These days, the feds exercise jurisdiction wherever the f—- they want to. It’s what totalitarians do. The rule of law is becoming a distant memory.
It would be like some people going back to bartering, and saying a bushel of apples are worth one barrel of home-brewed beer (1 to 1). Then the SEC stepping in and saying they have the final word on bartering beer and apples, and it can’t be 1 to 1, nor can it be done in secret, or in front of children.
The whole purpose of crypto...was to get away from someone handling down regulations. But the deeper we go into crypto...it just seems like the ultimate purpose is money-laundering.
Just because the are called “currencies” doesn’t make them so.
Bitcoin and its ilk are purely speculative assets like paintings or pet rocks. They have no inherent value other than that put upon it by it’s speculators.
A group would be formed to create a flight. There would be a captain, co-pilot, flight attendant, and twenty passengers. Each passenger had to recruit a replacement to advance one seat toward the cockpit. To board the flight you had to pay $5K. Then each new recruited passenger would advance you one seat. After you recruited enough you would find yourself in the captain's seat and collected $50K.
This could be done during the regular work day around the office, on the phone, or at lunch. Once a week the "Flight" would meet where the captain got paid and the new passengers would board.
It was real fun until you ran out of friends and associates willing to cough up $5K. When it collapsed it made for some very ugly workplace relationships.
1. Bitcoin is NOT crypto. It is an asset.
2. All cryptos are unregistered securities by definition.