Re:Terraform Labs Caught Moving $4.8M Through Shell Company
by fjkdlsjflkds on Thursday June 02, 2022 @02:01AM
(#31591872)
> It's why regulations are so important and it's why things like NFTs will probably soon be regulated as securities.
Please correct me if I am mistaken, but it seems to me that you either fail to understand what an NFT is or fail to understand what a "security" is (note: the vast majority of NFTs do not grant nor claim to grant you any explicit form of equity or fixed income). Perhaps some NFTs can be seen as a form of equity (e.g. those representing collateralized debt positions), but the vast majority of them simply don't.
According to this logic, things like Beanie Babies and Magic: The Gathering cards should also be regulated as securities (since they're also collectible things that people trade/buy/sell).
TL;DR: Just because X can be bought/sold/traded, it doesn't necessarily make X a "financial instrument" or a "security", regardless of the question of whether economic activity around X should be regulated or not.
Please correct me if I am mistaken, but it seems to me that you either fail to understand what an NFT is or fail to understand what a "security" is (note: the vast majority of NFTs do not grant nor claim to grant you any explicit form of equity or fixed income). Perhaps some NFTs can be seen as a form of equity (e.g. those representing collateralized debt positions), but the vast majority of them simply don't.
According to this logic, things like Beanie Babies and Magic: The Gathering cards should also be regulated as securities (since they're also collectible things that people trade/buy/sell).
TL;DR: Just because X can be bought/sold/traded, it doesn't necessarily make X a "financial instrument" or a "security", regardless of the question of whether economic activity around X should be regulated or not.