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3) It seems pretty likely that BTC, ETH, and many forks/variants will not be securities; and that many other tokens will be securities. (How about other large tokens? Or futures or swaps on security tokens? Or tokenized stocks? And what exactly is a stablecoin? We'll see!)

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SBF

@SBF_FTX

Sep 8

4) And, for what it's worth: I think this is all pretty reasonable; and a resolution providing regulatory oversight along these lines would be healthy for consumers, protect against risk, prevent scams, give clarity to the industry, and allow liquidity to come back to the US.

428

SBF

@SBF_FTX

Sep 8

5) And it's consistent with what

@gillibrandny

@SenLummis

drafted-- as well as what

@tphillips

and others have argued for from the customer protection angle

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2^n n-th moment Investments

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and

How would you determine who has the right to classify tokens?

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and

And who will decide if token is security or not?

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The SEC will using the Howey Test unless they change that criteria

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when will SEC forbid crypto exchanges from trading against their customers tho

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why do you think ftx is profitable and coinbase isn't?

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the industry is about to bifurcate. The US is going full walmartchain to hire NPC web 2.5 developers. The real core crypto devs will go offshore, & take half the industry capital with them. US CeFi & SEC are "breaking" the tech to build walmartchain surveillance.

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