Thread by @otisa502

1/8 Angie Lau (@AngieTVLau): “There is no doubt that as more people come to the party, the party is getting bigger, the liquidity is getting more exciting, but with that also comes neighbors who don’t appreciate that big party and somebody calls the cops. And in the regulatory

2/8 “landscape, we’re increasingly seeing that right now. And I’ll just note BlockFi, one of your competitors, just this week coming under legal microscope, a cease-and-desist order from New Jersey’s acting Attorney General, saying that BlockFi’s lending and trading

3/8 “services are unregistered securities that violate existing securities laws. I know it’s not necessarily like for like, but they are a competitor of yours, they are in a similar space. Are you nervous for Celsius [@CelsiusNetwork]?"

4/8 ALEX (@MASHINSKY): “Look, we operate in over 170 countries, we work with regulators worldwide. There’s a big difference between someone who is trying to sell you this or that asset and someone who just creates yield for you. So it’s true that BlockFi offers yield, but their

5/8 “rates are 90% lower than ours. And really, their focus is on trying to sell you #Bitcoin, Ethereum or other assets that may be deemed securities. Celsius is not trying to sell you anything; you must buy these assets somewhere else. Our job is just to earn that yield for you.

6/8 “So even though some may look at Celsius and BlockFi as competitors, they’re really not competing with us on yield; they’re really competing with the bank on paying the least amount possible. We’re offering some of the highest yield,but we’re not trying to sell you the asset.

7/8 “We don’t choose for you if you should buy this asset or that asset and try to make a fee or a commission on trying to sell you stuff. I think where they got in trouble was basically them being a little bit too aggressive on basically tying to sell certain products.

8/8 “And if what you’re selling is deemed a security, then you need to be a licensed broker-dealer or you need to be a bank, and I don’t think they hold those licenses.”

@Mashinsky
@AngieTVLau