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It is my hope that the regulators of NY-State continue to over-step their bounds, continue to believe their own rhetoric, and I will sit back and watch as NY-St
by syshum 5y ago
It is my hope that the regulators of NY-State continue to over-step their bounds, continue to believe their own rhetoric, and I will sit back and watch as NY-State ceased being the center of Finance in the US.
It will be a good day indeed, to see NY Fall from that status.
- jimmaswell 5y agoAs someone from NY I'd love to see some of the overreaching government knocked down a peg. On that note, I'm excited for New York State Rifle & Pistol Association, Inc. v. Bruen coming up in a few weeks.
- klyrs 5y agoSeems obvious that regulating finance within the state is precisely in-bounds. What has been overstepped, besides the sense of entitlement by unregistered crypto lenders to ignore the law? > New York’s Martin Act sets forth a broad list of instruments that are declared to be securities and thus subject to its provisions: “any stocks, bonds, notes, evidences of interest or indebtedness or other securities…or negotiable documents of title, or foreign currency orders, calls or options therefor hereinafter called security or securities.” As courts have stated for almost a century, the Martin Act is a remedial statute, intended to protect the investing public, which means that its provisions — including those setting forth the definition of a “security” — are to be given a broad reading. Indeed, those defined categories of instruments are not exhaustive; other instruments or arrangements can, and have been, deemed securities under the law Note that this doesn't just impact lenders based in NY, it impacts anybody lending to New Yorkers.
- ROARosen 5y agoYou can downvote all you want, but the fact is that New York is the most restrictive area in the US when it comes to cryptochoice[1][2]. The US in turn, is up there as one of the worst countries for cryptochoice up there with Cuba, Crimea and Sevastopol, Iran, Afghanistan, Syria, North Korea, or Antigua. (Granted the US is there because of 'legitimate' SEC regulations, but ther is no reason NY should be more restrictive than the feds). [1] The ability of the indiviual to choose which crypto they want to buy and availability of them [2] https://help.ftx.com/hc/en-us/articles/360042412652-Location-Restrictions-?__cf_chl_captcha_tk__=pmd_Ub_h1glUvJEjujpqAw96.rrbX2_Gb04S1OIISWV_Pss-1634589602-0-gqNtZGzNA1CjcnBszQh9 https://help.ftx.com/hc/en-us/articles/360042412652-Location...
- woodruffw 5y agoWe're calling rampant securities fraud "cryptochoice" now?
- klyrs 5y agoLike so many moths, angry at the glass, for keeping them away from the lantern's flame...
- meepmorp 5y agothis is so condescending and accurate
- klyrs 5y agoI was aiming for poetic, not condescending... but no apologies. I think fraudsters should be shut down no matter how loudly their victims protest.
- meepmorp 5y agoDon't get me wrong, I see and appreciate the art. Please don't take it as a criticism; don't think there's a way to discuss the topic honestly that doesn't run the risk of sounding patronizing.
- knownjorbist 5y agoHow is HN of all places this out of touch?
- ROARosen 5y agoWe're calling buying and selling crypto on a relatively 'legit' regulated exchange like Coinbase "securities fraud" now?
- woodruffw 5y ago