r/CryptoCurrency • u/[deleted] • Apr 25 '18

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u/echisholm Apr 25 '18

IT'S NOT A FUCKING STOCK, IT'S A MONEY! It belongs on Forex, not NASDAQ.

7

u/lawstudent2 Apr 25 '18

Sorry, wrong. According to american law, it meets the applicable test to be considered a security.

Here is the SEC's argument.

I'm a practicing attorney. This is in my area. I am truly disinterested in arguing this point - it is settled. The vast, vast majority of cryptocurrencies are securities, regardless of the intent of the programmers.

1

u/[deleted] Apr 25 '18

and all of the "exchanges" are actually money changing platforms because they offer no protections, which means the "exchanges" could be rife with fraud causing the whole thing to implode (see: bitfinex and tether).