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 10 months ago by L4s to c/technology
18 comments fedilink hide all child comments
 

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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[–] [email protected] 31 points 10 months 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 12 points 10 months 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 13 points 10 months ago

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