one of the dumbest mistakes I made was believing that the law was a sort-of logical system that you can interrogate back when accused of breaking it
it turns out that this is not at all how the law works
Summary of the SEC v. LBRY hearing.
Judge: "SEC, you need to be reasonable."
LBRY: "They won't be reasonable."
SEC: "We reserve the right to not be reasonable and probably won't."
Judge: "Well, okay then."
That, and @jeremykauffman being a boss.
"That use case doesn't need its own token, they could have just used bitcoin".
Yes, I don't necessarily need a glass if I can just drink out of a shoe instead, but a shoe is less than optimal for this purpose.
JUST ADDED to our Document Library, in SEC v. LBRY:
✅Full Transcript of 11/21/22 Status Hearing between @LBRYcom and @SECGov (no longer under redaction restriction). (1/5) 👇
https://t.co/2W73wERG0k
It's true that @coinbase stayed on the sidelines for years trying to be a good boy and curry favor with the regulators.
It's also true that @coinbase deserves our support regardless, because cryptocurrency is too important.
If we did it all over again, one thing we'd definitely do differently is give more money to politicians.
Don't fall for the idea that America has free markets or the rule of law.
Takeaways:
1. The @SECGov lawyers in the @LBRYcom case conceded OTR that secondary market sales of $LBC tokens do not constitute a security.
2. No one fights harder for the crypto community than @JohnEDeaton1. Imagine how easy the SEC would have it if it weren’t for him?