this post was submitted on 19 Jan 2024
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117
Coinbase tells judge that buying crypto is just like collecting Beanie Babies (finance.yahoo.com)
submitted 2 years ago by L4s@lemmy.world to c/technology@lemmy.world
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Coinbase tells judge that buying crypto is just like collecting Beanie Babies::The SEC argued that unlike collectibles, when a crypto token is purchased, the owner is invested in the network or enterprise behind the token.

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[–] SeaJ@lemm.ee 31 points 2 years ago (1 children)

Coinbase lawyer William Savitt said that when a cryptocurrency is bought, the buyer doesn't gain any rights like they do when they buy stocks or bonds.

"It's the difference between buying Beanie Babies Inc. and buying Beanie Babies," Savitt argued.

Of all the examples he could have pulled out of his ass, that was the one he used? Is he just being completely mask off about it?

[–] EdibleFriend@lemmy.world 12 points 2 years ago (1 children)

And I doubt this is something he just made up off the top of his head either. This was probably some rehearsed shit.

[–] Ep1cFac3pa1m@lemmy.world 13 points 2 years ago

Our product’s value is 100% speculative and owning it means nothing! No, wait…