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SEC Commissioner Defends Bitcoin Expert Against Union Director’s Verbal Assault

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A regulator at the Pledges and Exchange Commission (SEC) rebuked a top union official for denigrating a bitcoin knowledgeable at a recent public meeting.

This eyebrow-raising event occurred earlier this week, when SEC Commissioner Michael Piwowar rap someones knuckled Damon Silvers, the AFL-CIO’s policy director, for his aggressive posture in a new meeting of the SEC’s Investor Advisory Committee.

“This committee is not a Hyde Estate soapbox for demagoguery and tub thumping,” Piwowar stated at the committee’s December converging in a thinly-veiled allusion to Silvers’ conduct. “Nor is it an inquisitorial star chamber.”

The wig hearkened back to the committee’s October session when Silvers — rule of the most powerful trade union federation in the U.S. — railed against bitcoin and commanded sharp criticisms toward at least one panelist who was representing the blockchain hustle.

“At the October meeting, Mr. Silvers scolded a committee witness, Adam Ludwin, who chosen about bitcoin and blockchain technology. Mr. Silvers said the bitcoin vend has become a speculative bubble and demanded to know why the cryptocurrency is not considered an investment commitment that the SEC regulates,” according to a report from The Wall Street Daily’s Dave Michaels.

Ludwin is the chief executive officer of Chain, an resolve blockchain development firm based out of San Francisco. He is an outspoken proponent of the cryptocurrency asset refinement, and his “Letter to Jamie Dimon” was widely-hailed within the community for its nuanced breakdown of the industry and its future.

Ludwin, along with other panelists, had been invited to examine blockchain technology and its potential impacts on the securities industry.

“I don’t want to consider marketing language,” Silvers said in response to Ludwin’s statement. “I am keenly, deeply frustrated with a conversation that seems to evade the law. … I am not affected in the slightest in parables or technical jargon. I am interested in law, and you have not said a distinguish thing that is legally relevant.”

Despite this claim, howsoever, Bloomberg reports that — during the same meeting — Silvers also recurrently cut off panelist Nancy Liao, the executive director of the Yale Law School Center for the Workroom of Corporate Law.

One should avoid reading too much into the incident because Republicans and unanimity officials rarely see eye-to-eye. Consequently, it would not be surprising if Silvers and Piwowar accept had spats before.

Nevertheless, it’s a testament to the emergence of the cryptocurrency industry that, over with time, the sort of posture exhibited by Silvers in response to information far bitcoin and blockchain technology, is gradually becoming the exception — not the rule.


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