A senator that gets it and explains why he thinks the SEC shouldn't be involved :)

[HAL1000]

 

[HAL1000]

Full interview here:-

https://www.coindesk.com/video/sen-toomey-regulators-should-not-impede-the-development-of-crypto

His stance on CBDC's is interesting.

Edited July 14, 2021 by HAL1000

[HAL1000]

The Howey Test attempts to determine if there is an "investment of money in a common enterprise with a reasonable expectation of profits to be derived from the efforts of others."

If you watch Chou's analysis of the SEC's claims about XRP holders in effect being shareholders in Ripple, then if XRP is classed as a security, then does that mean US XRP holders are entitled to profit sharing if Ripple do well, as per the Howie test?

After all, that is what the SEC are claiming and that is what Deaton's motion is all about:-

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Also, if we don't get a cut, can we complain to the SEC!

Moreover, if we don't get paid out as shareholders, can we sue these companies for selling us these securities even in secondary markets?

Multiply this insanity, by all the cryptos the SEC wish to class as securities in the US, should make you think.

I am of course trying to point out the stupidity of the SEC's stance on all this, if you hadn't guessed

[NightJanitor]

why, there was some older fella in Pennsylvania just today - think his name was Joe something?  said "from Scranton."