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0 pointsgrowse2y ago0 comments

The response to the wells notice is meant to be an argument as to why you're not in breach of the law. Not a request for more information.

If they're not able to argue why they're not breaking the law, then they should hire better lawyers.

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latchkey2y ago

Comments like this and your second one below, seem so low brow and childish. Account from 2011 and 1400 karma... keep up the good work there.

Of course they can argue it, that's what is happening. They are going to sue the government. Why? Because the SEC refuses to even have a conversation about things. They've been trying, for years, to do so. This isn't some random small company, this is a public company that the SEC should be supporting with better answers than just refusing to even meet.

Worse off, along this same thread, Gensler doesn't even have basic answers to questions that he was prepared for.

growseOP2y ago

You appear to be very confused about the role the SEC plays in the industry. They're not a friendly, supportive legal advice service, they're law enforcement.

In any case, even if the SEC did give out legal advice, I don't believe it would form any type of legal precedent. Nothing stops the next administration from taking a different view.

If you're a large public company knowingly entering into a regulated industry where your activities are considered by everyone to be a "a bit of a legally grey area", then litigation is the entire ball game. Do the thing, wait to get prosecuted, hope you win.

Alternatively, do some lobbying, get the law changed how you want, then do the activity. Been happening for centuries. Easy as pie.

latchkey2y ago

> they're law enforcement

According to their own site, they aren't that at all.

https://www.investor.gov/introduction-investing/investing-ba...

  The U. S. Securities and Exchange Commission (SEC) has a three-part mission: Protect investors. Maintain fair, orderly, and efficient markets. Facilitate capital formation.

  The main purposes of these laws can be reduced to two common-sense notions:

  Companies offering securities for sale to the public must tell the truth about their business, the securities they are selling, and the risks involved in investing in those securities.

  Those who sell and trade securities – brokers, dealers, and exchanges – must treat investors fairly and honestly.

Given that Gensler can't even say whether or not ETH is a security, it seems questionable whether the SEC even has a role here in the discussion.

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latchkey2y ago

Comments like this and your second one below, seem so low brow and childish. Account from 2011 and 1400 karma... keep up the good work there.

Worse off, along this same thread, Gensler doesn't even have basic answers to questions that he was prepared for.

growseOP2y ago

You appear to be very confused about the role the SEC plays in the industry. They're not a friendly, supportive legal advice service, they're law enforcement.

In any case, even if the SEC did give out legal advice, I don't believe it would form any type of legal precedent. Nothing stops the next administration from taking a different view.

Alternatively, do some lobbying, get the law changed how you want, then do the activity. Been happening for centuries. Easy as pie.

latchkey2y ago

> they're law enforcement

According to their own site, they aren't that at all.

https://www.investor.gov/introduction-investing/investing-ba...

  The U. S. Securities and Exchange Commission (SEC) has a three-part mission: Protect investors. Maintain fair, orderly, and efficient markets. Facilitate capital formation.

  The main purposes of these laws can be reduced to two common-sense notions:

  Companies offering securities for sale to the public must tell the truth about their business, the securities they are selling, and the risks involved in investing in those securities.

  Those who sell and trade securities – brokers, dealers, and exchanges – must treat investors fairly and honestly.

Given that Gensler can't even say whether or not ETH is a security, it seems questionable whether the SEC even has a role here in the discussion.

1 more reply

j / k navigate · click thread line to collapse