Coinbase issued Wells notice by SEC

Post by thepasswordis » Thu, Mar 23, 2023, 5:29 AM UTC

keyanp wrote: post #155

thepasswordis wrote: post #148

I can take my money and put it into a slot machine, gamble it on horses, gamble it on sports games. I can buy useless thousand dollar sneakers, I can buy pokemon cards. I can waste my money on absurdly overpriced art, give it to scammy non-profits, donate it to scammy spoiler political candidates. In some states I can use my money to hire hookers, or buy drugs. But if I want to buy crypto, all of a sudden that is a p…

Everyone knows what they are doing when gambling etc But nowadays crypto is being pitched as an investment to the layperson who doesn’t understand the risks and isn’t being told those risks by the exchanges. It’s those folks the SEC is trying to protect. That and prevention of larger market issues that can arise from unregulated financial services, ie FTX

Post by joefigura » Thu, Mar 23, 2023, 5:32 AM UTC

1vuio0pswjnm7 wrote: post #129

iambateman wrote: post #115

Some here have said it’s the SEC who should have a more collaborative spirit. But all of their incentives, job descriptions, and reason to exist are to _enforce laws_ not be chummy with startup executives. The “mean” approach to securities enforcement is what we as a society need…there are far too many scams and people who run them, and those scams seem especially concentrated within the crypto world. After the blitz…

In the blog past Coinbase General Counsel asks for "guidance". The guidance for future "crypto entrepreneurs" is going to come from the outcomes of these enforcement actions. CryptoExpert: "We want guidance. We want regulation." SEC: "Your product/service is a security." CryptoExpert: "No it's not!" Damodoran called cryptocurrency "currency made by the paranoid for the paranoid." [paraphrase] Let's be honest, coopera…

Post by joefigura » Thu, Mar 23, 2023, 5:36 AM UTC

thepasswordis wrote: post #159

joefigura wrote: post #157

Earlier quoted context omitted.

The SEC's position is that some crypto coins are securities. Gambling, hookers, political donations, and non-profit donations are all regulated. Securities are regulated even more tightly because it's *really* easy to commit fraud and fleece people of their money by lying about investments. Capitalism works because most people trust that they can make investments without being defrauded. With hookers, non-profit dona…

Are sneakers, pokemon cards, and art collections regulated? What if I buy some sneakers thinking I'm going to flip them and then I lose money?

Post by joefigura » Thu, Mar 23, 2023, 5:40 AM UTC

polygamous_bat wrote: post #149

kypro wrote: post #142

Earlier quoted context omitted.

> Just because you made profits in the earlier years with little to no regulation doesn't mean that government is bound to let you keep making that profit forever. Coinbase has repeatedly asked for clear regulation. If anything your issue should be with the regulators for not regulating, not Coinbase for trying to operate a business responsibly as possible without clear regulation. > Deal with it like a grown busines…

> If anything your issue should be with the regulators for not regulating, not Coinbase for trying to operate a business responsibly as possible without clear regulation. I very explicitly _do not want_ lawmakers to move at the speed of start-ups. Start-ups are there to move fast and break things. Laws are more rigid, and thus NEEDS to take it slow to get a full picture of the risk/reward before legislating. Coinbase…

Post by wiradikusuma » Thu, Mar 23, 2023, 5:48 AM UTC

thepasswordis wrote: post #159

joefigura wrote: post #157

Earlier quoted context omitted.

The SEC's position is that some crypto coins are securities. Gambling, hookers, political donations, and non-profit donations are all regulated. Securities are regulated even more tightly because it's *really* easy to commit fraud and fleece people of their money by lying about investments. Capitalism works because most people trust that they can make investments without being defrauded. With hookers, non-profit dona…

Are sneakers, pokemon cards, and art collections regulated? What if I buy some sneakers thinking I'm going to flip them and then I lose money?