LEGAL OPINION
IF IT WALKS LIKE A DUCK
There is a saying but I’m going to change it a little:
If it walks like a duck, looks like a duck, swims like a duck, then it must be a duck!
Although I messed up someone’s perfect quote, you get the idea. This can be applied to quite the variety of opinions. Ex: (If it looks like s--t, smells like s--t, taste like s--t, then it must be soot! LOL, Gotcha!)
When it comes to LEGAL OPINIONS, a well versed attorney would write their findings based on similarities. Ex: If it looks like a SECURITY, acts like a security, then it must be a security. This is where we stand right now regarding the CRYPTOCURRENCY World. Government Agencies are trying to figure out who among them should regulate Cryptocurrencies.
I just read an OPINION LETTER regarding a cryptocurrency trading company regarding where it stood within the confines of regulations related to Securities and Exchange. The letter went on regarding what the criteria was to meet the requirements of certain definitions.
Because this company “looked like a duck” was not sufficient in determining that it was indeed a duck. It did not meet all the requirements because it did not “quack like a duck” (and probably did not “swim like a duck”).
CRYPTOCURRENCY IS NOT STOCK
This letter went into detail regarding history and testing criteria. One of the findings that “should be intuitively obvious to the most casual observer” (there, I used your quote from 45 years ago, Dan) is that CRYPTOCURRENCY IS NOT STOCK. This is something that we in the Crypto World are very aware of.
The obvious “litmus test” should be that Cryptocurrency was developed outside of the Banking system to address an obvious flaw in our monetary system. Most of the regulatory systems were developed to deal within our banking system to control fraud. This in itself is an oxymoron since the banking system is based out of fraud.
Those of us that have become a part of the Cryptocurrency World have embraced this arena because we recognize the failure and imploding of the banking system. We realize the “smoke and mirrors” can not last much longer and we ventured out to protect ourselves from the impending economic collapse.
Due to the after-sight of the Banking industry, they are beginning to realize what we are onto. They are wise enough (I venture) to realize where we are going can give them the chance of abandoning the fraudulent base which the banking system was built on.
