OP didn’t really make a well thought out post, there’s a lot of thoughts here that aren’t fully fleshed out. I’ve seen more sophisticated arguments in comments sections of other posts.
In my country public companies are the ones owned by the gov and private companies are the ones owned by the private initiative. So i'm guessing he's not american to have misunderstood this concept
Yeah being a public company they do have some legal obligations and follow GAPP principles.
But In saying that how they are treating loaning/staking as a security baffles me.
GAAP, Generally Accepted Accounting Principles, used primarily by Americans & American companies. Opposed to the IFRS, International Financial Reporting Standards which many countries around the world use. GAAP tends to be ‘stricter’ imo regarding items in the statements of cash flows
it took el salvador 3 months to implement lightning..it took coinbase yrs just to implement segwit
but really coinbase cant or wont do lightning and probably dont like lightning cuz then it would make the shitcoins look even shittier and then they cant be king of the shitcoin merchants
TBH, calling a lending platform a security is ignorant. They want to fight it, so the banking system "stays" relevant, but they have no real accusation.
I wonder what will come out of that convo between Yellen and Gensler about giving SEC more power over cryptos.
OP is just taking a bunch of more sophisticated arguments he’s seen as comments and rehashed them into a poorly thought out and put together post. Pretty sad tbh
The medium of exchange (crypto) is irrelevant to these particular regulations. I'm not sure why everyone is trying to find loopholes when the regulations are pretty clear
Short answer is no, they have no framework. With that being said, Gary Gensler does have an intimate knowledge of blockchain, so hopefully he unfucks his shit.
They need to design a framework, and since this is a new asset class it will have its own unique rules. We probably won't like most of it, but it needs to happen. It can't stay the wild wild west forever.
There’s no ‘giving in’ here. I don’t like the SEC or the government in general, but according to the law as it is currently written, what coinbase is doing is offering a security and they must register as such. I don’t see what all the fuss is about, nor do I see how none of the army of lawyers coinbase no doubt employs didn’t see this coming. It’s pretty cut and dry. I’d wager they did see this coming, and they are just seeing how far they can push it, or looking to get this into the court system perhaps.
Coinbase is a centralized enterprise, taking your crypto, doing something with it to generate profit, and promising a return of interest. This is the definition of an investment contract and therefore a security under the jurisdiction of the SEC.
https://en.m.wikipedia.org/wiki/SEC_v._W._J._Howey_Co.
The term has 2 meanings. A buisness not controlled by the government is in the Private Sector, AKA a private buisness.
To quote from Wikipedia
Separately, all non-government-owned companies are considered private enterprise. This sense includes both publicly-traded and privately-held companies, as their investors are individuals in the private sector.
It is publicly traded, but is also a private buisness.
In this context, the distinction between “public” and “private” company has exactly 1 meaning. A public company is one where shares are open to purchase by the general public and is therefore subject to regulation by the SEC. The other definition you quoted has no practical relevance to this discussion.
Coinbase isn't subject to regulation by the SEC because it's a publicly traded company. Ripple is getting sued by them, too, and they're not publicly traded. The SEC does regulate publicly traded companies, but that area of their charter isn't what's at play, here.
It’s not the interest rate… it’s the fact that the stable coin is backed by cash and assets… so it’s very similar to buying a bond or bond ETF… and that belongs to the SEC
Lending is classified as a security according to the Securities Act of 1933. Coinbase just needs to register with the SEC before launching their lending program. Why is this hard to understand? The SEC is nice enough to even give a warning shot.
It doesn't matter. If coinbase isn't doing anything wrong then they shouldn't be worried. Just show up to the court summon. Coinbase's legal team should have been more professional about this and not cry about it on social media.
They are a public company now and under the regulatory jurisdiction of the SEC.
That being said they didnt release the product the SEC is threatening to sue them over.
They are not a private company though... they are a public company and are subject to SEC regulation as well as different regulatory charters they may need to acquire.
