• Home
  • About
  • ‘Enforcement 40’ for 2020
  • Webcasts
  • Enforcement Hall of Fame
  • Contact
Securities Docket
Experts in Risk
  • Class Actions
  • Criminal
  • Events
  • Features
  • Global
  • People
  • SEC
Browse: Home / 2023 / January / 18 / SEC Comes for Gemini Too Late – Bloomberg

SEC Comes for Gemini Too Late – Bloomberg

By Securities Docket on January 18, 2023, 9:38 am

This is easy stuff. People in crypto don’t like it, but that’s because they are wrong. More specifically, they have an intuition like “if a crypto platform pays you interest on your crypto deposits and uses them to make loans, that is like a bank account, and a bank account is not a security.”  But that’s because IT’S A BANK ACCOUNT. Like:

Securities regulator: Your Earn product is a security and needs to be registered with us.

Crypto platform operator: That’s ridiculous, Earn is just like a bank account, that’s not a security.

Banking regulator: Hi! I couldn’t help overhearing. Did you just say that YOU WOULD LIKE US TO REGULATE YOU AS A BANK?

Crypto platform operator: [screams, dives out window]

Source: SEC Comes for Gemini Too Late – Bloomberg

Posted in SEC, Top | Tagged Cryptocurrency

« Previous Next »

Subscribe

‘Enforcement 40’ for 2020

The inside story behind the collapse of Queensland Nickel

Our Sponsors

Securities-Docket_260x125_14Sec Ankura 260x125

Join Us On LinkedIn

Join the Securities Litigation and Enforcement Group on LinkedIn

Archives

Copyright © 2023 Securities Docket.

  • Home
  • About
  • ‘Enforcement 40’ for 2020
  • Webcasts
  • Enforcement Hall of Fame
  • Contact
  • Criminal
  • Class Actions
  • Features
  • Global
  • People
  • SEC
  • Events