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The Securities and Exchange act of 1934 doesn’t give the SEC authority to regulate bitcoin and thus the SEC doesn’t have authority to it.

ghayes 4y ago
The Securities Act and the Exchange Act give the SEC broad latitude in regulating securities. The fundamental question is: is Bitcoin a security? The situation now is a bit like if the SEC tomorrow said Harry Potter books were securities, would bookstores suddenly become unlicensed securities exchanges?
- latchkey 4y ago
  > The fundamental question is: is Bitcoin a security? https://www.coindesk.com/layer2/2022/06/28/secs-gensler-reiterates-bitcoin-alone-is-a-commodity-is-he-right/ https://www.coindesk.com/layer2/2022/06/28/secs-gensler-reit...
- Quindecillion 4y ago
  It's not a security. It's not a commodity either. It's money. You may not agree with that and you may not like Bitcoin, but that doesn't change what it is.
  - illiarian 4y ago
    Basically all of crypto passes Howey test for securities: --- start quite --- an instrument qualifies as an "investment contract" for the purposes of the Securities Act: "a contract, transaction or scheme whereby a person invests his money in a common enterprise and is led to expect profits solely from the efforts of the promoter or a third party." --- end quote ---
    - Quindecillion 4y ago
      I agree. All of crypto passes the Howey test for securities. Bitcoin doesn't match that definition though. Who or what entity is the 'promoter' or 'third party' for Bitcoin? There's no registered entity, no (legitimate) foundation, no company, no CEO, no board, no chair. It's just a protocol.
      - illiarian 4y ago
        Butcoin's main use case was HODL. You know, in the ancient times of just a few years ago. And now you'd need an electron microscope to find its use cases as money.
        Quindecillion 4y ago
        No, just a regular set of eyes. https://btcmap.org/map#3/0.00000/0.00000 https://btcmap.org/map#3/0.00000/0.00000 Maybe try opening them?

ghayes 4y ago

The Securities Act and the Exchange Act give the SEC broad latitude in regulating securities. The fundamental question is: is Bitcoin a security? The situation now is a bit like if the SEC tomorrow said Harry Potter books were securities, would bookstores suddenly become unlicensed securities exchanges?

latchkey 4y ago
> The fundamental question is: is Bitcoin a security? https://www.coindesk.com/layer2/2022/06/28/secs-gensler-reiterates-bitcoin-alone-is-a-commodity-is-he-right/ https://www.coindesk.com/layer2/2022/06/28/secs-gensler-reit...
Quindecillion 4y ago
It's not a security. It's not a commodity either. It's money. You may not agree with that and you may not like Bitcoin, but that doesn't change what it is.
- illiarian 4y ago
  Basically all of crypto passes Howey test for securities: --- start quite --- an instrument qualifies as an "investment contract" for the purposes of the Securities Act: "a contract, transaction or scheme whereby a person invests his money in a common enterprise and is led to expect profits solely from the efforts of the promoter or a third party." --- end quote ---
  - Quindecillion 4y ago
    I agree. All of crypto passes the Howey test for securities. Bitcoin doesn't match that definition though. Who or what entity is the 'promoter' or 'third party' for Bitcoin? There's no registered entity, no (legitimate) foundation, no company, no CEO, no board, no chair. It's just a protocol.
    - illiarian 4y ago
      Butcoin's main use case was HODL. You know, in the ancient times of just a few years ago. And now you'd need an electron microscope to find its use cases as money.
      - Quindecillion 4y ago
        No, just a regular set of eyes. https://btcmap.org/map#3/0.00000/0.00000 https://btcmap.org/map#3/0.00000/0.00000 Maybe try opening them?