Conversation

nic carter
@nic__carter
In the wake of Quadriga, Canadian securities regulators are pushing back against custodial exchanges HARD. Their new guidance holds that custodial coins are potentially derivatives (a right for future BTC, eg), rather than the thing itself.
19
50
207
trent.eth
@trent_vanepps
seeing as no one has, i'll just mention this quietly . . . ⁿᵒⁿ⁻ᶜᵘˢᵗᵒᵈᶦᵃˡ ᵈᵉˣ ᵒⁿ ᴱᵗʰᵉʳᵉᵘᵐ
1
1
21
Jesse Powell
@jespow
Not sure which spot exchanges retain ownership but that would be unusual. Delegating delivery to my warehouse for convenience and security doesn't mean that actual delivery didn't occur or that ownership didn't transfer. Bankruptcies have shown that users have an ownership claim.
2
8
nic carter
@nic__carter
jesse, I think exchanges could do a lot to clarify the specific claim that users have on exchange-held bitcoin, especially in the absence of federal regulation. eg – what happens in BK if the exchange has a large outstanding credit line?
1
nic carter
@nic__carter
Replying to
@jespow
and
@trent_vanepps
agreed, and I think WY has made great strides there esp in terms of recognizing the problem. I do think users (and regulators!) would be considerably more at ease if you instituted a PoR protocol. cryptographic assurances > legal assurances
2
2