Earlier quoted context omitted.
This is good for bitcoin. CZ, Justin Sun, and all the scammers need to be in prison.
What scam are you referring to?
Comingling customer funds with their own personal and corporate funds to use for their own gain
SEC Sues Binance and CEO Zhao for Breaking US Securities Rules
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Re: SEC Sues Binance and CEO Zhao for Breaking US Securities Rules
#22This is brilliant. I really want crypto to fade away out of existence and into irrelevance, FedNow is coming soon and we don't need crypto or shady crypto exchanges like Binance. Glad to see the US taking action.
95% of people don’t have a bank account in the US.
100% of people don’t have a venusian bank account in the US
Re: SEC Sues Binance and CEO Zhao for Breaking US Securities Rules
#23I can't see this enforcement spree by the SEC as anything other than malicious when Gensler himself said that 3/4ths of the market is not securities in 2018. https://twitter.com/ZK_shark/status/1650689125580668931 Yes this was before he was head of the SEC, but the fact that this was going on right out in the open for 10 years and the SEC took exactly no action tells me that the entire agency shared this opinion too.…
Ah yes, the “offhand comment by someone years before they took a position indemnifies you business for all behaviour infinitely into the future no backsies” law
Re: SEC Sues Binance and CEO Zhao for Breaking US Securities Rules
#24And BTCUSD down sharply on the news... The crypto winter will be a long one. Link is broken. Here's the SEC press release: https://www.sec.gov/news/press-release/2023-101 And the full 136 page complaint: https://www.sec.gov/files/litigation/complaints/2023/comp-pr...
This is good for bitcoin. CZ, Justin Sun, and all the scammers need to be in prison.
Seems strange to say Justin Sun an CZ are even close to one another in terms of impropriety.
Justin Sun is a snake oil salesman, CZ potentially broke the law while running a legitimate service. One that worked and was actually quite successful.
Re: SEC Sues Binance and CEO Zhao for Breaking US Securities Rules
#25[flagged]
Re: SEC Sues Binance and CEO Zhao for Breaking US Securities Rules
#26Correct original link: https://www.bloomberg.com/news/articles/2023-06-05/sec-sues-...
Re: SEC Sues Binance and CEO Zhao for Breaking US Securities Rules
#27[deleted]
Re: SEC Sues Binance and CEO Zhao for Breaking US Securities Rules
#28This is brilliant. I really want crypto to fade away out of existence and into irrelevance, FedNow is coming soon and we don't need crypto or shady crypto exchanges like Binance. Glad to see the US taking action.
[flagged]
Re: SEC Sues Binance and CEO Zhao for Breaking US Securities Rules
#29Earlier quoted context omitted.
This is good for bitcoin. CZ, Justin Sun, and all the scammers need to be in prison.
Seems strange to say Justin Sun an CZ are even close to one another in terms of impropriety. Justin Sun is a snake oil salesman, CZ potentially broke the law while running a legitimate service. One that worked and was actually quite successful.
> CZ potentially broke the law while running a legitimate service
Intentionally broke the law, according to his own statements. Also, co-mingled personal and client assets like Bankman-Fried.
Re: SEC Sues Binance and CEO Zhao for Breaking US Securities Rules
#30I can't see this enforcement spree by the SEC as anything other than malicious when Gensler himself said that 3/4ths of the market is not securities in 2018. https://twitter.com/ZK_shark/status/1650689125580668931 Yes this was before he was head of the SEC, but the fact that this was going on right out in the open for 10 years and the SEC took exactly no action tells me that the entire agency shared this opinion too.…
Ah yes, the “offhand comment by someone years before they took a position indemnifies you business for all behaviour infinitely into the future no backsies” law
If by "offhand" you mean the former head of the CFTC giving a lecture in the class he teaches on the subject at MIT while at the same time the SEC is also not taking any actions against crypto exchanges.
There isn't a "no backsies" rule, but then you will have to tell me what changed about crypto between 2018 and now that made it pass the Howey test then and fail it now if you want me to believe that the government is acting in good faith.