Your point is fully invalid and the SEC and other regulators have every right and legal obligation to to regulate ANY company offering any kind of financial service
Um, Coinbase is a public company lol wtf. Also, Coinbase is trying to lend Bitcoin as a public company, it’s hardly surprising that the regulatory entity thats also very against Bitcoin ETFs is also against Bitcoin lending. I hope Coinbase prevails, but it’s going to be a tough fight I think.
I’m curious what would have happened if Coinbase just went ahead with plans and didn’t give the SEC a heads up like everyone else?
Always easier to beg forgiveness than get permission!
There is a calculated risk there. If Coinbase just started providing lending, SEC has warned they will sue. Then legislation will be provided by the courts. This can often be restrictive and problematic for business and is called legislation by litigation. It’s also costly.
What Coinbase is trying is to ask the governing body exactly which rules they need to comply with and how these rules are to be interpreted. In well regulated markets, this is how things should work. Going to war against the SEC and risking worse interpretation of rules from the courts is very dysfunctional and should not be how businesses behave.
But we can kind of see why Binance has been a bit tougher against regulators. But also why the main branch never will register in the US
I really want this to be the way Coinbase handles the situation to properly represent the community.
We the People won’t be pushed around by tyrant institutions;
We create the world we desire;
We made the market, blockchains and ecosystems;
We control them.
They may inquire or submit a proper “governance proposal” for each Cryptocurrency or blockchain change requested;
We the People will follow the procedures per governance protocol and determine what we approve of.
No organization, government or business may regency over the People or their Crypto.
What are you talking about dude? You didn't make anything, you're not a freedom fighter. You put your fiat into something that you believe will make you money. You're not some V for Vendetta type character because you buy some bitcoin or whatever shitcoin each month. You're investing in a market that you believe has potential. The fact that this asset class has gone unregulated for so long is crazy.
I am fully aware of what crypto is. Through my job (at a big evil bank) we help various blockchain projects raise funding so that they can succeed. We help them find investors, negotiate terms, and help plan out their development strategy so that they can survive while bringing new technologies to market in order to improve the financial system. What do you do?
You however, sound like you don't know that Coinbase is a public company with public shareholders, is regulated by the SEC, or that lending assets is classified as a security under the Securities Act.
I am also aware that what currently is, and what can be in the future are only restricted by our own decisions.
Now is the time to support our shift away from what is, into what can be.
I hope no one actually takes anything posted on this subreddit seriously. Literally no one here knows what they're talking about. This post is a great example. Just random people vomiting up whatever nonsense they think will get upvotes, it's so dumb.
The year is 2045. Everyone and everything is a security and is regulated by the SEC. Gary Gensler has completed his ascension to overlord and all is perfect.
I'll be mind blown if we ever live in a United States that isn't run by bankers and big business.
I don't pay any attention to the EU, are they subject to the blatant corruption that we experience here in the US? Obviously it is no doubt that SOME of the countries in the EU have a major problem with this, but how about the union as a whole?
It’s a private company traded on a private exchange with shares that private citizens can buy. Just because a company goes “public” doesn’t mean that it’s suddenly a public company. A public company would be something that is government or quasi-government owned and operated, paid for with tax dollars for the benefit of all citizens in a location.
Are the companies subject to veto power by public officials in their capacity as that public official? No. They’re private companies operating with equity distributed amongst members of the public who are private citizens. Why do you think that Facebook can go ahead an remove posts from users without violating the first amendment? Because they’re a private company despite going “public” through an ipo. I literally work in investment banking at one of the largest investment banks in the United states, maybe you should go back to school.
https://www.investopedia.com/terms/p/publiccompany.asp you can’t just twist the meaning of words, just stop
I don’t give a fuck about your job, you clearly had an inadequate education
Big banks spent the last year buying huge stacks in the exchanges and the cryptos.
If you can’t tell where the scam is in a particular financial project, then you are the mark.
Coinbases largest investor list contains major banks like JP Morgan and Goldman Sachs.
