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Coinbase CEO: we're preparing to go to court with the U.S. SEC

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Re: Coinbase CEO: we're preparing to go to court with the U.S. SEC

#161

Post by twic »

latchkey wrote: post #120
twic wrote: post #112

Earlier quoted context omitted.

The registration under discussion here is registration as a broker-dealer, or an exchange, or whatever, not as a listed company.

Tom Anderson, of myspace? Wow. Hi! Let me direct you to this: https://finance.yahoo.com/news/coinbase-says-just-no-way-to-... The whole point here is that Coinbase is acting in good faith by trying to do things "the right way"... including becoming a public company and trying to register in whatever compliance ways they can. All the way to announcing that they will go to court over all of this. All because their exis…

> Tom Anderson, of myspace? Wow. Hi!

No, i'm the one from Beavis and Butt-Head.

Re: Coinbase CEO: we're preparing to go to court with the U.S. SEC

#162

Post by ahahahahah »

latchkey wrote: post #120
twic wrote: post #112

Earlier quoted context omitted.

The registration under discussion here is registration as a broker-dealer, or an exchange, or whatever, not as a listed company.

Tom Anderson, of myspace? Wow. Hi! Let me direct you to this: https://finance.yahoo.com/news/coinbase-says-just-no-way-to-... The whole point here is that Coinbase is acting in good faith by trying to do things "the right way"... including becoming a public company and trying to register in whatever compliance ways they can. All the way to announcing that they will go to court over all of this. All because their exis…

If what you are doing requires registering with the SEC for it to be legal, and there's no way to register what you are doing with the SEC, then that means that it is illegal to do what you are doing (like how could you think that possibly means you are free to go do that thing?).

Re: Coinbase CEO: we're preparing to go to court with the U.S. SEC

#163

Post by ahahahahah »

latchkey wrote: post #149
ac29 wrote: post #143

Earlier quoted context omitted.

> cause I'm getting downvotes. See below. The point that I'm making is that if this company is acting illegally, then why is it still trading? Is your position that no publicly traded company has ever done anything illegal?

Not what I'm saying at all. I'm saying that a publicly traded company went through all of the due diligence that it takes to become a publicly traded company (if you've ever been through that, it is pretty intense) and then asked for further clarification on their existing practices, couldn't get that, then got served a wells notice and is now having to go to court to get further clarification. All because the SEC ca…

> asked for further clarification on their existing practices, couldn't get that,

That's not right. They got clarification they just didn't like the answer.

Re: Coinbase CEO: we're preparing to go to court with the U.S. SEC

#164

Post by [deleted] »

arcticbull wrote: post #8
0zemp1c wrote: post #7

I actually agree with Armstrong here - the SEC has had plenty of time to assess the market for crypto products and offer clear rules...it almost feels like the indecisiveness is an intentional policy used to cow the industry.

That's one way of looking at it. The other way of looking at it is that everyone who went to the SEC and asked them if they could do something was told absolutely not. The people who didn't ask seemed to be getting away with it. So everyone stopped asking. However that didn't change the facts of the situation. At some point even the mightiest ostrich must get rekt.

[deleted]

Re: Coinbase CEO: we're preparing to go to court with the U.S. SEC

#165

Post by latchkey »

ahahahahah wrote: post #163
latchkey wrote: post #149

Earlier quoted context omitted.

Not what I'm saying at all. I'm saying that a publicly traded company went through all of the due diligence that it takes to become a publicly traded company (if you've ever been through that, it is pretty intense) and then asked for further clarification on their existing practices, couldn't get that, then got served a wells notice and is now having to go to court to get further clarification. All because the SEC ca…

> asked for further clarification on their existing practices, couldn't get that, That's not right. They got clarification they just didn't like the answer.

https://finance.yahoo.com/news/coinbase-says-just-no-way-to-...

"When we ask specific questions: How do we get to a path to registration? There's never an answer," Shirzad said.

