One year ago, I gave a speech—appropriately in Southern California—called “Beaches and Bitcoin.”[1] At that time—not so long ago in analog time but eons ago in digital time—the burning question was how to decide when issuing tokens constituted an
Regulating Crypto-Trading Platforms as Exchanges
The Securities and Exchange Commission’s recent actions against Binance and Coinbase show that the commission is worried about the business model of crypto-trading platforms. In its complaint against Binance, for example, the SEC expressed concerns about the offering of “three …