Banking law specialist Walt Moeling, a partner in Powell Goldstein LLP, Atlanta, says, "If the SEC said 'you have to register as a securities broker,' I don't think these sites could function." It is possible for bona fide loans, even when they are shared, to be distinguished from securities, he says, but factors considered include the financial sophistication of the parties involved and how tailored the offers are. "The more it looks like 'take it or leave it' the more it looks like a security," Moeling says.