I think there's a good argument that memecoins, unlike tether or other crypto assets, are simply too stupid to be securities. Securities promise returns from an enterprise, these have no way of making money at all. William O Douglas simply didn't anticipate anyone would buy THAT - ThreadSky

dabenner.bsky.social • 2 days ago

I think there's a good argument that memecoins, unlike tether or other crypto assets, are simply too stupid to be securities. Securities promise returns from an enterprise, these have no way of making money at all. William O Douglas simply didn't anticipate anyone would buy THAT

Reposted from Cristian Farias

A golden age of legalized corruption is here. www.nytimes.com/2025/02/27/b...

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humanbeast.bsky.social•2 days ago

big year for country's wallet inspectors

bombswarmearth.bsky.social•2 days ago

Ponzi would be proud

paretooptimizer.bsky.social•2 days ago

The Howey test has always been somewhat difficult to apply here, but in any prior era everyone would have made it work because you can’t just not regulate a huge financial asset.

annenotation.bsky.social•2 days ago

Agree with both of you here.

dabenner.bsky.social•2 days ago

The crypto industry should want regulation imo. I'd be much more likely to have it in my portfolio if there were the bare minimum protection like the prospectus has to say how many there are and what they do.

annenotation.bsky.social•2 days ago

Also agree here!

annenotation.bsky.social•2 days ago

Even like, limited edition Funko pops and shit will tell you how many there are total

annenotation.bsky.social•2 days ago

My issue here is that I agree with everything both of you are saying, but we start to brush up against the limits of how much you can really protect people from themselves. Would it matter to these people because are they investors or like, lifestyle cultists?

dabenner.bsky.social•2 days ago

Overall MOST cryptos I do not think it's a close question that they're securities. NFT's and memecoins are PROBAbly futures contracts but I'm also inclined to defer to the SEC on the Howey test.

annenotation.bsky.social•2 days ago

The big coins for sure, it's only meme coins I think are perplexing edge cases

dabenner.bsky.social•2 days ago

I got married on the Howey property by the way.

paretooptimizer.bsky.social•2 days ago

TIL it still exists. How were the oranges?

dabenner.bsky.social•2 days ago

Fantastic. Thiis is the place. https://www.missionresortandclub.com/?gad_source=1&gbraid=0AAAAAp0sHamfTFffhaye-rN3CYAHCCU0c&gclid=Cj0KCQiA_Yq-BhC9ARIsAA6fbAhh67PBXm96JxgTcYOOpbQ_TUsgBpKJIrd_mIVBLvcIjmWiXAzuCwgaAqwkEALw_wcB

themallkrampus.bsky.social•2 days ago

I think it was an episode of Odd Lots that theorized that “the crypto space got dramatically worse in X year b/c the interesting projects w/ potential use got regulated as securities almost immediately whereas the useless stuff was too stupid to be a security and therefore attracted VC money/growth”

themallkrampus.bsky.social•2 days ago

Which in turn left the industry covered in huge tumors of the dumbest shit imaginable which was largely unregulated but also the most filled with money

annenotation.bsky.social•2 days ago

I love Odd Lots

themallkrampus.bsky.social•2 days ago

Joe is one of the moots I miss most from not really being on Twitter much any more and while I’m on the Discord I don’t really use it much

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