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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

#291

Earlier quoted context omitted.

I get why you would say something like that in astonishment. By why would you ever send that out over a medium that'll leave a paper trail? Thank goodness that criminals aren't very smart. Their idiocy is doing society a huge favor.

> Thank goodness that criminals aren't very smart No, the criminals are extremely smart. Its just that these were amateurs who didnt know that in Anglosaxon common law, you have to avoid being honest about anything and even deny any wrongdoing even if you get caught the act of murdering someone. Then you can exercise plausible deniability, claim incompetence or mental incapacity and you can negotiate your sentence. A…

> these were amateurs who didnt know that in Anglosaxon common law, you have to avoid being honest about anything and even deny any wrongdoing even if you get caught the act of murdering someone

Ignoring the "Anglosaxon" buzzword here, none of this is unique conceptually to US law, or foreign conceptually to anyone who's told a lie when younger. It's instinctual for many when they know they've done something wrong. Trying to paint human nature as a unique problem that US law faces, or promotes, is itself dishonest.

> claim incompetence or mental incapacity

Neither of these get you "off the hook"; that's a misconception.

> That's how you end up with people who are total experts in their field testifying in courts that they "didnt know" that something they did would cause so much harm to something or somebody or the society.

It can be either dishonesty, or lack of omniscience by the expert in question. Unless you're a mind reader, you have no idea. This is why testimony is evaluated along with other aspects of a case, and not alone.

> There wont be any trail of their wrongdoing, and when there is, there will always be plausible deniability in that trail...

Plausible deniability does not shield you from all liability.

Re: SEC Sues Binance and CEO Zhao for Breaking US Securities Rules

#292

Earlier quoted context omitted.

Very interesting… I guess the CEO’s were hired to be thrown under the bus when it is the time. Their job was to PLEASE: Provide legal exculpation and sign everything. (hey HIMYM fans!)

> I guess the CEO’s were hired to be thrown under the bus when it is the time. It's ironic that they are now the ones feeding SEC with inside information. It seems like the plan backfired?

Any sane person who realizes that their job is to be thrown under the bus has two options: Either go along with it and be a conspirator, secure your means of getting away, or start talking to the law enforcement to cover your ass.

The people running Binance should have realized that the first option did not happen and they should have prepared for the second option. Although it is good that this didn’t happen, SEC now has an easier case because of this.

Re: SEC Sues Binance and CEO Zhao for Breaking US Securities Rules

#294
post #97

Earlier quoted context omitted.

[flagged]

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?

yes, it is a common theme among the "woke": Black people score lower on school math tests, therefore math is racist.

Re: SEC Sues Binance and CEO Zhao for Breaking US Securities Rules

#295

Earlier quoted context omitted.

That makes me angry as well. It also makes me angry that my bank does something like this with the money I deposit. I doubt this is the pivotal point for that case though.

It’s illegal to do this in a brokerage account, and FTX is an example of why. There is no legitimate reason to do it.

Sure, you're totally right. But look at the lawsuit. The item you listed is one of many. You have to see that this is part of a political strategy. Look at Coinbase...

Re: SEC Sues Binance and CEO Zhao for Breaking US Securities Rules

#296

Earlier quoted context omitted.

there is no universe in which a (edit: financially sound) nation will accept tax payments in a denomination over which it has no influence or control (edit: nations that peg their currency to the euro or the dollar are clearly exceptions to what i'm describing here) this is literally money 101 type stuff, wars have been fought over this stuff, and it's insane that crypto folks don't seem to understand any of it

That's why Bitcoin is so powerful: they can't do anything about it and, if people choose to use it, the government has no choice other than accept it as the standard.

a government that accepts tax payments in BTC would be abandoning its financial authority to the bitcoin network, over which it has no influence whatsoever

this is suicidal for any nation with even a nominal amount of financial autonomy

maybe it's something that failed states like venezuela or somolia would consider, but it's a complete non-starter for anyone else

the idea that "the people" can force countries to accept tax receipts in BTC is absolute unhinged nonsense, read a fucking book

Re: SEC Sues Binance and CEO Zhao for Breaking US Securities Rules

#297

I 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.…

> 3/4ths of the market is not securities in 2018

But that means even back in 2018 1/4 of the market was securities.

Re: SEC Sues Binance and CEO Zhao for Breaking US Securities Rules

#298

Earlier quoted context omitted.

> who is buying crypto and not expecting to make a profit from it? Me. I put my savings in Bitcoin because I dislike the tradfi system. All I want is to be in control of my savings and to be able to freely transact with anyone anywhere in the world. I am still affected by the exchange rates to USD and EUR. But the hope is that in the future I will be able to use BTC directly more often and not even have to touch USD…

there is no universe in which a (edit: financially sound) nation will accept tax payments in a denomination over which it has no influence or control (edit: nations that peg their currency to the euro or the dollar are clearly exceptions to what i'm describing here) this is literally money 101 type stuff, wars have been fought over this stuff, and it's insane that crypto folks don't seem to understand any of it

There's a lot of nations that either directly accept tax payments in foreign currency: for example, Montenegro uses Euro. Salvador, Zimbabwe, etc use US Dollar. In other forms, Danish Krone and Bulgarian Lev is pegged to Euro.

Re: SEC Sues Binance and CEO Zhao for Breaking US Securities Rules

#299

Still no sign of workable regulations? Better get on an sue everyone for not following rules that don't exist yet...

Binance, Coinbase, et al: "We'd like new rules from the SEC/CFTC to let us crime."

SEC: "No."

Binance et al: "You're stopping innovation!"

SEC: "You're going to jail."

Re: SEC Sues Binance and CEO Zhao for Breaking US Securities Rules

#300
post #159

Earlier quoted context omitted.

It should be possible for non-consenting individuals to claw back their money when needed, by rules agreed to by the society they live in. Agree or disagree? More than one word, please. A full explanation is required to justify allowing DPRK and Russia to fund themselves by stealing from crypto-fools and innocent bystanders around the world.

Can you make the same argument without invoking international bogeymen? This is basically one of the aforementioned Patriot Act talking points.

I already did. DPRK and Russia aren't imaginary.

https://blog.chainalysis.com/reports/2022-crypto-crime-repor...

https://www.nytimes.com/2022/06/30/business/north-korea-cryp...

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