Earlier quoted context omitted.
You don't seem to understand that what he says isn't binding on the SEC
How does he or the SEC benefit by making a statement?
He doesn't
US SEC sues Coinbase, one day after suing Binance
341–350 of 443 posts
Re: US SEC sues Coinbase, one day after suing Binance
#342If you look up the definitions of "security", "financial instrument", "commodity", and "currency", it is pretty clear that a plain vanilla crypto-currency like Bitcoin is no ordinary security nor a financial instrument. It is not a claim on something else, even less so than a traditional bank note. It is more like a commodity. Since when is "aluminum" a security? A crypto currency business however may be engaged in t…
SEC isn't suing Coinbase over Bitcoin. They're suing under two things: 1. Unregistered exchange for several tokens the SEC believes are securities: > This includes, but is not limited to, the units of each of the crypto asset securities further described below—with trading symbols SOL, ADA, MATIC, FIL, SAND, AXS, CHZ, FLOW, ICP, NEAR, VGX, DASH, and NEXO—(the “Crypto Asset Securities”). 2. Unregistered sale of securi…
>Maybe Coinbase should have listened to its own advisors ...
Maybe they just hired @butlerm which definitely knows what s/he's talking about and ... well here we are :)
Re: US SEC sues Coinbase, one day after suing Binance
#343Earlier quoted context omitted.
I think the real crux of the issue is that these instruments were designed to be confusing to regulate and, alas, they're confusing to regulate. The error was in thinking that a confused regulator says "I don't understand what's going on here, carry on and rest easy" rather than what actually happens: "I don't understand what's going on here, and until I do -- on my schedule, not yours -- your business is always at r…
I don't think the pure commodity coins (layer 1 networks like btc, xch, etc) are confusing at all. You do work and get rewarded with a digital commodity. It’s exactly like digging up gold, or tapping a tree for maple syrup. Then a bunch of crypto anarchists showed up and started speculating that these coins would be worth a lot in the future because we could topple the financial hegemony by their powers combined. Oka…
[deleted]
Re: US SEC sues Coinbase, one day after suing Binance
#344Earlier quoted context omitted.
That is the policy. The SEC has said that some cryptocurrencies are OK, like Bitcoin and Ethereum. And though today they gave a list of some they don't like, there are plenty of others that they still refuse to talk about despite explicit requests. What is the point of being opaque about it? It's not protecting investors, that's for sure. Seems more like they just want to be punitive.
New tokens are being spawned faster than the SEC could possibly do even a cursory analysis of them.
Of course. But they could clearly have analyzed more than, say, two in the past decade before filing suit.
Re: US SEC sues Coinbase, one day after suing Binance
#345Earlier quoted context omitted.
> in the USA Important part of the conversation that some people here seem to forget.
The title of this post is "US SEC sues Coinbase". No one is "forgetting".
Literally a parent comment:
> Everyone under the sun knows this. It's obviously a security
Is this US ignorance or what? "It's a security in US, so it's a security for everyone under the sun"
Re: US SEC sues Coinbase, one day after suing Binance
#346Earlier quoted context omitted.
SEC is supposed to tell them what is a security and what isn’t so they can refrain from selling them. Exchanges have been asking for clarification over and over. So far the only thing the SEC said on the subject is that BTC in not a security but nothing about the other cryptos. In the absence of regulatory clarity Coinbase have devised their own framework to classify what tokens aren’t securities and proceeded to lis…
They did tell them - Howey test etc, Coinbase just didn't like the answer and thus has been pretending they didn't hear it.
Please point to where the SEC has made any official statement defining which crypto is and isn't a security.
Re: US SEC sues Coinbase, one day after suing Binance
#347Earlier quoted context omitted.
Nononononononononononono we don't get to play that game. The SEC has perfectly clearly communicated for years its regulatory clarity: most crypto-currencies are obviously securities. When Coinbase and others say "regulatory clarity", they want the answer to be some framework for how they can continue to sell crypto to everyone/anyone. But that's not the policy! Most of these coins are some combination of ponzi scheme…
That is the policy. The SEC has said that some cryptocurrencies are OK, like Bitcoin and Ethereum. And though today they gave a list of some they don't like, there are plenty of others that they still refuse to talk about despite explicit requests. What is the point of being opaque about it? It's not protecting investors, that's for sure. Seems more like they just want to be punitive.
Here's a little thought experiment.
Let's say a new government organization makes a rule "You'll get fined if you make a red ball for playing catch"
You think about it for a while, and decide to make a red Hecatohedron for playing catch. You start playing catch with it and if it's ok. The new government org doesn't reply and eventually fines you.
Is that government organization being opaque?
Re: US SEC sues Coinbase, one day after suing Binance
#348I know their are legalities I am not an expert in on finance, but my conspiracy theorist is bubbling up given the failed crypto bank, the SEC suing Binance and Coinbase, and the US and world government move for traceable, government managed and controlled digital currencies. I was at the first HOPE in 1994[1] at the Penn Hotel in NYC when Eric Hughes (known for the Cypherpunk Manifesto) and others gave a talk on cryp…
Do you pay cash at Starbucks?
Re: US SEC sues Coinbase, one day after suing Binance
#349Earlier quoted context omitted.
The stance isn’t about whether Howey can be applied literally everywhere The stance is that applying it to digital tokens as unregistered securities means applying it to other places, like Nike shoes and baseball cards, just because any random individual expected to profit when they bought one that this framework is not applied everywhere, specifically how congress exempted spot commodities and commodities derivative…
Nike shoes and baseball cards are clearly commodities. If you were to stake your Air Jordan's with coinbase and Coinbase told you in a years time you'd have 2 pairs, it would become a security.
like I wrote, the staking program has a different evaluation and my post was not about that. we agree that any asset can be transferred in a way that is a securities transaction.
Re: US SEC sues Coinbase, one day after suing Binance
#350Crypto companies think they don't trade securities which is clearly wrong and contradicted by their own advertising. People buy crypto without a real use for crypto because they think they can sell it for more later. Everyone under the sun knows this. It's obviously a security and failing to register should be met by SEC cases like this one.
Some cryptocurrencies may or may not be securities. Gary Gensler himself has said that Bitcoin is not a security.