But blitzscaling reached its apotheosis with cryptocurrency. The industry began more as a curiosity for libertarian tech nerds, but steadily grew throughout the Obama years, mostly ignored by federal regulators. Under Trump’s first term, the industry grew rapidly and finally drew real regulatory attention with Biden’s appointment of Gary Gensler to lead the Securities and Exchange Commission in 2021. After years of lawlessness, the industry was taken aback at the idea that they would be forced to comply with long-standing securities law. Crypto firms claimed their products were substantially different from existing securities because of their digital nature, and were therefore not subject to the same regulations that govern all other securities. Gensler’s all-too-restrained attempt to rein in the industry and make it operate under the same rules as Wall St was met with a complete meltdown by Silicon Valley, and 100s of millions in campaign expenditures. Coupled with the crypto industry’s claims to desire new regulation in order to protect consumers (while fighting SEC’s efforts to enforce existing regulation), the industry built up a set of adherents in both parties. This has resulted in sweetheart legislation The crypto “industry,” whose core customer base includes numerous international crime rings, drug cartels, and terrorists, deserved to have the book thrown at them. Instead, the Biden administration managed to infuriate them without seriously denting their power.

good article on "blitzscaling" as a code word for "lawlessness" in @theprospect
prospect.org/power/2025-08-20-what-tr...

> "But blitzscaling reached its apotheosis with cryptocurrency.... The crypto “industry,” whose […]

[Original post on universeodon.com]

PHOTO: Rep. Chris Deluzio, who coordinated a " series of speeches on the House floor" by "a group of rank-and-file Democrats from different parts of the ideological spectrum [challenging] the party establishment to embrace economic populism, rather than begging for donations from the rich and participating in the corruption.”

Can the Democrats Reclaim Economic Populism?

Last week, Rep #ChrisDeluzio coordinated "…a group of rank-and-file Democrats from different parts of the ideological spectrum [to challenge] the party establishment to embrace economic populism, rather than […]

[Original post on mastodon.social]

How Monopolies and Maps Are Killing ‘Internet for All’ The $65 million moon shot to bring every American affordable broadband is failing low-income communities of color.

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