Re: Coinbase CEO: we're preparing to go to court with the U.S. SEC

#166

Post by danaris »

legitster wrote: post #159
rchaud wrote: post #137

Earlier quoted context omitted.

> The remedy they are seeking is for the industry to essentially end itself. Or in other words "register as securities exchange".

... which would require ditching all of their customers and establishing a brokerage. We're talking about a fundamentally different business that is not distinguishable from any existing business. Coinbase as we know it would be dead.

And what's the fundamental problem with that?

No business has an inalienable right to government support or sanction for their business model, least of all when their business is 100% in an area that is brand-new, poorly-understood, poorly-regulated, and absolutely rife with scams.

Re: Coinbase CEO: we're preparing to go to court with the U.S. SEC

#167

Post by latchkey »

ahahahahah wrote: post #162
latchkey wrote: post #120

Earlier quoted context omitted.

Tom Anderson, of myspace? Wow. Hi! Let me direct you to this: https://finance.yahoo.com/news/coinbase-says-just-no-way-to-... The whole point here is that Coinbase is acting in good faith by trying to do things "the right way"... including becoming a public company and trying to register in whatever compliance ways they can. All the way to announcing that they will go to court over all of this. All because their exis…

If what you are doing requires registering with the SEC for it to be legal, and there's no way to register what you are doing with the SEC, then that means that it is illegal to do what you are doing (like how could you think that possibly means you are free to go do that thing?).

If there is no way to register with the SEC to run a securities brokerage, exchange, and clearing house, then what's the point of the SEC again?

Re: Coinbase CEO: we're preparing to go to court with the U.S. SEC

#168

Post by true_religion »

JohnFen wrote: post #96
true_religion wrote: post #48

Earlier quoted context omitted.

They ought to. Giving advice is the difference between having the government work with the people, on the same side, and having it be an adversary. The goal should be legal compliance and productive companies. Not clarifying what you will or will not prosecute simply creates unnecessary fear and distrust of the system. Think of all the crime that would not be committed if only the SEC said it was criminal before hand…

But this is only a "problem" for those who want to ride right on the line of what's technically legal. People who strive to stay within what the law is trying to accomplish, who are with the spirit of the law rather than the letter, have no such issues.

I’m just coming at this from a consumer point of view. I want the SEC to be effective so when I invest in some new commodity or security then I know that it at least legal and I won’t lose all my money due to the government declaring it not.

Re: Coinbase CEO: we're preparing to go to court with the U.S. SEC

#169

Post by true_religion »

mrguyorama wrote: post #142
figassis wrote: post #118

Earlier quoted context omitted.

You don't need to make the laws to give advice. Are you saying the SEC can't or isn't required? Because not being required does not mean they shouldn't do it.

The vast majority of government workers (including such lowly people as the workers who check applications for food stamps) cannot give advice because humans are fallible and will get it wrong sometimes. The government doesn't want people suing them for that situation, so they just ban all advice basically.

Social workers seem to give advice. IRS also looks like it can advise you as to what you need to do to avoid further action against you.

It’s not as if no one can ever get advise from the government bodies.

Re: Coinbase CEO: we're preparing to go to court with the U.S. SEC

#170

Post by iudqnolq »

johndhi wrote: post #134
iudqnolq wrote: post #122

Earlier quoted context omitted.

He's not betting his name as much as you think. It's normal for lawyers to continue having excellent careers after losing significant cases. (Also for full clarity magistrate judge is the lowest level in the federal system. Not that that isn't impressive, though)

Technically I'd say administrative law judges are a lower rung than US Magistrates, but yes, fair enough. To be clear, though, Grewal was a magistrate in one of the most important districts (Northern District of California) on some of the most important cases in history.

Good points. I'm not sure if this is right but I wasn't thinking of ALJs as being in the "federal system", which I admit isn't a precise term.

In terms of distinguished prior careers I'd say that's less than plenty of current lawyers though. One example could be Neal Katyal, who has agued all kinds of shit before the supreme court.

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