The headline says it all. A Wall Street Journal
article made out like this hearing was regarding Ethereum and its status as a security. Crypto news sources picked up the story and re-published with no research.
A reader told me they thought this was a black eye for crypto, making us all out to be a bunch of amateurs running around with our hair on fire.
I disagreed, though I understand the sentiment.
If anything, this is a black eye for crypto journalism. The story should have been checked, vetted, verified. It wasn’t. And we were all made to look like fools for a few days while we wondered just what the SEC would decide.
But this illustrates the crypto community’s thirst for clarity from the government on just how crypto will be treated in the wider world. We’ve lived in regulatory uncertainty for a long while now, and because most of us aren’t the crypto-libertarian-anarchist criminals we’re made out to be, we actually crave transparency and clarification on how and why crypto is classified a given way. We want to know how best to operate, and we can’t do so with a sword of Damocles hanging over the whole operation. The power is not in the cutting, it’s in the hanging, but where the line between law-breaking and law-abiding is thin, it’s not fair or right to leave users in the lurch.
Which is why this hoax stings. We actually really wanted to know answers. And now it looks like we’ll have to wait a while longer.