The SEC argued that unlike collectibles, when a crypto token is purchased, the owner is invested in the network or enterprise behind the token.

Coinbase tells judge that buying crypto is just like collecting Beanie Babies::The SEC argued that unlike collectibles, when a crypto token is purchased, the owner is invested in the network or enterprise behind the token.

  • SeaJ@lemm.eeEnglish
    32·
    10 months ago

    Coinbase lawyer William Savitt said that when a cryptocurrency is bought, the buyer doesn’t gain any rights like they do when they buy stocks or bonds.

    “It’s the difference between buying Beanie Babies Inc. and buying Beanie Babies,” Savitt argued.

    Of all the examples he could have pulled out of his ass, that was the one he used? Is he just being completely mask off about it?

    • EdibleFriend@lemmy.worldEnglish
      12·
      10 months ago

      And I doubt this is something he just made up off the top of his head either. This was probably some rehearsed shit.