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Some people are confused about SEC involvement. As a reminder, the SEC cannot bring criminal charges. If someone gets arrested, Department of Justice decided to
by csours 3y ago
Some people are confused about SEC involvement. As a reminder, the SEC cannot bring criminal charges. If someone gets arrested, Department of Justice decided to arrest them.
> The U.S. Attorney's Office in Manhattan said it would hold a press conference at 11:30 a.m. ET (1530 GMT) to provide details on the charges against Mashinsky and Cohen-Pavon.
- legitster 3y agoSure, but the SEC completely controls the definition of criminality here. There was no arrest-able offence until the SEC made it one.
- JohnFen 3y agoI think that it's more accurate to say that the legality of these actions wasn't clear, which everybody knew from the start. These companies decided to take a risk, and they rolled badly on the dice. The legality is still unclear, too. We don't know whether or not these companies violated the law until a court rules on it.
- tyre 3y ago> the legality of these actions wasn't clear They were completely clear. The whole time. There were no moments when it was a reasonable thought that securities weren't securities "because blockchain.
- csours 3y agoI really don't know how to respond to this. You can see the charges starting on page 37 of this document: https://storage.courtlistener.com/recap/gov.uscourts.nysd.601957/gov.uscourts.nysd.601957.1.0_4.pdf https://storage.courtlistener.com/recap/gov.uscourts.nysd.60... The document references the Code of Laws of the United States of America or USC, specifically the sections on Securities Fraud, Commodities Fraud, and Wire Fraud. The SEC didn't add these sections just for this case, they were there before Celsius was founded.