1) I'M NOT A REGULATOR, THIS IS NOT LEGAL ADVICE
but:
my current best guess is consistent what @GaryGensler says: that the CFTC will regulate spot + futures for non-security tokens, and the SEC will regulate spot + issuance of tokens that are securities
wsj.com/articles/secs-…
2) This is also consistent with the @SenStabenow / @JohnBoozman / @CoryBooker / @SenJohnThune bill, and with @RoKhanna / @CongressmanGT.
And it's consistent with what @CFTCbehnam and others have said publicly.
3) It seems pretty likely that BTC, ETH, and many forks/variants will not be securities; and that many other tokens will be securities.
(How about other large tokens? Or futures or swaps on security tokens? Or tokenized stocks? And what exactly is a stablecoin? We'll see!)
4) And, for what it's worth:
I think this is all pretty reasonable; and a resolution providing regulatory oversight along these lines would be healthy for consumers, protect against risk, prevent scams, give clarity to the industry, and allow liquidity to come back to the US.
5) And it's consistent with what @gillibrandny / @SenLummis drafted--
as well as what @tphillips and others have argued for from the customer protection angle
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