- This topic has 21 replies, 1 voice, and was last updated 2 weeks ago by velocipedic.
- Thursday, September 22nd, 2022 at 16:55 #379962crua9Participant
So as we know, the SEC is after us. They are a hammer and see everything as a nail. Or more so, they view all crypto as an unregistered security.
To legally trade unregistered securities you need to be an accredited investor. To be one you must meet **ONE** of the following.
* You must have an average yearly income over $200,000 ($300,000 for joint income) for the last two years or working in the financial industry.
* You have a net worth exceeding $1 million, either individually or jointly with their spouse.
* You are a general partner, executive officer, or director for the company that is issuing the unregistered securities.
* If it is a private business development company or an organization with assets exceeding $5 million.
* If an entity consists of equity owners who are accredited investors, the entity itself is an accredited investor. However, an organization cannot be formed with the sole purpose of purchasing specific securities.
If you look at pretty much any legal writings on this it says the spirit of the law is
To protect less-knowledgeable, individual investors who may not have the financial cushion to absorb high losses or understand the risks associated with their investments.
But in reality,
1. having more money doesn’t mean you’re more or less knowledgeable.
2. since part of the rules is based on your value and not income. If you invest your full amount, then there is no cushion to absorb a high loss.
So now we get into, this being discrimination against a lower economic class of people vs higher.
Anyways, I seriously think we need to push for political people in DC to get rid of this requirement all together.
1. Due to the ruling, we now get into corruption. Like you can have a company selling a stock prior to hitting the open market for a super cheap price. Then when it hits the open market, they sell as the price skyrockets. This happens all the time, and the people it fucks over is the non-accredited investors.
2. It makes no logical sense. Having money doesn’t make you smart. And all the requirements but the income one takes away the cushion argument. Even if you have several million. You can trade all that several million, and with no income you would have no cushion.
3. It’s like prostitution. It makes no sense why that is illegal. Paying someone isn’t illegal. Fucking isn’t illegal. So why is paying someone to fuck illegal?
So in this case, doing high risk things isn’t illegal. Investing in general isn’t illegal. Why is investing into something high risk illegal?
Like by the logic of this law, shouldn’t activities like gambling, the lottery, and so on be 100% illegal to non-accredited investors?
My suggestion is we contact USA representatives and demand they get rid of the accredited investors requirements. If anything, this should be heavily brought up in the media.Thursday, September 22nd, 2022 at 16:55 #379973Ateam043
Wait, so you can technically work at a bank branch making minimum wage and be counted as an accredited investor?
Please hold while I get a 2nd job as a branch employee.Thursday, September 22nd, 2022 at 16:55 #379983velocipedic
Prostitution is illegal because of the pseudo-Christian majority in America. Plain and simple. It isn’t discriminatory in nature, like the “accredited investors.”
It is a bit sensationalistic to compare it to prostitution, but otherwise this is a good read.Thursday, September 22nd, 2022 at 16:55 #379982IWillKillPutin2022
You need money to make money… bcs how else will you bribe politicians??Thursday, September 22nd, 2022 at 16:55 #379981sloe-berry-brain
Crypto is not an investment.
FFS dont start telling your polititians that it is, that will give the SEC all the ammo they need.Thursday, September 22nd, 2022 at 16:55 #379980United-Star-7050
I’m in the uk,Sec can 🖕🏼Thursday, September 22nd, 2022 at 16:55 #379979Ranik_Sandaris
Yeah, gotta be a member of the same club.
Ultimately i believe that trying to legislate the crypto space aggressively is never going to work. There will always be a workaround.
If they tried to work with investors they could build a stable framework. However at the moment its going to end up like france and speed cameras.Thursday, September 22nd, 2022 at 16:55 #379978sexy_masky
Now I need to get a license to lose money. Nice.Thursday, September 22nd, 2022 at 16:55 #379977FreyaOystea
If you’re living in US just move to different country, it solves problem with SEC.Thursday, September 22nd, 2022 at 16:55 #379976KilzzoneXD
Not in the US but I thought there was some course you could do to become an accredited investor?
Also I highly doubt this actually amounts to anything tbhThursday, September 22nd, 2022 at 16:55 #379975Intelligent_Page2732
Nice hole loop you got there.Thursday, September 22nd, 2022 at 16:55 #379974DadofHome
Loop holes for the bros , that what regulation is.
Are we sure we want it ?Thursday, September 22nd, 2022 at 16:55 #379972Archtects
mm mm some security currencies might just take a sharp spike 😀Thursday, September 22nd, 2022 at 16:55 #379971NugKnights
It makes perfect sense. They just dont want to give up power over the tit.Thursday, September 22nd, 2022 at 16:55 #379970Odysseus_Lannister
Yet another attempt to turn something into the rich man’s play thing. This exclusivity is the exact thing crypto was created to avoid.Thursday, September 22nd, 2022 at 16:55 #379969iored
Can’t an exchange be like a blanket for this? Like robin hood is for stocks?Thursday, September 22nd, 2022 at 16:55 #379968BlubberWall
Are you suggesting the stupid peasants be allowed to invest and control their own assets? Clearly it needs to be restricted to the well educated elites and nobility, they know best after allThursday, September 22nd, 2022 at 16:55 #379967Roberto9410
Jesus Christ, can’t they just let us have this one thing. If they have their way crypto will become another plaything for the richThursday, September 22nd, 2022 at 16:55 #379966Coreyv1993
Literally 1984Thursday, September 22nd, 2022 at 16:55 #379965crypt0_sports
Prostitution should be legalized and us degenerates should be allowed to buy.
I mean, they are both legal to Congress so why not the rest of us?Thursday, September 22nd, 2022 at 16:55 #379964greenappletree
So in other words the law is you legally need money to make money.Thursday, September 22nd, 2022 at 16:55 #379963mrdeezy
They did this rule almost a 100 years ago to protect less sophisticated people from themselves. Nowadays with at least the internet, people should have the information at hand to invest on their own. It’s really insulting the thought process of them saying if you don’t have a large sum of money you cannot be smart enough to do this. Like wtf?
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