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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

#191

Post by wslh »

stonogo wrote: post #146
wslh wrote: post #140

Earlier quoted context omitted.

Logically speaking you are saying that there is no exist good people in the space. That is a really difficult assertion to probe. I am saying something simpler: there exist good people in the space. Then, you are saying "but I don't know you or your company, so I have no way of knowing.". Well, that is not my job, do your work if you want to change your mind. If you need help I can present you to good people but I as…

> do your work if you want to change your mind The point is that scammers are so prevalent it's not worth "doing your work." The ROI on vetting every player in a given transaction just isn't high enough to make it worth engaging. We don't have to do all this shit in the actual financial industry because of regulation and insurance. Nobody's presented a compelling reason to re-evolve those protections because blockcha…

PayPal is full of scammers, it is not crypto. Even you can say that PayPal is wrongdoing in many aspects that will not resist in court. Just an example.

Another example: land in NY, buy a mobile SIM there, go to the Central Park and in less than 30 minutes someone calls me telling me that I won the lottery. I am very lucky.

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

#192

Post by legitster »

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.

They don't want to reveal that they are treating all crypto assets as securities. So they are starting with the cases that are easiest for them to win, and building case precedent for them to go after bigger cases.

With the case they are giving there is no reason they don't eventually go after Bitcoin or Ether.

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

#193

Post by danaris »

legitster wrote: post #183
danaris wrote: post #178

Earlier quoted context omitted.

"Find the industry annoying" is an interesting way to characterize a regulatory agency that has investigated a situation and determined that it breaks the law .

Uh, that's not at all how I would characterize the situation. There was no real investigation - the determination that crypto assets are securities is really a philosophical one. Like a court determining whether a tomato is a fruit or a vegetable. And again, the implication here is that anyone buying and selling a crypto asset outside of a brokerage is breaking the law. According to the grounds the SEC is using here,…

> There was no real investigation

Do you know this? Because I haven't seen anything one way or another.

If the SEC did an extensive months-long project researching the cryptocurrency space, the philosophy and technology behind it, and how it's used in practice, why would that necessarily be something that was made public? Seems to me that sort of thing is just doing their jobs, and not something they would need to loudly announce.

As for the specifics...I don't pretend to understand the relevant laws well enough myself to state with any confidence what the SEC does or doesn't hold to be illegal, except for one thing: whatever it is Coinbase is doing, which they clearly think is illegal. You're the one making bold broad claims, with very little evidence, about what the SEC is or isn't doing—and these claims seem very much slanted to paint the SEC as being in the wrong.

So, again: Do you know what the SEC has and hasn't done here? If so, then please share with us, as that would be very relevant information to this discussion as a whole.

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

#194

Post by fallingknife »

rchaud wrote: post #137
legitster wrote: post #127

Earlier quoted context omitted.

I think part of the issue here is that the SEC is being decidedly coy. The remedy they are seeking is for the industry to essentially end itself. I think it's fine to say that the SEC is trying it's best to apply a mandate and them seeking guidance from congress are all good ideas, but them beating around the bush and attempting some subterfuge is not a good look for a regulatory agency.

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

Then why won't they let them do exactly that? https://finance.yahoo.com/news/coinbase-says-just-no-way-to-...

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

#195

Post by fallingknife »

ahahahahah wrote: post #182
latchkey wrote: post #165

Earlier quoted context omitted.

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.

I asked the DEA how to get a path to register to be able to sell fentanyl to anyone, they didn't have any answer so I just opened up shop.

Bad analogy because Coinbase isn't you. Coinbase is a licensed securities dealer. So that would be more like a licensed drug distributor asking the DEA how to get a license to distribute fentanyl to hospitals. And the DEA would happily answer them.

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

#196

Post by emptysongglass »

chomp wrote: post #33

There's a few people picking sides here in the comments. Just reminding everybody that it's possible for two sides to be at issue; the SEC can be trying its best to apply its mandate in a world where technology has surpassed the law, and in a void of congressional action, and as a result giving very vague guidance so that it can squeeze its mandate into the crypto realm. And Coinbase can be purposely threading the ne…

I've only seen bad behavior from the SEC since I started following their crypto-crusade. Both Coinbase and Telegram came to the SEC voluntarily and asked for guidance. The SEC did not consult in good faith, instead springing the trap when either company announced their crypto product. For Telegram, it was TON, for Coinbase, it was Lend. [1]

Whatever your feelings on crypto, these are bad actions and if embodied in a person, I would tell the world far and wide of this person's poor character and total lack of ethics.

[1] https://www.coinbase.com/blog/the-sec-has-told-us-it-wants-t...

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

#197

Post by tehlike »

humanizersequel wrote: post #77
tehlike wrote: post #50

Earlier quoted context omitted.

Why did sec need anything to say when it was clear the product was a security from the beginning?

Because it isn't clear the product is a security at all. Coinbase earn is an IT service where Coinbase (or a contractor representing them) interacts with a protocol on your behalf in exchange for a cut of the proceeds.

https://archive.ph/RX8aj

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

#198

Post by JohnFen »

wslh wrote: post #140
JohnFen wrote: post #135

Earlier quoted context omitted.

And you may well be -- but I don't know you or your company, so I have no way of knowing. The space is generally so tainted that it's not unreasonable to assume the people in it aren't exactly good until proven otherwise.

Logically speaking you are saying that there is no exist good people in the space. That is a really difficult assertion to probe. I am saying something simpler: there exist good people in the space. Then, you are saying "but I don't know you or your company, so I have no way of knowing.". Well, that is not my job, do your work if you want to change your mind. If you need help I can present you to good people but I as…

> Logically speaking you are saying that there is no exist good people in the space. That is a really difficult assertion to probe. I am saying something simpler: there exist good people in the space.

No, that's not at all what I was saying. I actually said the opposite: I assume that there are good people in this space despite the lack of evidence for it.

> do your work if you want to change your mind

I don't think that my mind needs to be changed here. We're in fundamental agreement here anyway, so I'm not sure what you think should be different in my thinking.

I just have no way of being able to tell who the good people are. And, ultimately, it doesn't actually matter because I don't deal with cryptocurrency in my own affairs.

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

#199

Post by humanizersequel »

tehlike wrote: post #197
humanizersequel wrote: post #77

Earlier quoted context omitted.

Because it isn't clear the product is a security at all. Coinbase earn is an IT service where Coinbase (or a contractor representing them) interacts with a protocol on your behalf in exchange for a cut of the proceeds.

https://archive.ph/RX8aj

I have read this article, and to the best of my recollection it contains zero discussion of Coinbase's Earn product.

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

#200

Post by tehlike »

humanizersequel wrote: post #199
tehlike wrote: post #197

Earlier quoted context omitted.

https://archive.ph/RX8aj

I have read this article, and to the best of my recollection it contains zero discussion of Coinbase's Earn product.

Then read also this: https://archive.ph/KueXO

PArt of Coinbase earn is defi yield(aka lending), part of it is crypto staking.

I also suggest you to read howey yest and make your own conclusions.

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