News for hackers. Stuff that matters.

A comment on Attorney General orders unregistered crypto lending platforms to exit NY. Parent comment

Re:Attorney General orders unregistered crypto lending platf... by thereisnospork on Monday October 18, 2021 @09:37PM (#28913943)
>Households that don't go through that process aren't accredited

>(a) Accredited investor. Accredited investor shall mean any person who comes within any of the following categories, <etc.>

Persons that meet the definition of an 'accredited investor' per 17 CFR § 230.501 are accredited. Attestations, diligence, etc. are irrelevant to that fact as defined by law. There is nothing that needs to happen above and beyond the criteria as spelled out.

Have 999,999$ net worth? not accredited. Find a dollar bill on the street? Accredited. Spend 1$ on a coffee (ha..)? No longer accredited.

[ Parent | on HN ]
Re:Attorney General orders unregistered crypto lending platf... by dataflow on Monday October 18, 2021 @10:19PM (#28914172)
Well if you define accredited investor to include someone who has neither been accredited by anybody nor actually investing in anything then I have no idea. That doesn't strike me as a reasonable definition but who knows.
[ Parent | on HN ]
Re:Attorney General orders unregistered crypto lending platf... by sokoloff on Monday October 18, 2021 @10:25PM (#28914213)
It’s the regulators doing the defining, not any HN commenters.

https://www.law.cornell.edu/cfr/text/17/230.501

[ Parent | on HN ]
Re:Attorney General orders unregistered crypto lending platf... by dataflow on Monday October 18, 2021 @10:42PM (#28914306)
Well I stand corrected, thanks.
[ Parent | on HN ]