Hacker News Reader

Comment by playday | Hacker News Reader

Unfortunately the defendant settled, instead of fighting in court like they should have.

Its also worth nothing that the SEC is losing in court, losing the support of Congress and losing the support of the White House

specifically as more people, including judges, notice this lack of distinction and the SEC’s unwillingness (and inability) to describe why there is a distinction

there is either a way to issue crypto collections and collect money for them without being a security, or all other collections sold are securities with unregistered broker dealers operating illegally and fraudulently for the past 100 years

That's not true, just wishful thinking on your part.

Not all collectibles are unregistered offerings, obviously. Being a collectible also doesn't mean it can't be an unregistered offering also. This one clearly was.

SEC just lost again on another arbitrary and capricious stance in the crypto asset space!

https://www.bloomberg.com/news/articles/2023-08-29/us-court-...

You seem to be very keen on making this rather dubious point all over this thread. Certainly more motivated than I would consider “normal” for someone just wishing to weigh in on a topic they care about. Are you connected with this, or just having a particularly manic day?

low key want to see the entire sneakerhead drop industry convulse under securities fraud and unlicensed securities exchange charges

One key difference between MTG cards (or baseball cards, or most any traditional collectible item) and NFTs: If the SEC shut down Wizards of the Coast and/or caused them to radically alter their businesses, old Magic cards would likely rise in value as a result, rather than cease having any material value whatsoever, as is the case with most digital assets.

consumers should be discerning about what they purchase and the liquidity of secondary markets are happenstance

if the primary market evaporates because of a lack of secondary market, so be it

I dont think the point you are trying to make means what you think it means to me

(although with onchain exchanges the possibility of liquidity pools being formed by any market participant is going to keep that interest)

Reply on news.ycombinator.com