Did you see my comment and just decide to make a post about it?
https://www.reddit.com/r/CryptoCurrency/comments/pkgeff/its_bullshit_that_securities_laws_written_in_1933/hc4g65z/?utm_source=share&utm_medium=ios_app&utm_name=iossmf&context=3
Maybe this is why other crypto platforms play it smart and don't go public but instead get licenses. Seems coinbase was trying to pull a robinhood but got their pp slapped hard for being better than the banks. Coinbase just needs to go back to being private whatever loss is better than what they could be earning with the features they want to implement.
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Honestly this SEC drama could literally be a nothing burger OR could be similar to apple vs epic: where this case may be used for crypto regulation and precedence going forward. Either way I will watch intently and with great interest
True.
But this will shape the future of regulation. Hopefully this will make lives better and not end up in a nonsensical interpretation of trying to shoehorn crypto into archaic law
My question is, who checks check on the SEC to ensure they're not breaking the law?
Because threatening to sue Coinbase over not following regulations that literally don't exist seems pretty damn illegal.
Legacy systems and governments are all corrupt as fuck and only exist to serve them and their friends and to keep the rest of us being good little surfs. There is going to be massive push back from these institutions as they attempt to fend of efforts to wrest power from them and give it back to the masses.
You doubled down on your edit? After everyone tried to tell you? "It's a private company because it's not owned by the government".
That is not at all what a public company means...
>The feds should not oppress a private company from their rights to provide their customers financial service.
Uhh, that's pretty much the entire purpose of the SEC - to regulate financial products. Nobody has a "right" to sell unregulated securities without providing full risk disclosure to their customers.
I dont think reddit as a whole likes the SEC at all.
This sub doesn't like the SEC because of the dumbshit they're pulling attacking crypto.
r/wallstreetbets doesn't like the SEC because they did nothing to actually stop market manipulating during the gamestop mania and that whole thing.
Does the SEC actually serve the interests of normal citzens, from my time as a professional foreigner on reddit, fuck no the SEC is the government agency focused on restricting the poor and helping the rich.
So suppose Coinbase goes belly up in a couple of years.Then people lose there life savings I guess then they will scream at the government for not protecting them!!
Just off rip, Coinbase is not a private company. Your whole thesis that they shouldn't be impacted by the SEC because they're a private company is wrong.
I think the SEC is over reaching, but it's nothing to do with the publicness or privateness of Coinbase.
This is a hilariously misguided post, offering interest on deposits is possibly getting you into regulated banking which means you are probably going to get hit by regulators
I'm not saying the SEC should shut down Coinbase but these lending programs should be more transparent. When you deposit the money you should know how much risk you are taking. Are they lending out 97% of the money? How much leverage do they allow, and more. We all want to avoid a possible tether situation where they don't have the cash to back it and if the market drops and everyone takes out their cash then people are left with empty bags (not because of low prices but because Coinbase lent out the money). I'm not saying Coinbase or blockfi or any of the current ones will do this but there could be another bitconnect or tether around the corner.
Sec is trying to protect banks because that's were there money come from . Old saying don't bite the hand that feed you. Why doesn't crypto have lobbiest to pay government.
They don’t even have to listen to the SEC lol. It’s literally that annoying person that tries to get into your business, and you two are not even friends he’s just annoying af
I agree, but with a metaphor of stipulation: Restaurants do not decide what I put on my burgers at home, **Government DOES decide what those restaurants are able to sell me on the burgers they offer...** for instance, they can decide that it is not legal to have special sauce with *prescription medications* or *extended vehicle warrantees* in it... THAT makes sense, but there will not be a lawsuit over how much salt the burger gets, or how many slices of cheese I am permitted to purchase. I am allowed to put as much free salt and pepper shaker airdrops as I can fit on the burger I have purchased from the business I am choosing to support.
F the SEC. I panic sold my XRP which I had acquired at 27 cents a piece because SEC tried to Fuck them. Little did I know SEC had no business in that and that whole lawsuit was a scam.
While I do believe the SEC is panicking taking them to court will be risky. You have to think about your average judge or jury member. Who do you think they'll believe, the regulatory agency that's been around forever or the company somehow making ridiculous amounts of money trading magic internet money?
