The end of an era.
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US SEC sues Coinbase, one day after suing Binance
21–30 of 443 posts
Re: US SEC sues Coinbase, one day after suing Binance
#22I think it was always 100% clear that cryptocurrencies can't live within the confines of the laws of a sovereign state. Why people registered their exchanges along with the rest of the banking system ? it made zero sense from the start, as does the whole idea that cryptos can be traded in regulated capitalism. Bitcoin needs its own country (or planet) with nukes and all.
> Why people registered their exchanges along with the rest of the banking system ?
Access to people and money?
Personally I think the initial philosophy behind crypto and how it is actually used has long since disconnected.
Re: US SEC sues Coinbase, one day after suing Binance
#23There is a well-documented public history of Coinbase taunting the SEC - they had it coming.
- https://www.coinbase.com/blog/the-sec-has-told-us-it-wants-t...
- https://www.coinbase.com/blog/coinbase-does-not-list-securit...
- https://www.coinbase.com/blog/coinbases-staking-services-are...
- https://www.coinbase.com/blog/we-asked-the-sec-for-reasonabl...
- https://www.coinbase.com/blog/coinbase-takes-another-formal-...
- https://www.coinbase.com/blog/coinbase-responds-to-the-secs-...
Better yet: https://www.coinbase.com/blog/icymi-coinbase-and-the-sec
Re: US SEC sues Coinbase, one day after suing Binance
#24Crypto companies think they don't trade securities which is clearly wrong and contradicted by their own advertising. People buy crypto without a real use for crypto because they think they can sell it for more later. Everyone under the sun knows this. It's obviously a security and failing to register should be met by SEC cases like this one.
What's the use of crypto again? Because I think it's kinda useless. Just like NFT's
I could ask the same for a lot of things, though? Time shares, collectible card games, collectibles at large, fashion at large, etc.
Not that I can or will wholly defend crypto. That just doesn't seem like a relevant complaint.
I do question the desire for everlasting permanence of the blockchain. I know we like to keep real estate deed records and such going back as far as we can, but even there we have limited utility of that. Encasing it in a technical solution that expands to cover more transactions does feel limited in usefulness. Largely ironic/funny that it makes it incredibly unsuited to criminal use.
Re: US SEC sues Coinbase, one day after suing Binance
#25Crypto companies think they don't trade securities which is clearly wrong and contradicted by their own advertising. People buy crypto without a real use for crypto because they think they can sell it for more later. Everyone under the sun knows this. It's obviously a security and failing to register should be met by SEC cases like this one.
What's the use of crypto again? Because I think it's kinda useless. Just like NFT's
Permissionless electronic worldwide payment. That's it. An optional but good to have part is anonymity, which you get with Monero.
Re: US SEC sues Coinbase, one day after suing Binance
#26I think it was always 100% clear that cryptocurrencies can't live within the confines of the laws of a sovereign state. Why people registered their exchanges along with the rest of the banking system ? it made zero sense from the start, as does the whole idea that cryptos can be traded in regulated capitalism. Bitcoin needs its own country (or planet) with nukes and all.
> Why people registered their exchanges along with the rest of the banking system ? Access to people and money? Personally I think the initial philosophy behind crypto and how it is actually used has long since disconnected.
i think it's not possible to be disconnected. it's like using laptops to cook pasta
Re: US SEC sues Coinbase, one day after suing Binance
#27Re: US SEC sues Coinbase, one day after suing Binance
#28Earlier quoted context omitted.
It's absolutely unclear what the SEC is doing here at all. Why is ALGO a security and ETH is not? They do the same thing. What are the implications of this lawsuit? Completely unclear. This is vague and unhelpful. edit: Keep downvoting - the fact, with a clear example, remains.
When was ETH declared as not a security? I don't remember hearing anything about that. The SEC says only BTC is a commodity: https://www.axios.com/2022/06/28/bitcoin-is-the-only-coin-th... The CFTC says only BTC is a commodity: https://cryptoslate.com/cftc-chair-rostin-behnam-snubs-ether... People keep saying that regulation is unclear, when let's be honest, it's perfectly clear. Just not what a lot of people wanted…
The fact that they have been asked, point blank, by congress, "is ETH a security?" and the SEC wouldn't answer is pretty fair for claiming "not perfectly clear."
Even here, it wasn't all of ETH that is under question. So, if you have bought some ETH from coinbase, it isn't under fire here. If you paid them to stake your ETH, it is. It is unclear, to me, what it would mean for any ETH you staked personally.
Re: US SEC sues Coinbase, one day after suing Binance
#29Earlier quoted context omitted.
When was ETH declared as not a security? I don't remember hearing anything about that. The SEC says only BTC is a commodity: https://www.axios.com/2022/06/28/bitcoin-is-the-only-coin-th... The CFTC says only BTC is a commodity: https://cryptoslate.com/cftc-chair-rostin-behnam-snubs-ether... People keep saying that regulation is unclear, when let's be honest, it's perfectly clear. Just not what a lot of people wanted…
The fact that they have been asked, point blank, by congress, "is ETH a security?" and the SEC wouldn't answer is pretty fair for claiming "not perfectly clear." Even here, it wasn't all of ETH that is under question. So, if you have bought some ETH from coinbase, it isn't under fire here. If you paid them to stake your ETH, it is. It is unclear, to me, what it would mean for any ETH you staked personally.
That's the root of the problem - it's absolutely unclear what the global implications are and if this will be used to go after individuals staking on their own, etc.
Re: US SEC sues Coinbase, one day after suing Binance
#30Crypto companies think they don't trade securities which is clearly wrong and contradicted by their own advertising. People buy crypto without a real use for crypto because they think they can sell it for more later. Everyone under the sun knows this. It's obviously a security and failing to register should be met by SEC cases like this one.
What's the use of crypto again? Because I think it's kinda useless. Just like NFT's
Economic actvity that you don't want a bank or government body to stop, so: illegal activity.