SEC Sues Binance and CEO Zhao for Breaking US Securities Rules

Post by [deleted] » Mon, Jun 05, 2023, 7:13 PM UTC

tedivm wrote: post #58

jeroenhd wrote: post #50

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.

Oh that's easy- this was the compliance officer, and by showing that he raised concerns over this he may be able to claim that he did his job as best he could under the circumstances. I'd need to see the rest of the context, but this could very well be a "cover your ass" message. Imagine if you're a security officer at a company and were just overridden on a decisions- you'd definitely want to shoot off an email desc…

Post by johndhi » Mon, Jun 05, 2023, 7:21 PM UTC

JumpCrisscross wrote: post #160

olalonde wrote: post #137

Earlier quoted context omitted.

Some evidence that the Howey test isn't that objective and clear: 1) Gary Gensler, now SEC chairman, used to claim that 3/4 of the cryptocurrency market were not securities[0]. He has changed his tune significantly since then. 2) The SEC chairman can't answer this simple question: "is Ethereum a commodity or a security?"[1]. [0] https://twitter.com/ZK_shark/status/1650689125580668931 [1] https://youtu.be/h_oAr4wn7M4?…

> Gary Gensler, now SEC chairman, used to claim that 3/4 of the cryptocurrency market were not securities[0]. He has changed his tune significantly since then. Has he? Most of the market is Bitcoin and Ethereum. To my knowledge, the SEC hasn't gone after anyone solely cashing trading those. > 2) The SEC chairman can't answer this simple question: "is Ethereum a commodity or a security? He also doesn't have to answer…

Post by [deleted] » Mon, Jun 05, 2023, 7:24 PM UTC

jeroenhd wrote: post #50

gadnuk wrote: post #40

> In one instance, the Binance chief compliance officer messaged a colleague that, “[w]e are operating as a fking unlicensed securities exchange in the USA bro.” Source: https://twitter.com/JohnReedStark/status/1665748594421297152 This is a legendary quote from the filing.

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.

Post by [deleted] » Mon, Jun 05, 2023, 7:26 PM UTC

jeroenhd wrote: post #50

gadnuk wrote: post #40

> In one instance, the Binance chief compliance officer messaged a colleague that, “[w]e are operating as a fking unlicensed securities exchange in the USA bro.” Source: https://twitter.com/JohnReedStark/status/1665748594421297152 This is a legendary quote from the filing.

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.

Post by unity1001 » Mon, Jun 05, 2023, 7:27 PM UTC

jeroenhd wrote: post #50

gadnuk wrote: post #40

> In one instance, the Binance chief compliance officer messaged a colleague that, “[w]e are operating as a fking unlicensed securities exchange in the USA bro.” Source: https://twitter.com/JohnReedStark/status/1665748594421297152 This is a legendary quote from the filing.

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.