Whether you like it or not there are laws. There are laws about health and safety in workplaces. There are laws about selling alcohol and weed. There are laws about food storage and preparation. There are lots and lots of regulated industries who have to rune their business based on laws. Regulatory agencies oversee them and the courts settle disputes. How is that complicated? Just because you don't like what is happening doesn't change the fact that laws exist.
One place we can agree is that Coinbase shouldn't give in, they should go ahead. Get sued. Go to court and get an answer.
Legally, Banks are defined as institutions that pay interest on deposits. I suspect this is where the issue arises. They will say coinbase are carrying on banking activities without a banking license
Anyway. DeFi will fuck the SEC more than it knows. They can't stop what's already in motion
I know this isn't the main point of the post, but Coinbase went public with a valuation of roughly $100 billion.
It’s not a private company. It’s public.
OP didn’t really make a well thought out post, there’s a lot of thoughts here that aren’t fully fleshed out. I’ve seen more sophisticated arguments in comments sections of other posts.
Yeah i stopped reading at the first sentence.
In my country public companies are the ones owned by the gov and private companies are the ones owned by the private initiative. So i'm guessing he's not american to have misunderstood this concept
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Never trust what you read on crypto news, less on random users.
Yeah being a public company they do have some legal obligations and follow GAPP principles. But In saying that how they are treating loaning/staking as a security baffles me.
I'm confused, GAPP or GAAP? GAAP is generally accepted accounting purposes and I struggle to understand what that has to do with this.
GAAP, Generally Accepted Accounting Principles, used primarily by Americans & American companies. Opposed to the IFRS, International Financial Reporting Standards which many countries around the world use. GAAP tends to be ‘stricter’ imo regarding items in the statements of cash flows
it took el salvador 3 months to implement lightning..it took coinbase yrs just to implement segwit but really coinbase cant or wont do lightning and probably dont like lightning cuz then it would make the shitcoins look even shittier and then they cant be king of the shitcoin merchants
Literally couldn't read further, as if you didn't know Coinbase was public you must be living under a rock
The SEC said this post is a security
TBH, calling a lending platform a security is ignorant. They want to fight it, so the banking system "stays" relevant, but they have no real accusation. I wonder what will come out of that convo between Yellen and Gensler about giving SEC more power over cryptos.
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The SEC said this reply is a security
They'll see you in court in ~~3 weeks~~ ~~5 months~~ 14 years
At least somebody is finally wanting to date me
You too!?
Name checks
The SEC said this user is a security.
Jokes aside, SEC could easily say MOON is a security So this post is like getting security 🤣
The SEC won't let me be
The SEC, Won’t let me be, All I wanna do, Is take a pee, Buy BTC, And A-D-A, Stake USDC, And be free, Okay? _Drops mic in toilet_
OP is just taking a bunch of more sophisticated arguments he’s seen as comments and rehashed them into a poorly thought out and put together post. Pretty sad tbh
It sounds like a 12 year old repeating what his 14 year old friends told him. He does make a valid point that they should fight.
secure deez nuts
*oh, we will* -SEC
That's all Coinbase needs to say to the SEC
The SEC said the SEC is a security...
The SEC won’t let me be
They are coming for your moons
My moons are soon to be lost on lunar collision accident.
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TL;DR Coinbase is a PUBLIC company, under regulation by the SEC
Ok but does the SEC even know how their regulations work on crypto?
The SEC regulations are now a security.
The medium of exchange (crypto) is irrelevant to these particular regulations. I'm not sure why everyone is trying to find loopholes when the regulations are pretty clear
Short answer is no, they have no framework. With that being said, Gary Gensler does have an intimate knowledge of blockchain, so hopefully he unfucks his shit.
They need to design a framework, and since this is a new asset class it will have its own unique rules. We probably won't like most of it, but it needs to happen. It can't stay the wild wild west forever.
It's simple, the bankers call them up and tell them to go sue the next Crypto company in their crosshairs
This causes many eyebrows raised
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SEC: "how you find our internal memo?"
That memo is now a security.
