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SEC charges Kraken for operating as an unregistered securities exchange

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Re: SEC charges Kraken for operating as an unregistered securities exchange

#11

Post by starttoaster »

SeanAnderson wrote: post #9
kklisura wrote: post #8

Earlier quoted context omitted.

> I wonder if SEC is charging Coinbase soon, too? Already happened. [1][2] [1] https://news.ycombinator.com/item?id=36211820 [2] https://www.sec.gov/news/press-release/2023-102

Ah, I see. Odd that they were allowed to be publicly traded for years while also not operating legally

I'm guessing there was some moving of the goal posts at play here, by the feds, because the SEC does a huge background check on the operations of your company before you're allowed to be publicly traded, and if they didn't find anything there, I have a hard time believing they were breaking rules as the rules were written at the time.

Re: SEC charges Kraken for operating as an unregistered securities exchange

#12

Post by toomuchtodo »

SeanAnderson wrote: post #9
kklisura wrote: post #8

Earlier quoted context omitted.

> I wonder if SEC is charging Coinbase soon, too? Already happened. [1][2] [1] https://news.ycombinator.com/item?id=36211820 [2] https://www.sec.gov/news/press-release/2023-102

Ah, I see. Odd that they were allowed to be publicly traded for years while also not operating legally

Matt Levine covered this in one of his Money Stuff pieces.

https://www.bloomberg.com/opinion/articles/2023-03-23/the-se... | https://archive.today/RX8aj ("The SEC Is Coming for Coinbase")

Re: SEC charges Kraken for operating as an unregistered securities exchange

#14

Post by pwb25 »

toomuchtodo wrote: post #12
SeanAnderson wrote: post #9

Earlier quoted context omitted.

Ah, I see. Odd that they were allowed to be publicly traded for years while also not operating legally

Matt Levine covered this in one of his Money Stuff pieces. https://www.bloomberg.com/opinion/articles/2023-03-23/the-se... | https://archive.today/RX8aj ("The SEC Is Coming for Coinbase")

i saw that on HN several times, like it would be some excuse

but in my opinion that's just plain stupid, it's like inviting you to my home they I can not stop you from stealing something, because that's not my thing to enforce

Re: SEC charges Kraken for operating as an unregistered securities exchange

#16

Post by [deleted] »

pwb25 wrote: post #14
toomuchtodo wrote: post #12

Earlier quoted context omitted.

Matt Levine covered this in one of his Money Stuff pieces. https://www.bloomberg.com/opinion/articles/2023-03-23/the-se... | https://archive.today/RX8aj ("The SEC Is Coming for Coinbase")

i saw that on HN several times, like it would be some excuse but in my opinion that's just plain stupid, it's like inviting you to my home they I can not stop you from stealing something, because that's not my thing to enforce

[deleted]

Re: SEC charges Kraken for operating as an unregistered securities exchange

#18

Post by starttoaster »

ahahahahah wrote: post #15
pwb25 wrote: post #13

[flagged]

lol DEA is pathetic. They are against creating laws for the drug cartels to follow, then they arrest them is this the "land of the free" we hear about?

Disingenuous comparisons such as this are to be expected when talking about cryptocurrency/blockchain, I suppose. People commit fraud with money, people commit fraud with cryptocurrency. New avenues for a historical misuse of money, without necessitating the misuse portion to be a player, of course that justifies equivocating an exchange with a drug cartel.

Beyond that.. it is very clear that operating a drug cartel is strictly illegal. Operating a cryptocurrency exchange in 2023, it is not completely clear what the requirements are for it to be considered legal or otherwise.

In other words, it would be nice to have a discussion about cryptocurrency that wasn't filled with inflammatory bias.

Re: SEC charges Kraken for operating as an unregistered securities exchange

#19

Post by fredgrott »

starttoaster wrote: post #11
SeanAnderson wrote: post #9

Earlier quoted context omitted.

Ah, I see. Odd that they were allowed to be publicly traded for years while also not operating legally

I'm guessing there was some moving of the goal posts at play here, by the feds, because the SEC does a huge background check on the operations of your company before you're allowed to be publicly traded, and if they didn't find anything there, I have a hard time believing they were breaking rules as the rules were written at the time.

Checking details of company registration is not the same as a background checK.

Let me explain the difference..

I had a series 63 license from The SEC. Here is what I submitted: 1. Background info form to FBI which was checked. 2. Fingerprint form

Far different when you register a company as public.

Per their own docs they review accounting not background, see

https://www.sec.gov/divisions/corpfin/cffilingreview

Re: SEC charges Kraken for operating as an unregistered securities exchange

#20

Post by pwb25 »

ahahahahah wrote: post #15
pwb25 wrote: post #13

[flagged]

lol DEA is pathetic. They are against creating laws for the drug cartels to follow, then they arrest them is this the "land of the free" we hear about?

do the drug cartels ask DEA "which laws can we follow to operate legally in USA?"

No. There are laws in place already, which there isn't for crypto

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