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>Saying you haven’t done it and not letting you do it is a bit of a catch 22. You would also get into serious trouble if you would sell a drug without approval

>Saying you haven’t done it and not letting you do it is a bit of a catch 22. You would also get into serious trouble if you would sell a drug without approval from the FDA, and they might deny your application because it isn't fit for purpose. Same with the SEC just because you want to register your crypto security does not mean that they have to be allowed on the US market.

junofan 3y ago
Approval and registration sound like two different things.
StanislavPetrov 3y ago
A better analogy is that you would get in serious trouble selling a drug without approval from the FDA at the same time the FDA has never approved any drugs. It is clear to anyone who understands what is happening that the US government and our faltering financial system is desperate to eliminate crypto all together, and will throw up so many legal and regulatory hurdles that even if crypto technically remains legal it won't be worth the risk or the cost.
yellowstuff 3y ago
If someone invented a new thing that was possibly but not definitely a drug requiring FDA approval, and the FDA refused to make an explicit judgement on it for years as it grew to a huge industry, then eventually brought down the hammer, that would be a bad process. The courts may agree with the SEC that Coinbase sold unregistered securities, but they had the opportunity to clarify the law years ago, and Coinbase has been earnestly seeking clarification.
- yttribium 3y ago
  Which the FDA in fact have a pattern of doing with various supplements. https://en.wikipedia.org/wiki/Biomedical_Research_%26_Longevity_Society https://en.wikipedia.org/wiki/Biomedical_Research_%26_Longev... And the ATF with pistol braces. It's a standard regulatory tactic at this point.
  - koolba 3y ago
    The NFA rules making no sense not withstanding, the pistol brace one is particularly egregious as they explicitly said it’s legal in a prior determination and there’s millions of them in circulation.

junofan 3y ago

Approval and registration sound like two different things.

StanislavPetrov 3y ago

A better analogy is that you would get in serious trouble selling a drug without approval from the FDA at the same time the FDA has never approved any drugs. It is clear to anyone who understands what is happening that the US government and our faltering financial system is desperate to eliminate crypto all together, and will throw up so many legal and regulatory hurdles that even if crypto technically remains legal it won't be worth the risk or the cost.

yellowstuff 3y ago

If someone invented a new thing that was possibly but not definitely a drug requiring FDA approval, and the FDA refused to make an explicit judgement on it for years as it grew to a huge industry, then eventually brought down the hammer, that would be a bad process. The courts may agree with the SEC that Coinbase sold unregistered securities, but they had the opportunity to clarify the law years ago, and Coinbase has been earnestly seeking clarification.

yttribium 3y ago
Which the FDA in fact have a pattern of doing with various supplements. https://en.wikipedia.org/wiki/Biomedical_Research_%26_Longevity_Society https://en.wikipedia.org/wiki/Biomedical_Research_%26_Longev... And the ATF with pistol braces. It's a standard regulatory tactic at this point.
- koolba 3y ago
  The NFA rules making no sense not withstanding, the pistol brace one is particularly egregious as they explicitly said it’s legal in a prior determination and there’s millions of them in circulation.