4 ms·
If it's fungible and negotiable, it is a security, if it is a security, it is regulated. If you try to move something that is fungible and negotiable, it is off
by neom 7y ago
If it's fungible and negotiable, it is a security, if it is a security, it is regulated. If you try to move something that is fungible and negotiable, it is offered, therefore an offering, therefore regulated.
- alasdair_ 7y ago>If it's fungible and negotiable, it is a security, if it is a security, it is regulated. By this definition, Magic: the Gathering cards and beanie babies fall under SEC jurisdiction.
- amanaplanacanal 7y agoThey are not fungible.
- alasdair_ 7y agoOne mint condition card is exactly the same as any other. This is how marketplaces eork.
- airstrike 7y agoNot every security requires registration, though
- narrator 7y agoThe Howey Test[1] is the more precise definition of what a security is. For instance, physical metals are fungible and negotiable, but are not securities in themselves. Gold coin dealers are not regulated by the SEC if they sell you actual physical gold coins. [1] https://consumer.findlaw.com/securities-law/what-is-the-howey-test.html https://consumer.findlaw.com/securities-law/what-is-the-howe...