Bearer asset like physical gold Let me paint a scenario, let's say you buy 100 shares of AMZN, where are they stored? Do you know about DTCC? Are you able to bring the shares to your local wallet? Are you able to send the AMZN shares to someone in South Korea? You can do all of those with Crypto assets like USDT and BTC If you think SEC needs to investigate or regulate USDT, cool, go ahead and contact them. I'm sure they're aware of USDT and Tether Co that is outside of the US Ok, I have beaten the subject of using Bitcoin and cyrptos as payment, but everyone who does not own Bitcoin and cryptos seem to have an opinion on why it's not good, blah blah blah PS: Technically, the USDT and other crypto assets are on the blockchain and never go on local wallets, but that would just confuse you
Okay, clearly you are unaware that some of the terms you throw around with emphasis are legal terms of art. Gold is neither a negotiable instrument nor a security. How can it be a “bearer asset”? What is the underlying asset of gold if it’s a bearer asset to you? Why not just call USDT or gold an asset? When I own stocks, they are held in street name by my broker. I used to know a person who kept his stock certificates in a safe deposit box at his bank. The hypothetical transaction you describe is one I have never considered. Why would I send AMZN or any stock anywhere to another person? Makes no sense. Coincidentally I used to own Amazon stock. I don’t own any stocks at present. I’m short three names. I’m sure you are correct that Tether is on the SEC’s radar. My point was that XRP is a bearer instrument according to the SEC and Ripple is being sued for not registering it as a security. I would think Tether wants to avoid Ripple’s situation. Just thought it was interesting that you said “It's nice to be able to pay for goods and services with fiat currencies.” Not a big deal. That’s not an impressive example, but you are a real fount of knowledge when you limit yourself to areas you’ve studied. Negotiable instruments law is not one of them.
You're correct that my use of terms probably clashes with your informed industry experience Be that as it may, I trust Caitlyn Long to be more of a subject matter expert than you since you're an anon poster on the ET You can see and listen for yourself or not, we can just drop it I stay on my lane as this does have a big impact to us, vested interest and all
Video is too long. Have zero interest in what Caitlyn has to say about Bitcoin. Sorry. I’ll take your word for it she’s an expert you rely on. Personally, I always listen carefully when people with conflicts of interest speak. Just a professional habit of mine. Not everyone feels that way. Most people are impressed by credentials. Everybody working in the financial industry has credentials. Might be a good idea to keep your hand on your wallet when they start talking.
Ok, fair enough, but if you listened to even the first 15 minutes you'll know her background and experience and knowledge far exceed yours in the banking, finance and legal space She's a key player in creating laws that will govern the crypto space She's the one that uses the term "bearer asset" so I suppose you think she's wrong, lol
I tried listening at first until I saw how long it was. I listened long enough to hear her say she never practiced law. Didn’t hear her say if she passed the bar exam in any state. I would assume she would have taken the New York state bar exam. As an out-of-stater, I had to take it in the Third District. Flew to Albany in a small prop plane. I passed the first time of course. I’m not into dick measuring contests. Being a key player as you say she is, she probably does exceed all my experience and credentials. Did she say she made partner at any firm? I didn’t make partner unfortunately. I have no idea in what context she used the term. You watched the interview and you are a bright guy so I would think you are using it as she did. Hence your bold emphasis. Still you haven’t answered my question. If gold is a “bearer asset” to you, what is its underlying? Maybe you don’t understand the question. Any way for you to pass along the question to Caitlyn? Would be interesting to know her answer.