Bitcoin is the only coin the SEC Chair will call a commodity
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Re: Bitcoin is the only coin the SEC Chair will call a commodity
#2The SEC can threaten, but they may have blown up their opportunity to regulate cryptocurrency. If they lose the Ripple vs SEC lawsuit (and, according to observers, it's not been going as well for the SEC as they would wish), they could permanently lose almost all ability to regulate cryptocurrency by their lack of timely action and because of one speech by an SEC official four years ago.
The SEC is basically trying to argue that the speech was personal opinion (and the speech said that ETH was not a security), but Ripple alleges that the speech, though perhaps not an official statement, was much more than a personal opinion. We now know the SEC lawyers were involved in writing the speech, which is making life difficult for the SEC. This is also why the SEC is being far more careful now and is saying only BTC is not a security, but that ship may have sailed.
It's being called the Crypto Trial of the Century. A win for Ripple on the SEC's slip-up could mean the SEC is powerless to intervene in most crypto markets. A win for the SEC would result in mass regulation.
Re: Bitcoin is the only coin the SEC Chair will call a commodity
#3The SEC can threaten, but they may have blown up their opportunity to regulate cryptocurrency. If they lose the Ripple vs SEC lawsuit (and, according to observers, it's not been going as well for the SEC as they would wish), they could permanently lose almost all ability to regulate cryptocurrency by their lack of timely action and because of one speech by an SEC official four years ago. The SEC is basically trying t…
Forgive me for being ignorant but can’t the congress expand SEC powers at any time by changing the law?
Re: Bitcoin is the only coin the SEC Chair will call a commodity
#4The SEC can threaten, but they may have blown up their opportunity to regulate cryptocurrency. If they lose the Ripple vs SEC lawsuit (and, according to observers, it's not been going as well for the SEC as they would wish), they could permanently lose almost all ability to regulate cryptocurrency by their lack of timely action and because of one speech by an SEC official four years ago. The SEC is basically trying t…
Forgive me for being ignorant but can’t the congress expand SEC powers at any time by changing the law?
Yes, they can. But no, Congress has not because Congress can't come to agreement over cryptocurrency.
Re: Bitcoin is the only coin the SEC Chair will call a commodity
#5The SEC can threaten, but they may have blown up their opportunity to regulate cryptocurrency. If they lose the Ripple vs SEC lawsuit (and, according to observers, it's not been going as well for the SEC as they would wish), they could permanently lose almost all ability to regulate cryptocurrency by their lack of timely action and because of one speech by an SEC official four years ago. The SEC is basically trying t…
Forgive me for being ignorant but can’t the congress expand SEC powers at any time by changing the law?
They are allowed to, but unable to. Unable to do nearly anything.
Re: Bitcoin is the only coin the SEC Chair will call a commodity
#6Feels like if BTC is a commodity, then BCH and LTC clearly are as well, no?
Re: Bitcoin is the only coin the SEC Chair will call a commodity
#7The SEC can threaten, but they may have blown up their opportunity to regulate cryptocurrency. If they lose the Ripple vs SEC lawsuit (and, according to observers, it's not been going as well for the SEC as they would wish), they could permanently lose almost all ability to regulate cryptocurrency by their lack of timely action and because of one speech by an SEC official four years ago. The SEC is basically trying t…
Would you mind sharing more of your thoughts on what might play out if the SEC loses? And then also, if you don't mind, what would happen if the SEC wins?
Re: Bitcoin is the only coin the SEC Chair will call a commodity
#8This interpretation seems to require a willful misrepresentation of what the man said. He said it is a speculative asset, is has the basic properties of a security, and people other than himself have labeled it a commodity.
Re: Bitcoin is the only coin the SEC Chair will call a commodity
#9The SEC can threaten, but they may have blown up their opportunity to regulate cryptocurrency. If they lose the Ripple vs SEC lawsuit (and, according to observers, it's not been going as well for the SEC as they would wish), they could permanently lose almost all ability to regulate cryptocurrency by their lack of timely action and because of one speech by an SEC official four years ago. The SEC is basically trying t…
The SEC is in tough position. Either elon musk can tweet random stuff as personal opinion, or a speech given by the SEC chair has legal standing. I'm watching with popcorn.
Re: Bitcoin is the only coin the SEC Chair will call a commodity
#10This is huge. Essentially if they find anyone sold crypto to unaccredited investors they would be engaging in illegal sales of a security. This may lead to lawsuits where crypto sellers find they are on the hook for the losses of people they illegally sold to. It may also lead to jail time for a substantial portion of the crypto community.