▲ 600 ▼ Reddit mods dumped tokens hours before blockchain program termination (cointelegraph.com) submitted 2 years ago by Number1SummerJam@lemmy.world to c/reddit@lemmy.world 70 comments fedilink hide all child comments
[–] Naatan@lemdro.id 67 points 2 years ago (1 child) Doesn't this constitute insider trading? Sincerely hope some redditor takes them to court. permalink fedilink source hideshow 2 child comments replies: [–] Neato@kbin.social 30 points 2 years ago (2 children) Do insider trading and market manipulation laws apply to crypto, an unregulated speculative asset? This isn't rhetorical, I've no idea. permalink fedilink source parent hideshow 4 child comments replies: [–] thantik@lemmy.world 53 points 2 years ago (1 child) The federal securities laws do not exempt crypto asset securities from the prohibition against insider trading, nor does the SEC. Found here: https://www.sec.gov/news/press-release/2023-98 permalink fedilink source parent hideshow 2 child comments replies: [–] resin85@lemmy.ca 13 points 2 years ago Yup. Anyone who received this non-public information and then traded based on that information is guilty of insider trading. I would also think that reddit has some liability here, as they shared this information to non-employees. permalink fedilink source parent [–] SpiderShoeCult@sopuli.xyz 4 points 2 years ago (1 child) I am also curious. On the one hand, if you tax any gains from it you should also make sure it operates within some legal framework. On the other hand, would anybody investigate a magic bean salesman for insider trading? Would they rather charge them with scamming? permalink fedilink source parent hideshow 2 child comments replies: [–] MrZee@lemm.ee 8 points 2 years ago* Edit: I just realized your comment wasn’t directed at the IRS specifically. I’ll leave my comment up because I still find the info interesting. I think the IRS tries to be agnostic to the legality of income. Yes, taxes are set in accordance with law, but their role isn’t make sure you obtained your income legally or ethically… not that I would trust them not to “tattle”. Here is an overview on the IRS’s guidance for reporting illegal income: https://taxfoundation.org/blog/irs-guidance-thieves-drug-dealers-and-corrupt-officials/ permalink fedilink source parent
[–] Neato@kbin.social 30 points 2 years ago (2 children) Do insider trading and market manipulation laws apply to crypto, an unregulated speculative asset? This isn't rhetorical, I've no idea. permalink fedilink source parent hideshow 4 child comments replies: [–] thantik@lemmy.world 53 points 2 years ago (1 child) The federal securities laws do not exempt crypto asset securities from the prohibition against insider trading, nor does the SEC. Found here: https://www.sec.gov/news/press-release/2023-98 permalink fedilink source parent hideshow 2 child comments replies: [–] resin85@lemmy.ca 13 points 2 years ago Yup. Anyone who received this non-public information and then traded based on that information is guilty of insider trading. I would also think that reddit has some liability here, as they shared this information to non-employees. permalink fedilink source parent [–] SpiderShoeCult@sopuli.xyz 4 points 2 years ago (1 child) I am also curious. On the one hand, if you tax any gains from it you should also make sure it operates within some legal framework. On the other hand, would anybody investigate a magic bean salesman for insider trading? Would they rather charge them with scamming? permalink fedilink source parent hideshow 2 child comments replies: [–] MrZee@lemm.ee 8 points 2 years ago* Edit: I just realized your comment wasn’t directed at the IRS specifically. I’ll leave my comment up because I still find the info interesting. I think the IRS tries to be agnostic to the legality of income. Yes, taxes are set in accordance with law, but their role isn’t make sure you obtained your income legally or ethically… not that I would trust them not to “tattle”. Here is an overview on the IRS’s guidance for reporting illegal income: https://taxfoundation.org/blog/irs-guidance-thieves-drug-dealers-and-corrupt-officials/ permalink fedilink source parent
[–] thantik@lemmy.world 53 points 2 years ago (1 child) The federal securities laws do not exempt crypto asset securities from the prohibition against insider trading, nor does the SEC. Found here: https://www.sec.gov/news/press-release/2023-98 permalink fedilink source parent hideshow 2 child comments replies: [–] resin85@lemmy.ca 13 points 2 years ago Yup. Anyone who received this non-public information and then traded based on that information is guilty of insider trading. I would also think that reddit has some liability here, as they shared this information to non-employees. permalink fedilink source parent
[–] resin85@lemmy.ca 13 points 2 years ago Yup. Anyone who received this non-public information and then traded based on that information is guilty of insider trading. I would also think that reddit has some liability here, as they shared this information to non-employees. permalink fedilink source parent
[–] SpiderShoeCult@sopuli.xyz 4 points 2 years ago (1 child) I am also curious. On the one hand, if you tax any gains from it you should also make sure it operates within some legal framework. On the other hand, would anybody investigate a magic bean salesman for insider trading? Would they rather charge them with scamming? permalink fedilink source parent hideshow 2 child comments replies: [–] MrZee@lemm.ee 8 points 2 years ago* Edit: I just realized your comment wasn’t directed at the IRS specifically. I’ll leave my comment up because I still find the info interesting. I think the IRS tries to be agnostic to the legality of income. Yes, taxes are set in accordance with law, but their role isn’t make sure you obtained your income legally or ethically… not that I would trust them not to “tattle”. Here is an overview on the IRS’s guidance for reporting illegal income: https://taxfoundation.org/blog/irs-guidance-thieves-drug-dealers-and-corrupt-officials/ permalink fedilink source parent
[–] MrZee@lemm.ee 8 points 2 years ago* Edit: I just realized your comment wasn’t directed at the IRS specifically. I’ll leave my comment up because I still find the info interesting. I think the IRS tries to be agnostic to the legality of income. Yes, taxes are set in accordance with law, but their role isn’t make sure you obtained your income legally or ethically… not that I would trust them not to “tattle”. Here is an overview on the IRS’s guidance for reporting illegal income: https://taxfoundation.org/blog/irs-guidance-thieves-drug-dealers-and-corrupt-officials/ permalink fedilink source parent