One of the saddest and most infuriating things I’ve come across lately has nothing to do with what’s in the news. Yes, what’s been happening with my country’s confused and dangerous responses to the COVID-19 pandemic is also sad and infuriating. But it’s harder to pinpoint the reasons with so much confusion and change in the mix.
There is no confusion on this one. No excuse. And there is no defense.
The US Government is flat out obstructing the development of humanity’s economic path forward. Not just for the citizens of the US, but for anyone anywhere in the world who is seeking decentralization for reasons that may have nothing to do with the USA.
Cryptocurrencies have been around for a dozen years or so now, but the laws that govern financial transactions have yet to get an update. It’s a grey area. Currencies have traditionally been backed by nations, and controlled by central banks. Our system knows what to do in that model.
Our SEC (Securities and Exchange Commission) is exists as part of the US framework for regulating securities and exchanges. When they sued to stop Telegram from creating what they deem to be a security on their own exchange last October, it was a dick move, but admittedly within their jurisdiction.
Then, last week, when the US District Court judge presiding over the case ruled that the 1934 law that applied should apply to every human on the planet, regardless of their citizenship, because an American could conceivably find a way of participating, the very concept of sovereignty took it on the chin.
Now I don’t care about Telegram, specifically. I was not one of people who helped them gather $1.7 billion dollars in their ICO. I don’t really believe in ICOs, and never have. But to declare that because I, as an American, cannot be permitted the freedom to purchase a certain cryptocurrency, NO ONE IN THE WORLD gets to have any or even invent the platform? No country gets to have or do anything that might run askew of our American law?!? Seriously That’s just plain wrong.
For a while before the ruling, the Telegram community was prepared to go forward regardless of the legal outcome in the US. The reasoning was that “No one can restrict a self-organized community from acts of goodwill.” Well, it seems that’s no longer true. At this point in history, at least one country can. It happens to be the country of my birth, and this kinda thing makes me sick to my stomach. This is a 100% “might makes right” scenario. Telegram backed down and is refunding everyone’s money. Nobody is willing to challenge my country’s might…yet.
Someday this will change, and when it does, things will change fast here at home. It makes me more sure than ever that every American needs a backup plan. Our government can only stunt innovation and piss off the other 96% of the population of the world for so long. I don’t pretend to know when those tables will turn, but I intend to be someplace else when that happens. If you haven’t started making your own backup plan yet, what other clues do you need? America is in the way of the world. America is asking for trouble. Eventually, trouble will come to all Americans as a result, because the world will move forward whether our country is on board or not.
For the official statement from Telegram on this story, visit: https://telegra.ph/What-Was-TON-And-Why-It-Is-Over-05-12
And a good description of the legal battle is available here: https://cointelegraph.com/news/telegram-is-losing-to-the-us-sec-ton-community-can-launch-network-regardless
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