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I may be confused, but https://www.fdic.gov/regulations/laws/rules/8000-6200.html https://www.fdic.gov/regulations/laws/rules/8000-6200.html literally defines n
by btown 5y ago
I may be confused, but https://www.fdic.gov/regulations/laws/rules/8000-6200.html https://www.fdic.gov/regulations/laws/rules/8000-6200.html literally defines notes, bonds, swaps, and evidence of indebtedness as securities. Just because Coinbase currently holds an asset of mine, doesn’t mean that if they offer me to use that to become a debt investor in a fund they’re running, that’s magically no longer a security, right? It seems very much within the SEC’s discretion.
Sure, the SEC’s enforcement and communications are spotty, and they deserve to be called out on that, but why would Coinbase ever assume they wouldn’t consider this a security?
- darksaints 5y agoBut these aren't notes or bonds or swaps or evidence of indebtedness. They're not tradable. This is a lot closer to a bank account, which is also an interest bearing instrument that is not tradable.
- DenisM 5y agoBank account can only be provided by a bank, in adherence with a million government rules for banks.
- darksaints 5y agoInterest bearing lending accounts are widespread...you can find them at banks, brokerages, credit unions, and even grocery stores. They are not regulated by the SEC, but by other regulatory entities, which is the whole point that TFA is making.
- toomuchtodo 5y agoThese are all regulated by combinations of the OCC, the FDIC, NCUA, and state financial regulators.