Founder of crypto lender Celsius Network arrested, charged with fraud

Re:Founder of crypto lender Celsius Network arrested, charge... by legitster on Thursday July 13, 2023 @01:22PM (#36712765)

The regulations for handling securities are through a brokerage. This is a HUGE deal because handling crypto through a brokerage would basically neuter it.

Imagine trying to buy a pizza with Bitcoin, but you have to go into your Charles Schwab account and wait 3 days for the Bitcoin transaction to settle. In a brokerage system you would get the ownership stake aspect of crypto, but none of the transactional ones.

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Re:Founder of crypto lender Celsius Network arrested, charge... by vorpalhex on Thursday July 13, 2023 @01:25PM (#36712799)

The settlement time on stocks is minutes. There is no requirement that brokerages are slow to settle. That is your brokerage choosing to be risk adverse.

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Re:Founder of crypto lender Celsius Network arrested, charge... by legitster on Thursday July 13, 2023 @01:43PM (#36713121)

The requirements are set by the SEC:

https://www.sec.gov/about/reports-publications/investor-publ...

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Re:Founder of crypto lender Celsius Network arrested, charge... by vorpalhex on Thursday July 13, 2023 @01:51PM (#36713255)

I'm going to repeat myself.

There is no requirement that brokerages are slow to settle.

There is a requirement - the one you linked - that a brokerage may not take MORE than three days.

It does not require them to take three days. A brokerage can settle as fast as it can.

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Re:Founder of crypto lender Celsius Network arrested, charge... by afterburner on Thursday July 13, 2023 @02:17PM (#36713732)

> This is a HUGE deal because handling crypto through a brokerage would basically neuter it.

Nah, it's still an equity. People don't buy pizza with their Microsoft stock, but they still buy Microsoft stock.

Even crypto fanatics use Venmo.

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