notorious violation of federal securities laws since the Code of Hammurabi,” Mr. Grundfest said in an interview.
“It’s more than the extent of the violation,” he said. “It’s the almost comedic quality of the violation.”
I thought it was comedic partly because his suggestion of "sweeping 50 I.C.O.s" seems strange to me. How would that even work? Is it even possible to regulate something that essentially anyone with a bit of Solidity programming under their belt can create? I get that you can regulate the part where the crypto mingles with dollars (e.g. the exchanges) but as soon as it's all crypto, isn't it the Wild West?
I own no BCH or any weird-ass tokens in part because my state of residency has far stricter fiduciary controls than the country at large when it comes to cryptocurrency. Obviously I could get around it with very little effort but that very little effort is enough for me to go "ehhhfukkit." Thing of it is, once the exchanges have to make that "very little effort" for anyone, they'll make it a lot more effortless. In the meantime, they're just salty.