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It's as "funny money" as any other security. Just because you feel they may be "funnier" doesn't affect the laws around selling and trading securities.

• jqpabc123 4y ago
  Your post is based on an assumption --- that crypto is legally defined as a "security". Do you have any reference to support this? If this is true, then the crypto market is subject to existing security laws. And government needs to launch an extensive investigation of crypto exchanges who have been operating without the required authorization or oversight. As I said, this cuts to the very core of the crypto market.
  • toomuchtodo 4y ago
    https://www.manatt.com/insights/newsletters/financial-services-law/sec-enforcement-case-labels-some-cryptocurrency-to https://www.manatt.com/insights/newsletters/financial-servic... > As noted above, in categorizing the tokens as a security, the SEC’s complaint makes reference to the Howey Test, under which a digital asset, including a “crypto asset security” will be deemed a security “if it constitutes an investment of money, in a common enterprise, with a reasonable expectation of profit derived from the efforts of others.” The DOJ’s complaint alleges that “the defendants made illegal trades in at least twenty-five different crypto assets and realized ill-gotten gains totaling approximately $1.5 million.” The SEC’s complaint claims that at least nine of the 25 crypto assets were “crypto asset securities,” and therefore the defendants’ insider trading of securities fell within the SEC’s “broad jurisdiction to regulate the securities markets and to bring actions for violations of the federal securities laws, including fraud and insider trading.” > None of the issuers of the nine “crypto asset securities,” or Coinbase itself, are named as a defendant in Wahi as this is an insider trading case. Issuers and exchanges of tokens should take caution, however, as the SEC’s stance in Wahi reiterates the SEC’s a broad view of digital assets as securities and its ability to regulate them. As duped mentions, if it's not a security, it's a commodity falling under the regulation of the CFTC. https://www.cftc.gov/digitalassets/index.htm https://www.cftc.gov/digitalassets/index.htm
  • jakelazaroff 4y ago
    What is the point that you're trying to make? People put in real money that they won't get back because they believed in Celsius. Execs made real money by cashing out before closing the doors. That's called a scam.
  • duped 4y ago
    The SEC considers some crypto as commodities and some as securities. In either case, it's not "funny money" - it's a regulated financial asset.
  • jqpabc123 4y ago
    it's a regulated financial asset. If true, this is a cataclysmic moment for the crypto market --- the entirety of which has been operating illegally.