🇺🇸 Doomscroll News

Tag: transparency

  • The Autopen Republic: An Exposé on Legislative Negligence

    The Autopen Republic: An Exposé on Legislative Negligence

    The assertion that “no one has ever read an entire bill before voting on it” rings with a cynical truth that many Americans feel deep in their bones. It’s a damning indictment of a broken system. This isn’t about lofty ideals or the complexities of modern governance; it’s about a fundamental failure of duty. We demand proof of review, a guarantee that our laws are not passed by autopilot. The era of excuses is over.

    By the Numbers: A Crisis of Volume and Verbiage

    The sheer scale of legislation has become a convenient shield for lawmakers. But a look at the data reveals a problem that has spiraled out of control.

    • The Longest Bill: The record for the longest bill ever passed goes to the Consolidated Appropriations Act of 2021. At an obscene 5,593 pages, it was a behemoth spending bill combining COVID-19 relief with a $1.4 trillion omnibus package. To expect any single human to read, comprehend, and critically analyze this mountain of text before voting is a physical and cognitive impossibility. It was signed into law by President Trump on December 27, 2020, after passing both houses of Congress with large bipartisan majorities just days earlier.
    • The Shortest Bill: In stark contrast, some legislation can be very brief. In 2017, a bill was introduced in the House with a single sentence: “The Environmental Protection Agency shall terminate on December 31, 2018.” While this bill did not pass, it demonstrates that brevity can be a tool for radical change.
    • The “Average” Bill – A Rising Tide of Text: The very concept of an “average” bill is misleading, but the trend is undeniable. In the 1947-48 session, the average law was just 2.5 pages. Today, that average has ballooned to nearly 18 pages. More complex legislation often exceeds 1,000 pages. The Patient Protection and Affordable Care Act (ACA) in 2010, for example, clocked in at over 2,500 pages.
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  • Behind the Crypto Hype: Questioning Influencer Trade

    This one sucks to have to write, but given a situation that just occurred on here:

    An influencer with a substantial following showcases significant profits or frequent trading activity, such as claims of daily investments into cryptocurrencies like Ethereum. However, these assertions are difficult for followers to verify independently. A core principle in the cryptocurrency space is “not your keys, not your crypto.” This emphasizes that if your digital assets are held on an exchange or a platform controlled by others, you don’t have direct custody and true ownership of them. When trades are supposedly made by an individual within a centralized exchange (like HTX, which is a CEX), these transactions occur on the platform’s internal, private ledgers. They are not typically broadcast individually on the public blockchain for everyone to scrutinize.

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  • Just for Fun: Urgent Recommendation to the Securities & Exchange Commission (SEC): Enhanced Specificity for Use of Proceeds Disclosures

    MEMORANDUM

    FOR: The Honorable Chair, U.S. Securities and Exchange Commission

    Director, Division of Corporation Finance

    Director, Division of Enforcement

    FROM: David Gross

    DATE: April 4, 2025

    SUBJECT: Urgent Recommendation: Enhanced Specificity for Use of Proceeds Disclosures

    1. Purpose: This memorandum recommends immediate action (rulemaking or interpretive guidance) to prohibit public companies from using vague terms like “other general corporate purposes” as the primary descriptor for the intended use of capital raised via registered direct offerings, private placements, or shelf registrations.

    2. Problem Statement & Background: Current Regulation S-K allows non-specific “general corporate purposes” disclosures. This flexibility is being exploited, contributing to significant retail investor harm. We’ve observed a troubling pattern, particularly acute during the Biden administration, where companies, especially in FDA-regulated sectors like biotech (e.g., Lucira Health, Cue Health) and other industries (e.g., Applied UV, Virgin Orbit, Rockley Photonics, Pacific Coast Oil Trust), raise substantial funds citing vague purposes shortly before collapsing into bankruptcy. This frequently results in devastating losses for individual investors (often $50,000+), while employees lose jobs.

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