By suing Genesis Global Capital and Gemini Trust over Gemini Earn in 2023, the SEC is years late to addressing the crypto lending product marketed as a security
Earn — Well, of course: … We covered this in 2021, when Coinbase Global Inc.'s similar crypto lending program was shut down by the SEC before it started.
It's a form of regulatory malpractice for the SEC to wait for a bunch of crypto Ponzi schemes to collapse before suing them for selling unregistered securities. People have been saying tokens are just stock with fewer rights and disclosures for years.🤦🏾♂ ️ https://www.bloomberg.…
Great piece as usual. Seems that crypto bros did violate Reves. But it begs the question - what wouldn't violate Reves? “At base a note may not be a security if it serves a non-investment purpose or if it sufficiently collateralized” “Non-investment purpose” is intriguing... http…
Huge fan of @matt_levine. This snippet from today's newsletter is so true about any intermediary and/or sales job. Once you surpass a level of competence, the most important success factor is recal. Folks can't give you biz if they don't remember you: https://www.bloomberg.com/..…
Never once did a reader say “God, remember that time we flipped through that newsletter, and you took me through that DCF? Wasn't that magical?” https://www.bloomberg.com/...