"great! how would they apply to this simple example?"
"lol, no I can't tell you that!"
You can say you don't like these rules or how they are applied but that's how they have been applied since their inception. This isn't new.
After, whatever decades of "the rules", new technologies have come along that have stumped "the rules". Now, the SEC has to deal with that. Instead of being an adult and having a good conversation, they are just kicking and screaming.
What's happening is that SEC is saying that you're breaking "the rules" (ie: Wells Notice to coinbase).
So, coinbase says... "ok, cool... what rules am i breaking?"
The response is: "lol, no I can't tell you that!"
So now Brian is in DC this week talking to regulators trying to get some clarity. He's posting all sorts of pictures of this on Twitter.
Let's see what happens.
If they're not able to argue why they're not breaking the law, then they should hire better lawyers.
They are selling unregistered securities.
They can argue that they are not selling securities, but that's what the wells notices is for. Things are playing out exactly as they should.
The fact that they are misleading the uninformed public is what I have a problem with, most people have no idea what the SEC does or how it works so this all seems foreign to them when it's actually perfectly normal.
