4 ms·

I can't see this enforcement spree by the SEC as anything other than malicious when Gensler himself said that 3/4ths of the market is not securities in 2018. h

I can't see this enforcement spree by the SEC as anything other than malicious when Gensler himself said that 3/4ths of the market is not securities in 2018. https://twitter.com/ZK_shark/status/1650689125580668931 https://twitter.com/ZK_shark/status/1650689125580668931 Yes this was before he was head of the SEC, but the fact that this was going on right out in the open for 10 years and the SEC took exactly no action tells me that the entire agency shared this opinion too. It doesn't take a decade to shut down an unregistered securities exchange.

JumpCrisscross 3y ago
> this was going on right out in the open for 10 years and the SEC took exactly no action Ripple was sued in 2020 [1]. That’s two years from Gensler’s 2018 statement and 1 year preceding his becoming chair of the SEC [2]. Note, too, that when Gensler made those statements he was the former chair of the CFTC. And nobody is being charged for cash trading Bitcoin or Ethereum. [1] https://www.sec.gov/news/press-release/2020-338 https://www.sec.gov/news/press-release/2020-338 [2] https://www.sec.gov/about/commissioners/gary-gensler https://www.sec.gov/about/commissioners/gary-gensler
misnome 3y ago
Ah yes, the “offhand comment by someone years before they took a position indemnifies you business for all behaviour infinitely into the future no backsies” law
- fallingknife 3y ago
  If by "offhand" you mean the former head of the CFTC giving a lecture in the class he teaches on the subject at MIT while at the same time the SEC is also not taking any actions against crypto exchanges. There isn't a "no backsies" rule, but then you will have to tell me what changed about crypto between 2018 and now that made it pass the Howey test then and fail it now if you want me to believe that the government is acting in good faith.
  - misnome 3y ago
    I cant think of anything changing in crypto in the past five years! No markets, products, chains, methods of operation. It’s all exactly the same as it was in 2018. Presumably you are correct and this will be thrown out as soon as it gets in front of a judge then!
  - JumpCrisscross 3y ago
    Has any crypto exchange been sued by the SEC for solely providing Bitcoin and Ethereum trading? That might be the vast majority of the market Gensler references, which would make his 2018 statement both remarkably prescient as well as consistent with this complaint.
  - refulgentis 3y ago
    This is off-topic unless you're aware of someone being charged for cash trading Bitcoin or Ethereum. It's degrading to yourself to pretend in public anyone expected the SEC was cool with coins.
teh64 3y ago
Does this somehow mean that in 2023 3/4ths of the market is still not securities?
_fizz_buzz_ 3y ago
> 3/4ths of the market is not securities in 2018 But that means even back in 2018 1/4 of the market was securities.

JumpCrisscross 3y ago

> this was going on right out in the open for 10 years and the SEC took exactly no action Ripple was sued in 2020 [1]. That’s two years from Gensler’s 2018 statement and 1 year preceding his becoming chair of the SEC [2]. Note, too, that when Gensler made those statements he was the former chair of the CFTC. And nobody is being charged for cash trading Bitcoin or Ethereum. [1] https://www.sec.gov/news/press-release/2020-338 https://www.sec.gov/news/press-release/2020-338 [2] https://www.sec.gov/about/commissioners/gary-gensler https://www.sec.gov/about/commissioners/gary-gensler

misnome 3y ago

Ah yes, the “offhand comment by someone years before they took a position indemnifies you business for all behaviour infinitely into the future no backsies” law

fallingknife 3y ago
If by "offhand" you mean the former head of the CFTC giving a lecture in the class he teaches on the subject at MIT while at the same time the SEC is also not taking any actions against crypto exchanges. There isn't a "no backsies" rule, but then you will have to tell me what changed about crypto between 2018 and now that made it pass the Howey test then and fail it now if you want me to believe that the government is acting in good faith.
- misnome 3y ago
  I cant think of anything changing in crypto in the past five years! No markets, products, chains, methods of operation. It’s all exactly the same as it was in 2018. Presumably you are correct and this will be thrown out as soon as it gets in front of a judge then!
- JumpCrisscross 3y ago
  Has any crypto exchange been sued by the SEC for solely providing Bitcoin and Ethereum trading? That might be the vast majority of the market Gensler references, which would make his 2018 statement both remarkably prescient as well as consistent with this complaint.
- refulgentis 3y ago
  This is off-topic unless you're aware of someone being charged for cash trading Bitcoin or Ethereum. It's degrading to yourself to pretend in public anyone expected the SEC was cool with coins.

teh64 3y ago

Does this somehow mean that in 2023 3/4ths of the market is still not securities?

_fizz_buzz_ 3y ago

> 3/4ths of the market is not securities in 2018 But that means even back in 2018 1/4 of the market was securities.