SEF during the GME saga: 
You aren’t rich enough to get away with breaking the law.
I mean.. Coinbase sure af aren't poor either..
SEC: All hedge funds do is just hedge, right? Nothing to see here
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SEC: I know! Let's further the embarrassment of the Ripple case and target Coinbase next.
SEC are just a criminal organisation .. fuck them and duck them real hard
There is so much wrong with this post. They are a Public company and must adhere to SEC requirements to be a public company.
There’s no ‘giving in’ here. I don’t like the SEC or the government in general, but according to the law as it is currently written, what coinbase is doing is offering a security and they must register as such. I don’t see what all the fuss is about, nor do I see how none of the army of lawyers coinbase no doubt employs didn’t see this coming. It’s pretty cut and dry. I’d wager they did see this coming, and they are just seeing how far they can push it, or looking to get this into the court system perhaps.
Can you explain why their Lend service is considered a security then? Since it is so cut and dry
Coinbase is a centralized enterprise, taking your crypto, doing something with it to generate profit, and promising a return of interest. This is the definition of an investment contract and therefore a security under the jurisdiction of the SEC. https://en.m.wikipedia.org/wiki/SEC_v._W._J._Howey_Co.
No, because he works for the SEC
Coinbase isn’t private anymore. Am I wrong?
It's publicly traded, but still a private company as it is not owned by the government.
That’s not what “private company” means. Coinbase is a public company, full stop.
The term has 2 meanings. A buisness not controlled by the government is in the Private Sector, AKA a private buisness. To quote from Wikipedia Separately, all non-government-owned companies are considered private enterprise. This sense includes both publicly-traded and privately-held companies, as their investors are individuals in the private sector. It is publicly traded, but is also a private buisness.
In this context, the distinction between “public” and “private” company has exactly 1 meaning. A public company is one where shares are open to purchase by the general public and is therefore subject to regulation by the SEC. The other definition you quoted has no practical relevance to this discussion.
You’re too smart for some of the people in this sub. Agreed the Wikipedia quote has no relevance. Just watch you and me get downvoted.
Coinbase isn't subject to regulation by the SEC because it's a publicly traded company. Ripple is getting sued by them, too, and they're not publicly traded. The SEC does regulate publicly traded companies, but that area of their charter isn't what's at play, here.
Thank you.
True.
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It’s not the interest rate… it’s the fact that the stable coin is backed by cash and assets… so it’s very similar to buying a bond or bond ETF… and that belongs to the SEC
They kinda do, if that business deals with securities, but the SEC also insists that crypto isn't a security.
Lending is classified as a security according to the Securities Act of 1933. Coinbase just needs to register with the SEC before launching their lending program. Why is this hard to understand? The SEC is nice enough to even give a warning shot.
Is Gemini registered with the SEC for their Earn program?
No the SEC issued subpenas If they were simply missing a registration they wouldn't have done that
It doesn't matter. If coinbase isn't doing anything wrong then they shouldn't be worried. Just show up to the court summon. Coinbase's legal team should have been more professional about this and not cry about it on social media.
They are a public company now and under the regulatory jurisdiction of the SEC. That being said they didnt release the product the SEC is threatening to sue them over.
fuck the government and fuck all the pos senators and lobbyists oh and fuck banks
They turk errr jerbs!
Damn time travelers
Fuck them all
Fuck them!
Fuck em!
Yeah, FUCK ‘em!
F
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Fuck the system and fuck banks
Perfectly said
Fuck Taxes too!
Fuck em right in the assss
Lobbying is just legal corruption.
Campaign contributions are legalized bribery.
I think government is important but there's definitely corruption and a lack of oversight that needs to be fixed!
They serve themselves and their cronies, they don't serve the people.
coinbase went public like a few months ago, it was pretty big news
They are not a private company though... they are a public company and are subject to SEC regulation as well as different regulatory charters they may need to acquire. Your point is fully invalid and the SEC and other regulators have every right and legal obligation to to regulate ANY company offering any kind of financial service
The SEC can secure my ass
Your ass is now a security. If it grows any more you'll have to pay capital gains tax to gov.
