You might imagine the ruling as a signaling mechanism, presuming this will be eventually struck down by sec, that effectively says
"Don't be dumb money and trade shitcoins"
> Securities laws were specifically designed to protect individual investors, based on the idea that they “can’t fend for themselves,” James Carlson, a New York University adjunct securities regulation professor, told me today. By the same token ... “big institutional investors don’t need the protections of the securities laws. … This effectively stands that philosophy on its head,” he said.
>
> The implications of this part of the ruling are worrisome. As Carlson said, “The potential for bucket shop or boiler room fraud … is alarming.” Carlson painted a scenario where a crypto firm issues tokens to heavyweight institutional traders, who get detailed disclosures required by securities laws, but they then flip it to individual traders, who don’t get those disclosures.
>
That is: If you go around making public statements, on your website and on Reddit and elsewhere, saying things like “if you buy our token we will use the money to build an ecosystem and make the token more valuable,” that makes your token a security, but only to people who are sophisticated enough to read your website. Sophisticated institutional investors who read your disclosure documents and understand that they are making an investment in your business are entitled to the protections of the securities laws, while random retail day-traders who just like your ticker symbol are not. You cannot be doing securities fraud on them, because they are not paying attention.
Judge Torres seems to have (implicitly) rejected that argument and found that when Ripple went around selling XRP to institutional investors, it was selling securities.
But then she went on to say that when Ripple went around selling XRP on crypto exchanges with no disclosure, it was not selling securities. The disclosure creates the liability: If you go to an investor and say “hi, we are the issuer of this token, we think it is a good token, would you like some,” then you are selling a security; if you just anonymously dump the token to retail investors on a crypto exchange, then you are not. Judge Torres writes (citations omitted):
Wallet of Satoshi on mobile
Digital Scarcity
🤯
Company is switching from Slack to Teams.
Pour one out for me, fellow devs
Where did the water bot go? I'm thirsty
Or maybe a set of boolean flags
Data Vending Machine market is heating up 🔥
Here's a demo of what's coming up to nostr:npub1w0rthyjyp2f5gful0gm2500pwyxfrx93a85289xdz0sd6hyef33sh2cu4x
When you enter a video or audio it asks AIs to compete to translate it for you
This is NOT hitting a Highlighter backend. There is no backend.
This is just nostr. Meaning, ANY application can benefit, both as a customer and as a data vending machine.
Let me repeat that:
today ANY nostr application can now do audio/video transcriptions, translations, and more tapping into a free market of competing providers.
Free markets ftw.
