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1. NBS (nbs@noagendasocial.com)'s status on Tuesday, 06-Jun-2023 13:19:17 JST NBS

   On the one hand, fuck the SEC

   On the other hand, this is a great tweet

   SEC sent crypto lower today by alleging that the massive exchange Binance is guilty of commingling customer funds with their trading and investing activities.

   This claim is likely true, which isn't necessarily bad if their reserves are audited and liquid/safe, so I'm not sure why this is such groundbreaking news.

   Regardless, great tweet.

   https://twitter.com/SECGov/status/1665779371108335618?s=20

   • Machismo (zerglingman@freespeechextremist.com)'s status on Tuesday, 06-Jun-2023 13:19:39 JST Machismo

     in reply to
     @NBS >commingling customer funds with their trading and investing activities.
     Isn't that just a bank?
   • Zettour (zettour@gearlandia.haus)'s status on Tuesday, 06-Jun-2023 14:00:51 JST Zettour

     in reply to

     • Machismo
     @Zerglingman @NBS The problem is that they're being treated as a broker-dealer which has regulations against commingling or sending to an unqualified third party. Banking is actually more lenient in some ways than securities trading.
     
     The crypto exchanges don't want the oversight of being a broker-dealer because it handcuffs what they can do, and they run into the opposite issue as now where if something isn't a security then it shouldn't be going through a broker-dealer. It also would be far less profitable.
   • jake73s@noagendasocial.com's status on Tuesday, 06-Jun-2023 23:03:53 JST jake73s

     in reply to

     • Machismo

     @Zerglingman @NBS Yes, and as a person who keeps a lot of money in brokerages and almost none in banks; I don't want my money comingled!!!

     Machismo likes this.