> how in the world are lending instruments not categorized as securities? I suppose that the answer to this question generally, which applies to banks, is: I d

> how in the world are lending instruments not categorized as securities? I suppose that the answer to this question generally, which applies to banks, is: I don't think anyone wants a world where you have to be an accredited investor just to open a savings account. The definition of a security is complicated enough that the US Supreme Court weighed in. https://www.kramerlevin.com/en/perspectives-search/when-might-loans-be-deemed-securities.html https://www.kramerlevin.com/en/perspectives-search/when-migh... So, complex subject with lots of ambiguous legal precedent, grey zones, inconsistent enforcement. And new technology that doesn't perfectly fit into the previous system of rules. Yeah, it's a mess, and it will probably be decades before it all gets sorted out.