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0 sats \ 1 reply \ @standardcrypto 1 Oct \ on: Maximalist's Opinion: 'Crypto' needs to go away and disappear for good. bitcoin
re "this really means we want to DELIST this CRAP except we can't quite get it through the courts... and the lawyers at Coinbase have really deep pockets."
If the courts say whatever coin doesn't pass the Howey test, that is not a problem with the SEC. The SEC has to obey the court. So the problem is in the courts and has to be fought there.
On a superficial level, as long as we are dicking around on stacker news, I would focus on the reasoning for why Ripple is ok vis a vis howey, quote directly from the judge's opinion, and try to pick that apart. Try to use logic, not ridicule. Lawyers and regulators are human beings, and they do read forums like stacker news. So leave some breadcrumbs here for them. Words do matter.
On a deeper level...
Never forget, the courts have behaved badly before, including the supreme court.
#695003 "American Default: FDR, the Supreme Court, and the Battle over Gold – book review"
Maybe the actual problem is, would the dollar pass the Howey test?
Maybe not. Maybe the courts have difficulty admitting this.
Anyway this is probably not going to be solved by the SEC, but with a combination of ridicule and economic pain -- to all non bitcoin holders.
Doesn't mean we shouldn't fight it in actual court. And in the court of public opinion. And with our wallets.
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0 sats \ 0 replies \ @028559d218 OP 1 Oct
The best most complete example of the xrp securities issue I've read... comes from Matt Levine's column at bloomberg. It's behind a paywall unfortunately...
However it's really thorough. Basically... shares of a stock, if sold on secondary markets between investor to investor, are absolutely securities. Facebook/Meta for example didn't 'sell more shares' to the public for years. The existing shares were traded simply among the retail public and yet they were absolutely securities. Just because it's a 'secondary market' does not make something not a security... when it is a security if sold to institutional/accredited investors.
Anyway, Levine is really really sharp and his article goes into way more detail, more convincingly than I ever could.
https://www.bloomberg.com/opinion/articles/2023-07-14/ripple-is-a-security-and-it-isn-t?embedded-checkout=true
The subtitle says it all "Crypto tokens are securities unless you are anonymously dumping them on retail investors"
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