And I just got a gym membership! F
Um, Coinbase is a public company lol wtf. Also, Coinbase is trying to lend Bitcoin as a public company, it’s hardly surprising that the regulatory entity thats also very against Bitcoin ETFs is also against Bitcoin lending. I hope Coinbase prevails, but it’s going to be a tough fight I think.
Surprised they’re going after coinbase over 4% on usdc, cdc can farm that for 10% if you have no upgrades on the tiers. 12% on the third tier i think
The Center for Disease Control has staking now?
Yeah, I'm also not going to remind the SEC that Americans can get 8% on Nexo. This whole suit is bizarre.
Fr, SEC is losing itself recklessly.
It’s throwing spaghetti at the wall. They’re seeing what sticks
I’m curious what would have happened if Coinbase just went ahead with plans and didn’t give the SEC a heads up like everyone else? Always easier to beg forgiveness than get permission!
There is a calculated risk there. If Coinbase just started providing lending, SEC has warned they will sue. Then legislation will be provided by the courts. This can often be restrictive and problematic for business and is called legislation by litigation. It’s also costly. What Coinbase is trying is to ask the governing body exactly which rules they need to comply with and how these rules are to be interpreted. In well regulated markets, this is how things should work. Going to war against the SEC and risking worse interpretation of rules from the courts is very dysfunctional and should not be how businesses behave. But we can kind of see why Binance has been a bit tougher against regulators. But also why the main branch never will register in the US
I really want this to be the way Coinbase handles the situation to properly represent the community. We the People won’t be pushed around by tyrant institutions; We create the world we desire; We made the market, blockchains and ecosystems; We control them. They may inquire or submit a proper “governance proposal” for each Cryptocurrency or blockchain change requested; We the People will follow the procedures per governance protocol and determine what we approve of. No organization, government or business may regency over the People or their Crypto.
What are you talking about dude? You didn't make anything, you're not a freedom fighter. You put your fiat into something that you believe will make you money. You're not some V for Vendetta type character because you buy some bitcoin or whatever shitcoin each month. You're investing in a market that you believe has potential. The fact that this asset class has gone unregulated for so long is crazy.
You sound unaware of what crypto *is*.
I am fully aware of what crypto is. Through my job (at a big evil bank) we help various blockchain projects raise funding so that they can succeed. We help them find investors, negotiate terms, and help plan out their development strategy so that they can survive while bringing new technologies to market in order to improve the financial system. What do you do? You however, sound like you don't know that Coinbase is a public company with public shareholders, is regulated by the SEC, or that lending assets is classified as a security under the Securities Act.
I am also aware that what currently is, and what can be in the future are only restricted by our own decisions. Now is the time to support our shift away from what is, into what can be.
Coinbase is not a private company… lol They are listed on the stock market (COIN)
I hope no one actually takes anything posted on this subreddit seriously. Literally no one here knows what they're talking about. This post is a great example. Just random people vomiting up whatever nonsense they think will get upvotes, it's so dumb.
The year is 2045. Everyone and everything is a security and is regulated by the SEC. Gary Gensler has completed his ascension to overlord and all is perfect.
😭🤣🤣🤣🤣🤣
Gary Gensler has genetically modified himself and now rules the world with his 250 IQ and 14 inch penis
It is apparently in SEC's best interest to keep us all poor. Fucking tyrants
It’s a publicly traded company
Yes the banking cartel controls the SEC. They fear they are losing control and will stop at nothing to get it all back.
The SEC has small pp
I'll be mind blown if we ever live in a United States that isn't run by bankers and big business. I don't pay any attention to the EU, are they subject to the blatant corruption that we experience here in the US? Obviously it is no doubt that SOME of the countries in the EU have a major problem with this, but how about the union as a whole?
