SEC Comes Knocking At Bored Ape Yacht Club: Bloomberg
Regular readers will fondly (or not) recall my three-month foray into Web3 and decentralized finance.
It started back in December, when I was increasingly uncomfortable with owning no Bitcoin and no Ethereum, not because I'd necessarily changed my mind about cryptocurrencies, but rather because they do represent a kind of insurance policy against a number of highly far-fetched outcomes, including a scenario in which, as Thomas Peterffy so eloquently put it, fiat money "goes to hell."
Peterffy'
In a past life I was a securities lawyers in big law before becoming an ISDA expert (believe it or not, much more fun and better job security). I think the SEC has enough ground to at least plausibility argue APE coin as well as other DeFi coins are securities subject to registration, that said I really wish they would focus enforcement action on fraudulent activities involving real fiat money and wall street actors, going after Kardasians and NFTs is a waste a legal resources that could be put to better use, this just makes the SEC and Gensler look opportunistic, lazy and petty. Go after the next Archegos, do something that will actually protect investors for a change.
Totally agree, just picking a scapegoat for a distraction from all the other crime on wall street.
So much more going on…
Maybe, but a lot of people have lost a lot of money in DeFi. This space needs to be reined in. I was certainly taken aback at the scope of it myself. I imagine regulators will be too once they get a look at it all.
H-Man, Investment of money, in a common enterprise, profits from the efforts of others = security. It would seem the shoe fits.
As I read about this stuff I can’t help thinking that underneath everything we will find the shade of Salvador Dali, laughing at us.