Thread by @BambroughKevin

I did some research on creating a #stablecoin a year ago. I was debating doing a #uranium backer coin. 1lb U3O8 per coin. I spoke to some top lawyers, bankers and brokers about the project. In the end, although it would be a worthwhile project and…

The #nuclear industry and the #uranium mining industry would benefit from it, I decided to put the project on hold indefinitely. Why? Because legal experts made it perfectly clear to me that crypto coins clearly fall under the definition of securities and the corresponding regs

To deal in securities you 100% must follow all the banking and brokerage dealer rules. ‘Know your client’, ‘anti money laundering is rules, huge amounts of disclaimers and docs required. Huge fees to pay to launch. Equivalent to and IPO that also requires investors be accredited

And because there is no clear regulations at this time I would be taking massive risk of being sued if something goes wrong. Not protection for me and none for the buyers. Regulated exchanges also have liquidity, margin and asset requirements. Crypto exchanges scare me

Their disclosures are weak and I have little trust (zero faith actually) in any of them. I wouldn’t dare open a wallet with these jack asses and dump millions of hard earned dollars in. Fear of ‘socialized loses’, wallet theft, is too great a risk as it’s impossible to calculate

All these coins are risky garbage and the exchanges are a nightmare. So many shady characters in the space. Many convicted criminals, profession money launderers.

I call @stablekwon an asshole cause I’ve read a bunch of his arrogant posts where he states that he ‘doesn’t debate the poor on twitter’ and bragging about how he hob knobs with billionaires. Meanwhile he knows better.. he surely has had the same legal opinions I’ve been given

Reckless and douchey… that’s what I think he is. Hope that there’s a successful class action lawsuit that gives him a taste of justice. Sadly, I expect many will get away with way more than they should. White collar crime wrist slaps and affordable fines.