If the SEC says everything is a security do you need a securities brokerage account to use a Token?
Hmmmmmm, well sh*t. I don’t have one of those and don’t really plan on getting one.
If I go to the liquor store and buy beer with a Bud Light Token, will I need a securities account to do this?
F**k I hope not.
I just bought something with Litecoin today, I do not have a securities account.
This is something the SEC needs to address and soon. If you do need a brokerage account in the U.S. this will be bad for us.
It will severely hinder us competitively with other countries.
I doubt the retail brokers are ready to be flooded with all the requests for brokerage accounts. Not to mention handle all the new accounts.
If the retail brokers do not even get into blockchains, and you need a brokerage account, then the industry stuck in place. If not dead on arrival.
The SEC needs to say how to use tokens without brokerage accounts.
And now for the pic….
If you do not know this move, American Psycho, you won’t get the pic.