Dave Michaels
speaker
248 appearances
5 recordings
1 series
first heard May 2018
last heard Jul 2021
Dave Michaels’s voice in public audio — every appearance, attributed to the second.
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Appearances
that tells you whether an asset should qualify as a security.
And again, this is getting back to the arcane nature of some of this stuff and the legal minutiae, but it's really important ultimately for informing regulators and law enforcement about whether something should be treated as a security, which carries a lot of, has a lot of implications for what sort of disclosures the issuers need to make to investors.
A lot of people who are not
classically trained securities lawyers are very confused about when a digital currency or coin becomes a security.
And you have arguments not only among lawyers who are trained in the law and the regulations, but you've got people debating this stuff online who have no legal training and are applying rules of thumb that they've read about.
They're
the nature of the asset gets really complicated because with Ether, it's a virtual currency, right?
It's something that functions kind of like Bitcoin.
In other cases, the asset, the nature of the asset is a little more complicated.
Some of these are, our listeners may have heard of tokens.
Those come out of initial coin offerings.
Sometimes they're not yet issued, but someone's bought a right to a token, almost like an option.
And is that a security?
So it is very complicated.
And people are right to be confused about these things that are being sold, where the controlling law and rules comes out of, as you said, a test that applied to Orange Grove interests in 1946.
It would send shockwaves in the case of Ether.
And it's right then to ask, would they really do it?
Would the government really declare Ether to be a security?
And if they did, how would they do it?
Because it would worry a lot of traders who hold the asset.
Showing 221–240 of 248 · page 12 of 13
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