3 ms·

Doesn't matter. He refused to give any indication either way. https://www.youtube.com/watch?v=VhA1dZXeao0 https://www.youtube.com/watch?v=VhA1dZXeao0

• growse 3y ago
  Why are people so desperate to seek legal advice from law enforcement?
  • mmahut 3y ago
    It happens when the law is not clear and the law enforcement has to take a stand on it to enforce it.
    • growse 3y ago
      There's lots of laws that aren't "clear", but people don't phone the police up and ask them what they're going to do. They talk to a lawyer and get advice.
    • hef19898 3y ago
      The opinion only shows how little, read none what so ever, experience some people have in figuring out compliant business processes. Yet another rude awakening for the, let me be blunt, cluelessly naive and in some cases outright criminal tech crowd that seems to flok in huge numbers around crypto in general. That attitude started aroind the time Uber got big. Maybe even with AirBnB. In a sense, crypto is exactly the tech eco system we deserve. Good that there is finally some enforcement of rules that apply tp basically everyone else.
  • ETH_start 3y ago
    Because in this case the agency that enforces the rules is also charged with creating them, and how the rules this agency creates apply to novel instruments with no centralized issuer, centralized operator or investment contract, is not at all clear.
    • growse 3y ago
      No, Congress creates the rules. The SEC decides how to enforce them. A court then decides who's right in any given action.
      • ceejayoz 3y ago
        No, in most cases, Congress makes laws that say things like “we delegate our rule making authority to the EPA with regards to air pollution” (Clean Air Act). The agencies then create the rules; https://en.wikipedia.org/wiki/Code_of_Federal_Regulations https://en.wikipedia.org/wiki/Code_of_Federal_Regulations Sometimes the court system decides the agency’s rules exceed the authority granted to them by Congress. Other times Congress uses the Congressional Review Act or new legislation to say “that’s not what we meant”.
        • JumpCrisscross 3y ago
          The laws pertinent to the SEC's complaint are the '33 Act, '34 Act and court cases which constructed the Howey Test. None of them were created by the SEC.
          • ceejayoz 3y ago
            The '33 and '34 Acts give the SEC the ability to write the regulations, via wording like "under rules and regulations which the Commission shall prescribe". Congress defines a variety of things, but the SEC makes most of the nitty gritty procedure/rules out of those definitions and directives. The Howey test exists because the SEC enforced said new-ish regulations against someone, and the court agreed with them, holding Howey liable for violations of the '33 Act as implemented by regulators at the SEC. All this makes the statement "No, Congress creates the rules" upthread inaccurate.
            • JumpCrisscross 3y ago
              > the SEC makes most of the nitty gritty procedure/rules out of those definitions and directives The violations the SEC describes in its complaint (¶ 8) are not nitty gritty. It's all bare-boned Exchange Act malfeasance.