> But a lending platform that says “hey put your Bitcoins into this pool and we will give you a 10% return on them” probably is offering a security.
Also
> A collateralized stablecoin is basically a money market fund, money market funds are regulated by the SEC and their shares are securities, so the SEC naturally wants to treat stablecoins as securities and regulate them. I am less convinced that this view is correct, 2 but it’s probably the SEC’s view
and
> The speech is not exhaustive, and I am perhaps wrong in interpreting it to mean “everything in crypto is a security until proven otherwise.”
Now, maybe he misspoke and didn't mean shocked but rather meant that Levine disagreed with categorizing it as a security, but given that first quote I think even that extremely kind reading of his comment would have no standing.
> But a lending platform that says “hey put your Bitcoins into this pool and we will give you a 10% return on them” probably is offering a security.
Also
> A collateralized stablecoin is basically a money market fund, money market funds are regulated by the SEC and their shares are securities, so the SEC naturally wants to treat stablecoins as securities and regulate them. I am less convinced that this view is correct, 2 but it’s probably the SEC’s view
and
> The speech is not exhaustive, and I am perhaps wrong in interpreting it to mean “everything in crypto is a security until proven otherwise.”
Now, maybe he misspoke and didn't mean shocked but rather meant that Levine disagreed with categorizing it as a security, but given that first quote I think even that extremely kind reading of his comment would have no standing.