How is what Binance did any different than what the mega banks have done when they broke KYC/AML rules and paid $100M fines, fines that were much smaller than their extra profits? This Twitter thread explains what happened and calls it a 'nothingburger': https://twitter.com/RocketTrades9/status/1640373105779417090?s=20
They’re pretty damning allegations and I assume the CFTC has very concrete evidence. I’d expect a settlement in the likes of the BitMEX CFTC settlement but we’ll see. I’ve already read the overreactions from people excited that the complaint refers to a few coins as commodities. What they miss is this in no way takes them
Out of scope for the SEC as a complaint is just a list of allegations and not court tested precedent. If they settle then anything noted about coins being commodities is moot
Was it Munger who called cryptocurrency ‘rat poison squared’?
Useful stuff, rat poison. You can get rid of rats with it.
Cryptocurrency is nuclear waste, flavor-enhanced rat poison covered in anthrax and meth dressed up as the future of finance.
It’s just fraud for millennials.
How is what Binance did any different than what the mega banks have done when they broke KYC/AML rules and paid $100M fines, fines that were much smaller than their extra profits? This Twitter thread explains what happened and calls it a 'nothingburger': https://twitter.com/RocketTrades9/status/1640373105779417090?s=20
They’re pretty damning allegations and I assume the CFTC has very concrete evidence. I’d expect a settlement in the likes of the BitMEX CFTC settlement but we’ll see. I’ve already read the overreactions from people excited that the complaint refers to a few coins as commodities. What they miss is this in no way takes them
Out of scope for the SEC as a complaint is just a list of allegations and not court tested precedent. If they settle then anything noted about coins being commodities is moot