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.
> considering the SECs unwillingness of declaring when cryptocurrencies are securities or not The SEC has been clear about ICOs from the start. BNB was launched in an ICO. Binance then traded it on its exchange. To the degree a security is being identified in this complaint, it's BNB. Nothing in this complaint is novel law.
SEC Sues Binance and CEO Zhao for Breaking US Securities Rules
381–390 of 489 posts
Re: SEC Sues Binance and CEO Zhao for Breaking US Securities Rules
#382Earlier quoted context omitted.
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…
So your position is that the US Government intends to require every creator and trader of crypto to complete registration, notification, filing requirements with SEC? They pretty obviously don't want to enforce that or ask that of our populace. So we just get them enforcing whenever they want to (probably because Zhao is Chinese, basically).
The SEC is basically reactive. They usually take action after people complain that their money disappeared. So they're always behind.
[1] https://www.sec.gov/spotlight/cybersecurity-enforcement-acti...
Re: SEC Sues Binance and CEO Zhao for Breaking US Securities Rules
#383Re: SEC Sues Binance and CEO Zhao for Breaking US Securities Rules
#384Earlier quoted context omitted.
> 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. T…
> Ignoring the "Anglosaxon" buzzword The 'Anglosaxon' term is a long-standing political science, history and diplomacy term. Its not something that can be ignored, especially because... > none of this is unique conceptually to US law ... it is. The common law derives from the medieval !Anglosaxon! feudal law, which is based on contracts, agreements, negotiations and precedents. It can be 'interpreted' by the judge, w…
Well, being perhaps overly pedantic, but it should be written Anglo-Saxon, and there's a reason that it's hyphenated.
> The common law derives from the medieval !Anglosaxon! feudal law [...]
I have literally heard no one refer to it as "Anglo-Saxon" law before--it's "common law" or sometimes a formulation like "in the Anglosphere" or "English-derived law." Calling it Anglo-Saxon, in fact, would be wrong, because it's not Anglo-Saxon--it's Norman. (And, we're getting incredibly pedantic here, Anglo-Saxon rule was never feudal.) Even Wikipedia's page listing other terms for common law never suggests Anglo-Saxon, the closest being Anglo-American.
> The ENTIRE rest of the world uses the civil law system that descended from the Napoleonic law,
LOLNOPE. Actually, I think a majority of the world population might not even be on the civil law system (whether derived from Napoleonic code or not). There's a lot of Islamic law and customary law going on in several countries, especially several populous ones. Not to mention that many civil law countries never incorporated the Napoleonic code or any of its descendants.
> The persecution or the defendant can negotiate any outcome. This trait of the common law system causes all the parties to open the 'bargain' from the maximum bets that they can imagine, assuming that it will be 'negotiated down' eventually. Which obligates the need for lying and denying that was mentioned earlier - if you deny any kind of wrongdoing even when caught red handed, you have a better chance of negotiating something better than if you were honest.
Uh... I mean, by this point, it's pretty clear to me that you have at best a superficial understanding of how common law legal systems work, because this is confusing as heck, and it's muddled to the point that I'm not sure what you're trying to argue.
I think you're starting by talking about plea bargains, which is a concept that only exists for criminal prosecutions, and a quick perusal of Wikipedia suggests that some civil law countries do have facilities that are similar to plea bargains. But we're not talking about criminal prosecutions here, we're talking about civil disputes, and both civil and common law jurisdictions allow parties to settle out of court to resolve a dispute.
Re: SEC Sues Binance and CEO Zhao for Breaking US Securities Rules
#385Earlier quoted context omitted.
I am not sure I understand. Do you think this suit is baseless?
Why aren't they suing Coinbase as well?
And don't stop there. If you've found wrongdoing at Coinbase the SEC would be interested in, feel free to submit a tip to the SEC (https://www.sec.gov/whistleblower/submit-a-tip). Many people have made millions off these tips. This could be your time to shine.
Re: SEC Sues Binance and CEO Zhao for Breaking US Securities Rules
#386Earlier quoted context omitted.
Just because the current system sucks doesn't mean a replacement will be better. Its the responsibility of people advocating for a replacement system to explain and demonstrate why it will be better. Banks suck. But that doesn't mean crypto companies should have free reign to do whatever they want for the sake of "innovation."
The point of my comment is about a political issue in financial systems. I don't specially care if the replacement is crypto or whatever other decentralized or centralized technologies move things forward.
Re: SEC Sues Binance and CEO Zhao for Breaking US Securities Rules
#387Re: SEC Sues Binance and CEO Zhao for Breaking US Securities Rules
#388Re: SEC Sues Binance and CEO Zhao for Breaking US Securities Rules
#389Re: SEC Sues Binance and CEO Zhao for Breaking US Securities Rules
#390Earlier quoted context omitted.
Do you seriously think that cryptocurrency becomes a billion dollar industry because...people use it to do what? exactly? Pretty much 99% of the people that put money in crypto expected the price to go up and sell. I have not seen any mention of economical use except in third world countries. In which case, crypto is just a roundabout way of charity I guess? Crypto people _say_ their technology have this and that use…
> I have not seen any mention of economical use except in third world countries. This is peak HN, if there ever was such a thing; you do realize that the Third World (an erroneous use of the term that relates to nations that were aligned with the Soviet Union but used to denote underdeveloped nations) comprises the most of the Human population; and if figures are correct about System D [0], it is actually the 2nd lar…
That's not what "Third World" originally meant; Third World was used to refer to the non-aligned countries, those countries that were neither aligned with the US and NATO (the "First World") nor the Soviet Union and the Warsaw pact (the "Second World").