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Exactly. The same goes for margin accounts. I can see both the FDIC and FINRA having a claim to regulate these crypto lending accounts...the SEC is the last tha

Exactly. The same goes for margin accounts. I can see both the FDIC and FINRA having a claim to regulate these crypto lending accounts...the SEC is the last that I would expect to do so. The fact that they're trying to classify something that can't even be traded as a security is mind boggling.

JumpCrisscross 5y ago
> I can see both the FDIC and FINRA having a claim to regulate these crypto lending accounts...the SEC is the last that I would expect to do so FINRA is entirely subservient to the SEC.
- darksaints 5y ago
  What does that even mean? FINRA has its own turf that the SEC can't touch, and the courts have been very clear about that.
  - JumpCrisscross 5y ago
    > FINR has its own turf that the SEC can't touch You’re thinking of something else. FINRA is a non-profit self-regulating organisation. It has no power over anyone who doesn’t voluntarily submit to its rules. It is not a part of the government. The SEC was created by the Securities Exchange Act of 1934. It regulates FINRA [1]. The regulator the SEC has constant turf battles with is the CFTC [2]. [1] https://en.m.wikipedia.org/wiki/Financial_Industry_Regulatory_Authority https://en.m.wikipedia.org/wiki/Financial_Industry_Regulator... [2] https://www.cftc.gov/sites/default/files/idc/groups/public/@newsroom/documents/file/cftc-sec-mou030608.pdf https://www.cftc.gov/sites/default/files/idc/groups/public/@...
    - darksaints 5y ago
      > You’re thinking of something else. FINRA is a non-profit self-regulating organisation. It has no power over anyone who doesn’t voluntarily submit to its rules. It is not a part of the government. Financial industry participants are required by the SEC to submit to its rules and regulatory authority. You literally cannot create a financial institution without being forced to submit to FINRA.
      - JumpCrisscross 5y ago
        > You literally cannot create a financial institution without being forced to submit to FINRA Yes, you can. To trade securities you have to be a member of an SRO, of which FINRA is one and the largest. (MSRB is another. Before 2007 there were non-NASD NYSE members. And if you're starting a bank or a hedge fund or a VC firm, FINRA has nothing to do with you.) Going back to the original assertion: yes, FINRA was created by and is subservient to the SEC. If FINRA has proper jurisdiction, the SEC certainly does.

JumpCrisscross 5y ago

> I can see both the FDIC and FINRA having a claim to regulate these crypto lending accounts...the SEC is the last that I would expect to do so FINRA is entirely subservient to the SEC.

darksaints 5y ago
What does that even mean? FINRA has its own turf that the SEC can't touch, and the courts have been very clear about that.
- JumpCrisscross 5y ago
  > FINR has its own turf that the SEC can't touch You’re thinking of something else. FINRA is a non-profit self-regulating organisation. It has no power over anyone who doesn’t voluntarily submit to its rules. It is not a part of the government. The SEC was created by the Securities Exchange Act of 1934. It regulates FINRA [1]. The regulator the SEC has constant turf battles with is the CFTC [2]. [1] https://en.m.wikipedia.org/wiki/Financial_Industry_Regulatory_Authority https://en.m.wikipedia.org/wiki/Financial_Industry_Regulator... [2] https://www.cftc.gov/sites/default/files/idc/groups/public/@newsroom/documents/file/cftc-sec-mou030608.pdf https://www.cftc.gov/sites/default/files/idc/groups/public/@...
  - darksaints 5y ago
    > You’re thinking of something else. FINRA is a non-profit self-regulating organisation. It has no power over anyone who doesn’t voluntarily submit to its rules. It is not a part of the government. Financial industry participants are required by the SEC to submit to its rules and regulatory authority. You literally cannot create a financial institution without being forced to submit to FINRA.
    - JumpCrisscross 5y ago
      > You literally cannot create a financial institution without being forced to submit to FINRA Yes, you can. To trade securities you have to be a member of an SRO, of which FINRA is one and the largest. (MSRB is another. Before 2007 there were non-NASD NYSE members. And if you're starting a bank or a hedge fund or a VC firm, FINRA has nothing to do with you.) Going back to the original assertion: yes, FINRA was created by and is subservient to the SEC. If FINRA has proper jurisdiction, the SEC certainly does.