/biz/ - Business & Finance

>>53863855
What’s wrong with what he said? He’s right.

>>53863855
> “They might drop their tokens overseas at first and contend or pretend that it’s going to take six months before they come back to the U.S.,” Gary posited. “But at the core,” he continued, “these tokens are securities because there’s a group in the middle and the public is anticipating profits based on that group.”
> Chainlink Ltd - Grand Cayman, Midland, Cayman Islands

>>53863855
Obligatory reminder to all the redditards here that this idiot was appointed by Joe Biden.

>>53863855
>> “They might drop their tokens overseas at first and contend or pretend that it’s going to take six months before they come back to the U.S.,” Gary posited. “But at the core,” he continued, “these tokens are securities because there’s a group in the middle and the public is anticipating profits based on that group.”
> The ada vouchers were sold by a Japanese corporation and its sales force in Japan with total gross sales of 108,844.5 BTC.

>>53863855
As the Senate Banking committee said, Gensler is standing on thin ice, and he better comes in personally instead of sending his lakys. Everyone knows Gensler has shit on his heels and is running amok at the moment. Nothing he says need to be taken into consideration, as soon as he gets before congress his game is done and fincen and the fatf and cftc take over

>>53863855
He gave you guys alot of rope to hang yourselves. All you had to do was follow the law.

>>53863855
> “They might drop their tokens overseas at first and contend or pretend that it’s going to take six months before they come back to the U.S.,” Gary posited. “But at the core,” he continued, “these tokens are securities because there’s a group in the middle and the public is anticipating profits based on that group.”
> A new Proof-of-Stake blockchain protocol raised more than $60M in a token sale held in Singapore today

>>53864062
he hanged himself. Congress wants answers about his connections to ftx Sam Bankman and his parents.

>>53863855
don't care. SEC fud is the new China banned crypto fud. plan accordingly.

>>53864095
the sec tried to get isps and websites declared as securities in the late 80s, they failed

>>53864095
this, lmfao. let Gary cry and shit his diaper, crypto doesn't give a shit

>>53864072
Sorry sweetheart, Trump set the precedeny that no one has to show up for congressional subpoenas.

>>53864125
You know the great things about an Institutional Anarcho Tyranny like the USA is after Trump, nobody cares what a federal bureau has to say, they just do it off shore or plane and simply ignore them.

>>53863936
>“The law’s pretty straightforward,” Gensler said in response to questions from CoinDesk last week. The ongoing insistence from the industry that the SEC is leaving crypto without clear rules is a “false narrative,” he said.
Gensler is full of shit. Cryptocurrencies are not "securities" and they're not "commodities" either. Crypto represents a totally new asset class and should be treated as such.

>>53864183
neither genslers sec nor any other bureau can do anything that has legal standings without congressional approval and are wide open to be contested by interested private parties, wasting millions in tax payer funds

>>53864183
> You might wonder: how might a crypto token be a security?

> The Supreme Court’s 1946 Howey Test, which was about orange groves, says that an investment contract exists when there is the investment of money in a common enterprise with a reasonable expectation of profits to be derived from the efforts of others.[9]

> My predecessor Jay Clayton said it, and I will reiterate it: Without prejudging any one token, most crypto tokens are investment contracts under the Howey Test. Even before the Howey test, in the first several years of our federal securities laws, some entrepreneurs were notified that they had to register their offerings of chinchillas, whiskey warehouse receipts, oyster beds, and live silver foxes as securities offerings,[10] as “the purported sale of the…property was merely camouflage and not the substance of the transaction.”[11]

>>53863855
states are outdated and on their way out and "securities" are a complete spook
cope & seethe, niggers

>>53863855
>"The ongoing insistence from the industry that the SEC is leaving crypto without clear rules is a "false narrative!"
>OK, fine, then give us clear rules
>"No :^)"

>>53864167
Fucking zoom zoom.

>>53864167
And that means they don't get access to Western financial institutions, simple as.

>>53864247
fun fact Gensler was the youngest ever partner at Goldman Sachs and he currently has a net worth estimated at $120 million

>>53863963
There is no contract.
Securities literally require contractual obligation.
This is reason all corporations are so evil. They are CONTRACTUALLY OBLIGATED to be evil and fuck as many people as possible in or to make money at any and all costs.

Also why stocks and securities are safer investments than crypto.

>>53864996
see
>>53864247
and
> The U.S. Supreme Court’s Howey case and subsequent case law have found that an “investment contract” exists when there is the investment of money in a common enterprise with a reasonable expectation of profits to be derived from the efforts of others. The so-called “Howey test” applies to any contract, scheme, or transaction, regardless of whether it has any of the characteristics of typical securities.
your shitcoin is a security son

>a mapping variable is an investment contract
kek

>>53863855
They cry out in pain while stabbing you in the back.

>>53863855

>>53864183
This may be true, but I think the utility tokens could fall under CFTC, securities would be like governance only or exchange tokens based off exchange success.. and stable coins are currency represented digitally.
At a minimum they definitely aren’t all securities and shouldn’t all be thrown in one basket.

>>53866586
I any case, the USA is going to lose the next generation of inovation. Imagine if the sec was allowed to regulate http because it somehow passes the howey test if you make the definition wide enough.

Really would the sec even exist if howey would be deemed out of touch and non applicable to tech

>>53866957
HTTP isn't selling you a token based in the Cayman Islands