to determine such things). As is the case for Barbie dolls, Beanie Babies or even fine art, buyers may be hoping the asset appreciates in value, maybe especially from the later efforts or labor of Mattel or a Picasso to improve their reputation.
Reasonable people can and have disagreed. Conceptual artist turned law professor Brian Frye, for instance, argues that basically any material good could be considered a security if the SEC wanted to. He’sby creating legal documents/art and selling them as NFTs that more or less promise buyers future profit.
And, in many cases, it absolutely makes sense to treat cryptocurrencies as securities. Especially when cryptocurrency issuers are doing as much, like when a startup looking for working capital sells tokens to hedge funds or other “qualified investors”By and large, that isn’t what Coinbase is doing. It’s merely creating opportunities for interested buyers to acquire crypto.
Likewise, Coinbase doesn’t really need me to come swinging for its defense. But for crypto’s skeptics that supposedly value transparency and truth telling more than anyone else, the claim that Coinbase is rolling over at the sight of the SEC is justThis isn’t to say Coinbase is faultless.
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Source: Cointelegraph - 🏆 562. / 51 Read more »