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Founder of crypto lender Celsius Network arrested, charged with fraud
11–20 of 379 posts
Re: Founder of crypto lender Celsius Network arrested, charged with fraud
#12[flagged]
That's completely irrelevant. It's not the job of the SEC to guide companies/people on what constitutes securities. Their job is to bring enforcement action if they believe the law is being broken. If you want legal advice, get a lawyer. If you don't want an expensive court case to determine who is in the right, don't do business in areas without established case law.
> It's not the job of the SEC to guide companies/people on what constitutes securities
Which government agency fulfills that role?
Re: Founder of crypto lender Celsius Network arrested, charged with fraud
#13[flagged]
That's completely irrelevant. It's not the job of the SEC to guide companies/people on what constitutes securities. Their job is to bring enforcement action if they believe the law is being broken. If you want legal advice, get a lawyer. If you don't want an expensive court case to determine who is in the right, don't do business in areas without established case law.
USA was doing very well before FTC was created in 1914. In fact, most of American wealth that the US has been riding on, was accumulated before then. Airplane, Ford Model T, etc where all created before then.
Re: Founder of crypto lender Celsius Network arrested, charged with fraud
#14Journalists really need to link to court documents. Although in this situation, there does seem to be quite a few of them:
US v Mashinsky: https://storage.courtlistener.com/recap/gov.uscourts.nysd.60...
SEC v Celsius: https://storage.courtlistener.com/recap/gov.uscourts.nysd.60...
FTC v Celsius: https://storage.courtlistener.com/recap/gov.uscourts.nysd.60...
CFTC v Celsius: https://storage.courtlistener.com/recap/gov.uscourts.nysd.60...
Re: Founder of crypto lender Celsius Network arrested, charged with fraud
#15"Somebody is lying. Either the bank is lying or Celsius is lying.” - Alex Mashinsky EDIT: omg at the almost $5B settlement https://www.cnbc.com/2023/07/13/former-celsius-ceo-arrested-... ("The FTC also announced a $4.7 billion settlement against the exchange, which will not be paid until creditors and investors have been repaid in bankruptcy proceedings.")
Why not both?
Because it’s an “or” rather than an “xor”.
Re: Founder of crypto lender Celsius Network arrested, charged with fraud
#16Crypto is a fraudster's paradise.
Re: Founder of crypto lender Celsius Network arrested, charged with fraud
#17Some people are confused about SEC involvement. As a reminder, the SEC cannot bring criminal charges. If someone gets arrested, Department of Justice decided to arrest them.
> The U.S. Attorney's Office in Manhattan said it would hold a press conference at 11:30 a.m. ET (1530 GMT) to provide details on the charges against Mashinsky and Cohen-Pavon.
Re: Founder of crypto lender Celsius Network arrested, charged with fraud
#18Earlier quoted context omitted.
That's completely irrelevant. It's not the job of the SEC to guide companies/people on what constitutes securities. Their job is to bring enforcement action if they believe the law is being broken. If you want legal advice, get a lawyer. If you don't want an expensive court case to determine who is in the right, don't do business in areas without established case law.
> It's not the job of the SEC to guide companies/people on what constitutes securities Which government agency fulfills that role?
The judiciary. See the Howey test.
Re: Founder of crypto lender Celsius Network arrested, charged with fraud
#19Re: Founder of crypto lender Celsius Network arrested, charged with fraud
#20Crypto is a fraudster's paradise.
Deleted. Read https://ic.unicamp.br/~stolfi/bitcoin/2020-12-31-bitcoin-pon... https://www.ic.unicamp.br/~stolfi/bitcoin/2021-01-16-yes-pon... instead.
> If you rolled back every bitcoin transaction ever made you would end up with people in debt because the transaction fees were paid.
This can be said about every bank transaction that charges a fee as well. Not a crypto fan at all (I find it rather silly overall), however this is not a particularly strong angle to attack it from.