the LLM is wrong, it's not securities fraud, when it isn't a security, it definitely sounds like it should be Illegal but it isn't
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securities fraud occurs when one person lies, cheats, steals, or deceits someone for financial gain involving a security
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The U.S. Securities and Exchange Commission (SEC) has spoken: Bitcoin is not a security.
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what would have been illegal is if he dumped that media company stock cause it's an actual security the SEC oversees before 90 days of public trading occurred or w/e, which he didn't but he couldn't anyway it's built into the system, its called a lockup period
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What is the stock lock-up period?
A lock-up period is a designated time (usually following an IPO) during which company insiders are prohibited from selling their shares. The period aims at stabilizing stock prices and preventing market volatility
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only jurisdiction they current have is
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Cryptocurrencies: The SEC regulates cryptocurrencies, including spot and futures-based ETFs for bitcoin and ether
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ETFs, which is a type of stock you buy on the NYSE, you can't buy Bitcoin or buttcoin or anything like that on NYSE (yet)