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The definition of "security" is pretty objective (Howey test), but the answer it produces tends not to be liked by people in the crypto space, so they argue hard about why it's not a definition of security. What quotes like these do is make it trivial to prove the mens rea (intent) requirements, and put a lie to claims that they didn't know it was a security or that their interpretation as not-a-security was reasonab…
Putting this here in case it's useful. Please correct if it's wrong. What is the Howey test for whether something is a security? """ The Howey Test asks whether a transaction constitutes an "investment contract," which is a type of security. If it is an investment contract, it must satisfy four criteria: It is an investment of money. The investment is in a common enterprise. There is an expectation of profits from th…
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Not having a bank account is a race issue? People who are not white cannot get a bank account? Poor people can't get a bank account and all non-white are poor therefore bank accounts are racist? What is your message?
Not a Binance fan but in this context, and considering the SECs unwillingness of declaring when cryptocurrencies are securities or not, it's pretty clear that they go after Binance for strategic reasons. Not sure but I assume this is controlled by the Biden admin.
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> 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.
> Intentionally broke the law... It's not like there are much laws regulating cryptocurrency markets in the US to begin with. That's the whole point why most crypto companies avoid the US: random enforcements != clarity But I'm really curious to see whether a large country (e.g. China) or countries union (e.g. EU) is going to provide enough clarity and security as to move the innovation elsewhere from the US.
Curious to hear from the EU
This 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.
CBDCs are exactly why crypto will always be around. Spying on other people’s money is not a basic human right.
https://www.federalreserve.gov/faqs/is-fednow-replacing-cash...
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And yet there is no clear definition offered by the SEC. https://www.smitheilers.com/blog/coinbase-sues-securities-an...
https://www.sec.gov/corpfin/framework-investment-contract-an...
It doesn't matter if it is call Web3, blockchain, or whatever buzzword you like, banks have real power and a clash is inevitable now or in the near future. It took a century to dethrone Bell System [2]. It is a political and economical issue, not just an industry.