And the fact that it's stuck so well is what troubles me so much. The Securities Exchange Act is about a hundred years old and written in a way a laymen can understand the gist of it.
It's a security. Just because you called it something else doesn't mean there aren't laws or guidance on how to register it. They just don't want to.
Everyone into crypto parrots the "they won't give us guidance" line without even doing 5 minutes of research.
It's troubling, but shouldn't be surprising. It's that old "a lie told enough times..." approach to corporate governance, and it's just the latest in a long line of "if I can break the rules without serious consequence long enough, I get to win" business plan. The players repeat "is NOT" every time someone points to the very easy to find rules and says "there it is" and the and uncritical torches and pitchfork mob get spun into a frenzy about the bad old SEC.
Because they don't care what the truth is, they are HEAVILY invested in crypto going up so they can cash out, and this whole "being explicitly illegal" thing is a threat to that.
