Bankless What's the Point of Securities Laws? with Mike Selig
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Jan 5, 2023 Mike Selig, a crypto lawyer and former CFTC regulator, dives into the intricacies of securities laws as they relate to cryptocurrency. He discusses what defines 'investment contracts' and why clarity is essential for compliance. The conversation also explores the challenges of navigating regulations in an evolving crypto landscape, the tension between SEC and CFTC approaches, and how decentralization is influencing regulatory frameworks. Selig shares insights on the future of regulation and the need for tailored solutions in this rapidly changing industry.
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Asset vs. Scheme
- A crypto asset itself isn't a security; it's the scheme around it.
- This scheme involves coordinated efforts driving the asset's value.
NFTs and ICOs
- NFTs repeat the mistakes of 2017 ICOs by promising future utility.
- CCOing NFTs is a step in the right direction, promoting open-source ideals.
Focus on Utility
- Focus on utility to avoid security classification.
- Consumptive utility, like that of a country club membership, can help.