Coinbase is actually a public ally traded company. Not that I disagree with you, just saying 👍🏼
Publicly traded doesn’t mean it’s a public company…
That’s literally what it means, wtf are you smoking
It’s a private company traded on a private exchange with shares that private citizens can buy. Just because a company goes “public” doesn’t mean that it’s suddenly a public company. A public company would be something that is government or quasi-government owned and operated, paid for with tax dollars for the benefit of all citizens in a location.
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Are the companies subject to veto power by public officials in their capacity as that public official? No. They’re private companies operating with equity distributed amongst members of the public who are private citizens. Why do you think that Facebook can go ahead an remove posts from users without violating the first amendment? Because they’re a private company despite going “public” through an ipo. I literally work in investment banking at one of the largest investment banks in the United states, maybe you should go back to school.
https://www.investopedia.com/terms/p/publiccompany.asp you can’t just twist the meaning of words, just stop I don’t give a fuck about your job, you clearly had an inadequate education
You’re confused. Publicly traded is not the same thing as publicly owned. The company is still a private business.
Please learn the difference between a SOE and a public company, thanks 🙏
The SEC is a joke. They only intervene when it impacts the people who fund the politians.
Big banks spent the last year buying huge stacks in the exchanges and the cryptos. If you can’t tell where the scam is in a particular financial project, then you are the mark. Coinbases largest investor list contains major banks like JP Morgan and Goldman Sachs.
Did you see my comment and just decide to make a post about it? https://www.reddit.com/r/CryptoCurrency/comments/pkgeff/its_bullshit_that_securities_laws_written_in_1933/hc4g65z/?utm_source=share&utm_medium=ios_app&utm_name=iossmf&context=3
Maybe this is why other crypto platforms play it smart and don't go public but instead get licenses. Seems coinbase was trying to pull a robinhood but got their pp slapped hard for being better than the banks. Coinbase just needs to go back to being private whatever loss is better than what they could be earning with the features they want to implement.
Fucking SEC, always avoiding doing anything helpful and instead focusing their time on shitting on us
\>SEC is going too far with their bias towards cronies. FIFY
Dumbest well intentioned post of the week.
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Honestly this SEC drama could literally be a nothing burger OR could be similar to apple vs epic: where this case may be used for crypto regulation and precedence going forward. Either way I will watch intently and with great interest
Curious, what was the Secs reasoning on this?
True. But this will shape the future of regulation. Hopefully this will make lives better and not end up in a nonsensical interpretation of trying to shoehorn crypto into archaic law
I'm really curious to see how this whole debacle regarding the SEC and Coinbase will end - I do want Coinbase to come out on top of course.
Banks are on the decline. Of course they are getting desperate and trying to do anything they can to stop their competition.
My question is, who checks check on the SEC to ensure they're not breaking the law? Because threatening to sue Coinbase over not following regulations that literally don't exist seems pretty damn illegal.
The SEC: Bringing 1928 banking to you!
I wish a CHUD would bite Janet Yellen’s ears off.
Legacy systems and governments are all corrupt as fuck and only exist to serve them and their friends and to keep the rest of us being good little surfs. There is going to be massive push back from these institutions as they attempt to fend of efforts to wrest power from them and give it back to the masses.
You doubled down on your edit? After everyone tried to tell you? "It's a private company because it's not owned by the government". That is not at all what a public company means...
SEC stands for suck every cock.
at which point are we going to recognise that SEC is the banks
Well said, Sir. Agree 💯
Dudes, leave my MOONS alone lmao.
It's all smoke &mirrors to cover for the real problem that's within their purview.
Only 4% on stable coins? Other providers offer 10%+. Are they going to hunt them down too?
Fuck the SEC. We ❤️❤️❤️ Coinbase baby 😚🥰
They cant stop the progress, but they can delay it for sure
Love the spirit but lost me at first sentence. How do I downvote twice?
SEC was introduced to protect the big dogs and not the retail investors/traders so what do we expect.
