Moratorium (SEC lending)

Moratorium — a regulator’s freeze on new registrations. The load-bearing PH instance: since November 2021 the SEC has refused to register new online-lending platforms, so only the ~200+ platforms registered before the freeze — each holding a Certificate of Authority — operate legally, while thousands of unregistered apps operate illegally and impersonation of legitimate platforms is a documented scam pattern. Practical consequence: any “new” PH lending platform recruiting investors is, by definition, either pre-moratorium (verifiable) or illegal (walk away).

First used in: 2.5 · The speculative sleeve