All of this is missing the point that Nexo, Celsius etc do not fulfill the niche of a "payday lender" or anything of the sort. They exist for people who think t

All of this is missing the point that Nexo, Celsius etc do not fulfill the niche of a "payday lender" or anything of the sort. They exist for people who think they can make financial plays in the market while retaining exposure to the underlying asset. None of which is illegal - perhaps it should be discouraged for people with very little on the line, but that's a separate argument.