SEC Comes for Gemini Too Late – Bloomberg

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