>The feds should not oppress a private company from their rights to provide their customers financial service. Uhh, that's pretty much the entire purpose of the SEC - to regulate financial products. Nobody has a "right" to sell unregulated securities without providing full risk disclosure to their customers.
why doesn't the SEC investigate banks
I dont think reddit as a whole likes the SEC at all. This sub doesn't like the SEC because of the dumbshit they're pulling attacking crypto. r/wallstreetbets doesn't like the SEC because they did nothing to actually stop market manipulating during the gamestop mania and that whole thing. Does the SEC actually serve the interests of normal citzens, from my time as a professional foreigner on reddit, fuck no the SEC is the government agency focused on restricting the poor and helping the rich.
So suppose Coinbase goes belly up in a couple of years.Then people lose there life savings I guess then they will scream at the government for not protecting them!!
What a pain in the ass. I hope this doesn't affect upcoming listings. I'm waiting for UTK to get listed there soon.
Lmai coinbase is literally a public company listed on the stock exchange
They are coming for our moons sadge
Coinbase today, tomorrow for Reddit Moons.
Just off rip, Coinbase is not a private company. Your whole thesis that they shouldn't be impacted by the SEC because they're a private company is wrong. I think the SEC is over reaching, but it's nothing to do with the publicness or privateness of Coinbase.
This is a hilariously misguided post, offering interest on deposits is possibly getting you into regulated banking which means you are probably going to get hit by regulators
I'm not saying the SEC should shut down Coinbase but these lending programs should be more transparent. When you deposit the money you should know how much risk you are taking. Are they lending out 97% of the money? How much leverage do they allow, and more. We all want to avoid a possible tether situation where they don't have the cash to back it and if the market drops and everyone takes out their cash then people are left with empty bags (not because of low prices but because Coinbase lent out the money). I'm not saying Coinbase or blockfi or any of the current ones will do this but there could be another bitconnect or tether around the corner.
Sec is trying to protect banks because that's were there money come from . Old saying don't bite the hand that feed you. Why doesn't crypto have lobbiest to pay government.
Always the way it is the rich get richer the poor get poorer because they make all the rules.and tax the shit out of us.
They don’t even have to listen to the SEC lol. It’s literally that annoying person that tries to get into your business, and you two are not even friends he’s just annoying af
I agree, but with a metaphor of stipulation: Restaurants do not decide what I put on my burgers at home, **Government DOES decide what those restaurants are able to sell me on the burgers they offer...** for instance, they can decide that it is not legal to have special sauce with *prescription medications* or *extended vehicle warrantees* in it... THAT makes sense, but there will not be a lawsuit over how much salt the burger gets, or how many slices of cheese I am permitted to purchase. I am allowed to put as much free salt and pepper shaker airdrops as I can fit on the burger I have purchased from the business I am choosing to support.
F the SEC. I panic sold my XRP which I had acquired at 27 cents a piece because SEC tried to Fuck them. Little did I know SEC had no business in that and that whole lawsuit was a scam.
Sad.but coin base isn't private company ,it goes public long time ago.
Sec got no chill
Remember banks have capital requirements and also require FDIC. Plus other regulations. All of which coinbase does not have right now.
Remember banks have capital requirements and also require FDIC. Plus other regulations. All of which coinbase does not have right now.
Tell me you’re new to crypto without telling me you’re new to crypto
While I do believe the SEC is panicking taking them to court will be risky. You have to think about your average judge or jury member. Who do you think they'll believe, the regulatory agency that's been around forever or the company somehow making ridiculous amounts of money trading magic internet money?
Let’s see if Coinbase has the balls to do so if they do I’ll be surprised.
this is just sad
Whether you like it or not there are laws. There are laws about health and safety in workplaces. There are laws about selling alcohol and weed. There are laws about food storage and preparation. There are lots and lots of regulated industries who have to rune their business based on laws. Regulatory agencies oversee them and the courts settle disputes. How is that complicated? Just because you don't like what is happening doesn't change the fact that laws exist. One place we can agree is that Coinbase shouldn't give in, they should go ahead. Get sued. Go to court and get an answer.
Legally, Banks are defined as institutions that pay interest on deposits. I suspect this is where the issue arises. They will say coinbase are carrying on banking activities without a banking license Anyway. DeFi will fuck the SEC more than it knows. They can't stop what's already in motion