And one of the reasons is that it’s hard to argue when you don’t really know what the case is going to be. There’s two securities acts; the Securities Act of 1933 and the Securities Exchange Act 1934, which makes a list of things that are securities like notes, bonds, stocks, options, you know the usual things. So you think about what’s happening, you put your money to the bank and what does the bank do with it? And I’ve long thought that it would make sense for them to have a banking operation, given they’re a centralized exchange. And indeed, that was the genesis of the Securities Act of 1933, as to what happened in the run-up before the crash of 1929.

Source: The Edge Markets September 10, 2021 20:37 UTC