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I’m not educated on crypto but wouldn’t it be easier to go after the fiat->coin people or do people really just mine / buy coin with cash?
by flatiron 4y ago
I’m not educated on crypto but wouldn’t it be easier to go after the fiat->coin people or do people really just mine / buy coin with cash?
- TedDoesntTalk 4y agoWhat crime are the fiat->coin exchanges committing? (Excluding the insider trading of one individual at coinbase)
- hnthrow1010 4y agoIf you ask me, they should all be shut down for selling unregistered securities, because all crypto tokens fit closest to that definition more than anything else. It's impossible for these tokens to actually function as a currency, both technically and legally. They're not a new class of assets, the idea of tradable tokens is not new either.
- flatiron 4y agoExactly my point. They are selling in fiat currency a lie. That 100% is accessible for litigation. The whole crypto->crypto thing could be seen as not a crime because who can tell it’s worth other than the darn fiat converter!
- brasic 4y agoTo add some nuance to the sibling reply, the SEC has extensively laid out its legal argument for why many (not all) of the coins traded on crypto exchanges are securities under US law, including specific examples. See the recent insider trading complaint [1] and this analysis [2]. Dealing in unregistered securities is a crime [3], so if the analysis is correct then the exchanges are breaking US law. [1] https://www.sec.gov/litigation/complaints/2022/comp-pr2022-127.pdf https://www.sec.gov/litigation/complaints/2022/comp-pr2022-1... (¶ 95 - ¶ 206) [2] https://www.sec.gov/corpfin/framework-investment-contract-analysis-digital-assets https://www.sec.gov/corpfin/framework-investment-contract-an... [3] https://www.law.cornell.edu/uscode/text/15/78l https://www.law.cornell.edu/uscode/text/15/78l