Is this why the payout (interest) on $ALGO stopped?
Coinbase issued Wells notice by SEC
11–20 of 327 posts
Re: Coinbase issued Wells notice by SEC
#12wow..down 20% today (8% +12 AH) It's like as if it was not bad enough already, things just keep getting worse. Silvergate, First Republic, Signature, and so on. BTC breaking $29k, which was the long-standing support, in June 2022 was the first domino to fall. After that, things just kept going downhill. Many firms, individuals had leveraged positions that were dependent on $29k support holding. When it broke, all hel…
It was ~$40 per share in December
Re: Coinbase issued Wells notice by SEC
#13> "We asked the SEC specifically to identify which assets on our platforms they believe may be securities, and they declined to do so." Sums up the case quite well.
Nah, the answer is all of them except Bitcoin. I think all parties to this Wells-based conversation know that and Coinbase is just posturing for the court of public opinion.
[edit] I should say, Coinbase has been preparing for this forever. They acquired a broker-dealer license years ago, back in 2018. [1]
Re: Coinbase issued Wells notice by SEC
#14> "We asked the SEC specifically to identify which assets on our platforms they believe may be securities, and they declined to do so." Sums up the case quite well.
No it doesn’t. They’ve literally told them in the past when they were creating financial products that they were securities. Their entire schtik is to say
“We called it something different so it’s not a security.”
SEC: “Yes it is.”
Coinbase: “The SEC won’t engage with us and tell us what aspects of our business is a security.”
SEC: “1) that’s not how securities law works, you’re the one that has to hire lawyers 2) we already told you you were offering a security”
Coinbase: “We’re being persecuted!”
Re: Coinbase issued Wells notice by SEC
#15wow..down 20% today (8% +12 AH) It's like as if it was not bad enough already, things just keep getting worse. Silvergate, First Republic, Signature, and so on. BTC breaking $29k, which was the long-standing support, in June 2022 was the first domino to fall. After that, things just kept going downhill. Many firms, individuals had leveraged positions that were dependent on $29k support holding. When it broke, all hel…
Except bitcoin just retraced nearly to $29k today, before dropping to $27.5k with all risk-on assets after the Fed rate decision today.
Why bother grasping at straws from a week ago or 9 months ago as if its a precursor to anything. All these unrelated things that you retroactively combine.
Just let things shake out. The SEC's actions have nothing to do with the Fed's, mismanaged banks, the White House report or anything.
Re: Coinbase issued Wells notice by SEC
#16> "We asked the SEC specifically to identify which assets on our platforms they believe may be securities, and they declined to do so." Sums up the case quite well.
Nah, the answer is all of them except Bitcoin. I think all parties to this Wells-based conversation know that and Coinbase is just posturing for the court of public opinion. [edit] I should say, Coinbase has been preparing for this forever. They acquired a broker-dealer license years ago, back in 2018. [1] [1] https://brokercheck.finra.org/firm/summary/151143
This begs the question of what differentiates Bitcoin?
Besides being the first, there aren’t really any structural differences for the functionality or the development and marketing of BTC than other coins.
The only sufficient argument I see is the naivety around the distribution method which implies a metric of decentralization. To me that implies other coins should not be considered securities if they pass some decentralized metric threshold.
Now I’m also of the radical opinion that securities are actually a type of token (tokens being a general class of financial instruments like coins, securities, currency, or any asset) - not the other way around, and the law needs to be rewritten to accommodate this.
Re: Coinbase issued Wells notice by SEC
#17> "We asked the SEC specifically to identify which assets on our platforms they believe may be securities, and they declined to do so." Sums up the case quite well.
Their gdax/cbpro api originally called it securities and instruments (I started using it in 2017). It eventually got renamed to "products" but yeah, this is just theater.
Re: Coinbase issued Wells notice by SEC
#18Earlier quoted context omitted.
Nah, the answer is all of them except Bitcoin. I think all parties to this Wells-based conversation know that and Coinbase is just posturing for the court of public opinion. [edit] I should say, Coinbase has been preparing for this forever. They acquired a broker-dealer license years ago, back in 2018. [1] [1] https://brokercheck.finra.org/firm/summary/151143
This begs the question of what differentiates Bitcoin? Besides being the first, there aren’t really any structural differences for the functionality or the development and marketing of BTC than other coins. The only sufficient argument I see is the naivety around the distribution method which implies a metric of decentralization. To me that implies other coins should not be considered securities if they pass some dec…
It's different in that nobody can control it. Everything since bitcoin has had some form of leadership, including Ethereum, that can reasonably consistently get the network to fork and cause things to happen.
Bitcoin struggled for years to get a change adopted that most of the community thought was a good one, because nobody, not even Satoshi if they are still around, could change it.
Re: Coinbase issued Wells notice by SEC
#19> "We asked the SEC specifically to identify which assets on our platforms they believe may be securities, and they declined to do so." Sums up the case quite well.
Nah, the answer is all of them except Bitcoin. I think all parties to this Wells-based conversation know that and Coinbase is just posturing for the court of public opinion. [edit] I should say, Coinbase has been preparing for this forever. They acquired a broker-dealer license years ago, back in 2018. [1] [1] https://brokercheck.finra.org/firm/summary/151143
Yep, Gensler has outright said that “everything else other than bitcoin is a security.”[1] There's no chance Coinbase isn't aware of this. I don't know what they hope to accomplish by pretending otherwise.
[1]: https://cryptoslate.com/sec-chair-gensler-confirms-everythin...
Re: Coinbase issued Wells notice by SEC
#20> "We asked the SEC specifically to identify which assets on our platforms they believe may be securities, and they declined to do so." Sums up the case quite well.
No it doesn’t. They’ve literally told them in the past when they were creating financial products that they were securities. Their entire schtik is to say “We called it something different so it’s not a security.” SEC: “Yes it is.” Coinbase: “The SEC won’t engage with us and tell us what aspects of our business is a security.” SEC: “1) that’s not how securities law works, you’re the one that has to hire lawyers 2) we…
Well, it is something of a he said/she said between Coinbase and the SEC. But the Judge in the Voyager bankruptcy case had similar concerns about the clarity provided by the SEC -
https://twitter.com/BillHughesDC/status/1636069735006699523