Gabe Rubin

speaker

468 appearances 13 recordings 1 series first heard Apr 2018 last heard Oct 2023

Gabe Rubin’s voice in public audio — every appearance, attributed to the second.

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WSJ Your Money Briefing · Bitcoin Backers to SEC: Exempt Us from Oversight · 20 Apr 2018 podcast

So their argument, like other regulators in Washington, is that cryptocurrencies might be a novel asset class, but nothing is new under the sun. matched

And a lot of these things, if it walks like a duck, quacks like a duck, then it's probably a duck or in this case, a security or a commodity. matched

So the Securities and Exchange Commission essentially looks at token offerings and matched

And so far has said that they meet the definition under securities laws to be regulated as securities. matched

And they have taken enforcement actions and had a lot of conversations with these crypto firms using that basis that they're going to regulate them as they would other securities offers. matched

So it's growing and it's been sort of a patchwork both globally and in the United States. matched

There's no single regulator for Bitcoin and other cryptocurrencies. matched

So it really depends on how the offering or how the asset is packaged, essentially. matched

So you have Bitcoin futures offered by a couple of derivatives exchanges, and those are regulated by the Commodity Futures Trading Commission. matched

But ICOs or initial coin offerings are regulated by the Securities and Exchange Commission. matched

Other aspects of virtual currencies might be regulated by banking regulators. matched

For instance, anything having to do with anti-money laundering would be either the banking regulators or FinCEN, which is part of the Treasury Department. matched

So it's really a wide patchwork, and it really depends more on what the asset class is doing as opposed to just one regulator for the entire space. matched

So it's unclear exactly what type of exemptions the SEC would be willing to consider. matched

They certainly wouldn't be likely to consider a broad exemption, which is what some of these crypto industry folks are asking for. matched

They're more likely to offer limited exemptions from oversight based on whether a company's token sale is capped at a per investor limit and whether it could be resold at a profit to third parties. matched

So there really would have to be very specific definitions for a token sale that didn't fall under securities laws. matched

Well, there is a concern, certainly, that there will be a game of regulatory arbitrage and sort of whack-a-mole by global regulators just because of how the market for cryptocurrencies is and how easy it is for some of these firms to leave the United States and set up shop elsewhere, where the rules might be more favorable to their business in places like the Caymans or Singapore or matched

or other places around the globe that actually are marketing themselves as markets for cryptocurrency firms where they can sort of get away with more than they would be able to do in the United States or in other places that are cracking down like China or South Korea. matched

So regulators are spending an immense amount of time on cryptocurrency issues. matched

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