I'm sure everyone remembers seeing old Zuck get hauled in front of Congress for Facebook's plans to introduce their own currency formerly known as Libra . Now I'm no lawyer, but as I'm looking at coin rankings I can't help but wonder how all these company coins are managing to skirt by with the same scheme for which Facebook got reamed. This leads me to two questions:
- Will this continue?
- If it does continue, how long before a well-known company like Paypal introduces their own cryptocurrency along with the usual legalese saying "Paypal Inc. is not PaypalCoin blah blah blah” 🙄 and wipes the floor with coins like AVA, XRP, BNB, etc.
It's likely that the laws currently on the books don't have a way of dealing with this situation, but at some point that will change. I'm thinking company coins will someday be defined as securities.
I'm seeing stories about the SEC now investigating Uniswap and apparently other registered organizations are getting letters too. I understand that these companies and their protocols are two separate things and that even if the SEC succeeds in shutting down these private entities that their protocols will not go away. But there's no doubt that it would have a hugely negative impact on their price.
I was also wondering why many of these companies chose to register out of New York, one of the most regulated states for crypto. I figure it's probably because the major banks and Wall Street are both heavily involved. If things continue this way it seems inevitable that we'll soon have a GoogleCoin and an AppleCoin in short order. If companies like Ava Labs can pretend that they are simply assisting a fully open source project rather than being very obviously in control then why shouldn't fortune 500 companies just copy the format and bring in some of that sweet revenue?
Also, credit to Amaury for seeing the current situation as it is. No doubt his ABC corporation will be raking in the dough for as long as it can.
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source https://www.reddit.com/r/btc/comments/pqrkm9/company_coins_are_dominating_and_im_wondering_how/
