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Reuben Bramanathan @bramanathan
, 6 tweets, 2 min read Read on Twitter
Here’s the fundamental problem with trying to regulate all tokens as securities: it’s an attempt to regulate a technology rather than use of the technology. Regulation should target the conduct of people using the technology in any given context, to reduce harm caused by misuse
If a token is sold as an investment, it should be regulated like an investment, in that context. If the token is later used as payment, it should then be regulated like a means of payment. If a token is used to trade collectibles, then it might not need to be regulated at all
This isn’t a new concept. ISPs, media orgs, social networks, e-commerce sites and regular people all use the internet, but the way they are regulated is very different and depends on what they actually use the internet for
And even if different people use the same token in the same way, it might be appropriate to regulate them differently, depending on the type of harm that could be caused
Treating all tokens as securities would be like a law that says “every car must have the manufacturer’s original safety check done each time the car is used by a new person” - great for new car sales, but what about used cars, rentals, or if you let your friend drive your car?
We are already starting to see thoughtful analysis on this point. Let’s hope it continues. coincenter.org/link/cftc-comm…
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