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If what you are doing requires registering with the SEC for it to be legal, and there's no way to register what you are doing with the SEC, then that means that

If what you are doing requires registering with the SEC for it to be legal, and there's no way to register what you are doing with the SEC, then that means that it is illegal to do what you are doing (like how could you think that possibly means you are free to go do that thing?).

latchkey 4y ago
If there is no way to register with the SEC to run a securities brokerage, exchange, and clearing house, then what's the point of the SEC again?
- vkou 4y ago
  There's no way to register these securities with the SEC, because their creators aren't interested in being in compliance with securities laws. It would require more transparency and accountability than they would like. As a result, the SEC does not allow anyone to run an exchange that trades those illegal securities. Being a registered security isn't hard, all sorts of stupid and speculative instruments get registered. If your shitcoin isn't able to get registered, the fault is with it, not the SEC. If your exchange isn't allowed to trade that shitcoin, the fault is with the coin, not the SEC. It's not the SEC's job to provide guidance on how to run an exchange that trades in unregistered securities. The only guidance it should provide in answer to that query is 'You can't.'
  - latchkey 4y ago
    > Being a registered security isn't hard, all sorts of stupid and speculative instruments get registered. If your shitcoin isn't able to get registered, the fault is with it, not the SEC. You're contradicting yourself there. If it isn't hard, it should be easy for a shitcoin to get registered then.
    - detaro 4y ago
      Not necessarily a contradiction, no. It can be very easy to do something, and lots people failing to do so because they refuse to follow the simple rules around it. (how much that is the case with shitcoins I don't know, but it's at least believable that many of them didnt make a serious attempt because it'd get in the way of making lots of money by exaggerated marketing)
      - latchkey 4y ago
        Now you're just generalizing with platitudes and snarky comments about exaggerated marketing. This isn't just about shitcoins and you know it. Gensler, just yesterday, couldn't even answer a simple question about ETH being a security and that's the second largest marketcap crypto out there. Pretending that crypto is only made up of shitcoins doesn't mean that it is going to magically go away. It is here to stay. The cat is out of the bag. The SEC can only bury its head for so long and that's clearly coming to light now. You've got Warren with her stupid 'war on crypto' and Gensler as her puppet talking head. Things need to change and Coinbase is going to have to sue them to get that change. That speaks more to the lack of clarity in the SEC, than to anything Coinbase is or isn't doing well.
    - vkou 4y ago
      If a shitcoin can't meet the low, low bar for registration, that's an indictment of the shitcoin, not of my argument. Don't walk, run away from it.
      - latchkey 4y ago
        What about ETH then? https://twitter.com/twobitidiot/status/1648732457448120321 https://twitter.com/twobitidiot/status/1648732457448120321
        deleted 4y ago
        [deleted]

latchkey 4y ago

If there is no way to register with the SEC to run a securities brokerage, exchange, and clearing house, then what's the point of the SEC again?

vkou 4y ago
There's no way to register these securities with the SEC, because their creators aren't interested in being in compliance with securities laws. It would require more transparency and accountability than they would like. As a result, the SEC does not allow anyone to run an exchange that trades those illegal securities. Being a registered security isn't hard, all sorts of stupid and speculative instruments get registered. If your shitcoin isn't able to get registered, the fault is with it, not the SEC. If your exchange isn't allowed to trade that shitcoin, the fault is with the coin, not the SEC. It's not the SEC's job to provide guidance on how to run an exchange that trades in unregistered securities. The only guidance it should provide in answer to that query is 'You can't.'
- latchkey 4y ago
  > Being a registered security isn't hard, all sorts of stupid and speculative instruments get registered. If your shitcoin isn't able to get registered, the fault is with it, not the SEC. You're contradicting yourself there. If it isn't hard, it should be easy for a shitcoin to get registered then.
  - detaro 4y ago
    Not necessarily a contradiction, no. It can be very easy to do something, and lots people failing to do so because they refuse to follow the simple rules around it. (how much that is the case with shitcoins I don't know, but it's at least believable that many of them didnt make a serious attempt because it'd get in the way of making lots of money by exaggerated marketing)
    - latchkey 4y ago
      Now you're just generalizing with platitudes and snarky comments about exaggerated marketing. This isn't just about shitcoins and you know it. Gensler, just yesterday, couldn't even answer a simple question about ETH being a security and that's the second largest marketcap crypto out there. Pretending that crypto is only made up of shitcoins doesn't mean that it is going to magically go away. It is here to stay. The cat is out of the bag. The SEC can only bury its head for so long and that's clearly coming to light now. You've got Warren with her stupid 'war on crypto' and Gensler as her puppet talking head. Things need to change and Coinbase is going to have to sue them to get that change. That speaks more to the lack of clarity in the SEC, than to anything Coinbase is or isn't doing well.
  - vkou 4y ago
    If a shitcoin can't meet the low, low bar for registration, that's an indictment of the shitcoin, not of my argument. Don't walk, run away from it.
    - latchkey 4y ago
      What about ETH then? https://twitter.com/twobitidiot/status/1648732457448120321 https://twitter.com/twobitidiot/status/1648732457448120321
      - deleted 4y ago
        [deleted]