SEC Working To Register Crypto Lending Firms (reuters.com) 24
The U.S. Securities and Exchange Commission (SEC) is working to get some cryptolending companies properly registered if they operate more as investment firms, the head of the Wall Street regulator told CNBC in an interview on Thursday. From a report: SEC Chair Gary Gensler also said it was up to large financial institutions to decide whether they want to include crypto options in their portfolios for clients, but that the risks of crypto tokens need to be made public.
"We have focused on this area because many of these firms...may well be investment companies taking hundreds of thousands or millions of customers funds, pulling it together, and then relending it while offering pretty high returns. Sounds a little like an investment company, or a bank, you might say," Gensler said. "How are they doing that? What stands behind those promises? We're going to work with the industry to get these firms properly registered under the securities laws."
"We have focused on this area because many of these firms...may well be investment companies taking hundreds of thousands or millions of customers funds, pulling it together, and then relending it while offering pretty high returns. Sounds a little like an investment company, or a bank, you might say," Gensler said. "How are they doing that? What stands behind those promises? We're going to work with the industry to get these firms properly registered under the securities laws."
That's gonna kill cryptocurrencies (Score:2)
the risks of crypto tokens need to be made public
The one overarching rule of scams is that the marks shouldn't be aware they're highly likely to lose their money.
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So that gives you the right to tell them how to run their lives? That way lies war on drugs, abortion laws, book bannings. Maybe we should outlaw gaming, you know, it is bad for your health.
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I don't believe people are so dumb
When you get older, you realize not only people are that dumb, but they often prove to be even dumber than you'd ever think possible. Humanity is in a race to the bottom.
But by all means, keep your illusions for as long as you can. Cuz it looks really bleaks when reality finally sets in.
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When you get older, you realize not only people are that dumb, but they often prove to be even dumber than you'd ever think possible. Humanity is in a race to the bottom.
According to internet, I'm very old and still didn't realize what you describe. I do realize you can start to hate everybody when you get older though. Everybody knows an old person which seems to be in war against everybody.
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I keep giving people the benefit of the doubt, and they keep taking it and running off a cliff with it.
If someone shows you who they are, believe them.
Every time I go out of the house, I lose more faith in humanity, usually the bulk of which is lost on the highway. It's not even as much the stupid (although that is very real) as much as the total lack of regard for anyone else, or often even themselves.
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Bah, why hate, just know that the world is full of idiots and go profit off that....this is the new survival of the fittest. You don't need to hate them, but you also don't need to coddle them behind walls of rules either, it won't educate them.
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The way I heard it put was "Think of how smart someone would be if their IQ was 100. Then realize that half of all people are stupider than that."
The folks I like to associate with are almost all too smart to fall for that scam, though awhile back some thought they could find someone else to buy them out at a higher price. (Well, actually the folks I like to associate with had different goals, but you can run an analogy in non-monetary fields.)
Then there's specialist intelligences. I've got a friend who
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You realize "greed" is one of the seven deadly sins, right?
Greed makes people deaf, blind, and dumb.
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It will probably both give them increased credibility, and increased legal liabilities. I suspect that there's lots of insider trading of one sort and another that will be made much more visible, at least to those doing the oversight. And possibly there would be increased penalties.
Naturally Ferengi Tokens (Score:2)
Does this mean I'll finally have someone to report my stolen apes to? Besides Odo? That guy's really unhelpful.
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Ooooh, can I get into your multilevel marketing scheme for this?
Good Luck With That! (Score:2)
There are certain rules companies have to adhere to to be able to register. There are no crypto companies at this moment who can even remotely adhere to those rules, and most often actually exist to circumvent those rules in the first place.
De-Deregulate (Score:2)
"Register" (Score:2)
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If they require real audits that will be a ban. None of them can do it.
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Found the bagholder!
I would just ignore the SEC at this point (Score:2)