Federal Wallet Inspectors -- Cory Booker

[erronis]

https://pluralistic.net/2025/12/13/uncle-sucker/#willing-marks

I mean, the whole history of banking is: "Bankers think of a way to do reckless things that are wildly profitable (in the short term) and catastrophic (in the long term). They offer bribes and other corrupt incentives to their watchdogs to let them violate the rules, which leads to utter disaster." From the 19th century "panics" to the crash of '29 to the S&L collapse to the 2008 Great Financial Crisis and beyond, this just keeps happening.

. . .

The alternative is that these regulators are so bafflingly stupid that they can't be trusted to dress themselves. "My stablecoin is a fit financial instrument to integrate into the financial system" is as credible a wheeze as some crypto bro walking up to Cory Booker, flashing a homemade badge, and snapping out, "Federal Wallet Inspector, hand it over."

I mean, at that point, I kind of hope they're corrupt, because the alternative is that they are basically a brainstem and a couple of eyestalks in a suit.

What I'm saying is, "We just can't figure out if crypto is violating finance laws" is a statement that can only be attributed to someone very stupid, or in on the game.

. . .

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