[trepanne]

> I have been pretty damn consistent in saying that this clearly belongs with FINRA and/or FDIC

Naw dawg. FDIC isn't a regulator. You were perhaps thinking of the OCC? Their jurisdiction is just over banks.

And you have to understand that the entire framework of securities & exchange law sets up SEC as the regulator of all that shit. It's, like, explicitly laid out in the 33/34/40 Acts.

Wall St. guys (exchanges & broker dealers) have managed to carve out a little relief and petitioned SEC to allow them to regulate themselves for some annoying bureaucratic stuff.... but for anything major, the SEC steps right in and asserts their jurisdiction.

For example, if you're arguing that cryptocurrency-related lending is in fact some sort of securities lending, then it clearly falls under Rule 15c3-3 under the '34 Act.... which, you will note, is promulgated and administrated by the SEC. It's what they do. The SEC gives marching orders to FINRA, and then FINRA codifies some policies & procedures. If FINRA is fucking up, or they don't want to handle it, then the buck still stops right on the Commission's desk.