This is Matt Levine's column at Bloomberg from July 20. As always, his column covers multiple topics, and he starts out talking about a professional con artist and his ponzi scheme. Later in the article he talks about a case currently pending in federal court in which the court will need to decide whether syndicated loans are securities. In general, bonds have always been considered securities, and loans have not been considered securities. In this case, the plaintiffs have asked the court to find that certain leveraged syndicated loan products were securities. The court asked the SEC for its opinion on this matter. As Levine says, "it is impossible to read this without reference to the SEC’s crackdown on cryptocurrencies." Guess how the SEC responded? Well, you'll just have to read the article. https://tinyurl.com/230720LevineMBB This is a gift article. A Bloomberg subscription is not required. The link expires in seven days.