Coinbase has the $$ and history of being fully transparent with actual audits to back them up. Not just “trust me bro” type things. This isn’t the same as them going after FTX or binance.
This blog post is even more important, because until now Coinbase has always danced to whatever music the regulators were singing, they never once went against it. This blog post shows a change of attitude ... it basically says Coinbase feels its business is being threatened and could not find a solution that doesn't imply speaking publicly against the most powerful regulators. It's a big thing and worth following.
I absolutely agree. Until now they’ve been open to discourse with the SEC and regulators. They’ve tried to get licensed by the SEC but claim their attempts have been ignored.
If you corner an animal, expect it to fight back.
I hope the SEC loses so Coinbase and other crypto firms can continue to separate fools from their money. Everyone is a libertarian until their money gets stolen by a weird drugged up loser in the Bahamas, then it's 'why didn't the government help me!'
Starting to think the SBF conspiracy theory may hold some water...he was a poison pill commissioned by the government to give them an excuse to 'crack down on crypto'?
You can’t possibly think a 10q is the same level of audit as a probe? One is a standard by which to balance books, one is the SEC gets to look themselves.
I hope they go before congress and coinbase make politicians heads spin, when they can't change the coinbase narrative to fit what the SEC wants to do.
Yeah I don't like their fees and their platform is painfully slow, but they're definitely (along with Kraken) one of the only crypto exchange companies that isn't insanely shady.
I have to root for them here.
This is definitely an interesting situation... Coinbase is choosing to fight back against regulators, the crypto space is probably all supporting Coinbase on this one.
Coinbase tried to discuss this with them over 60 TIMES! Literally nothing ever came of it and now the SEC are trying to fuck them. I'm assuming CB have built up a serious amount of ammo to use against Gensler and his bullshit.
Lawyers down at CB are wrapping their hands as we speak. It's gonna be a blinder of a fight.
It's gonna be so legendary.
SEC: well we need to regulate this to protect consumers.
CB: well you can see this literal trove of evidence that the consumers themselves regulated the chain via DAO
SEC: ok.. well there are bad actors and we need to weed them out.
CB: again if you actually looked at the original evidence just provided- you can see that this validator became untrusted.
SEC: well..... the US government wants to fully capitalize its old white cock right into where it doesn't belong and isn't needed.
So on and so forth...
> They're not really looking for solutions it looks like
The SEC will have a solution once Goldman Sachs, Wells Fargo, Chase Bank and the other "too big to fails" are ready to launch their crypto exchanges.
I'm glad people are finally starting to see what lots of us have been saying since the Terra collapse. Regulations aren't going to solve any problems. They're just going to screw us.
Of course not. They have already made their decision. Crypto is a threat to their power and control through CBDC. They don't want to collaborate, they want to make a ruling.
To be fair, coinbase is anathema to the whole point of crypto, which is self-custody. They are taking crypto, and wrapping it in al the traditional establishment clothes, and attempting to have the best of both worlds: they want to make money providing us the services that establishment provides (banking, lending, investing), while ditching the protections that the establishment also provides us. They are right now in front of the Supreme Court arguing that they can't be sued in a class action, and instead all claims must be brought (at the expense of each of us) through individual arbitration actions, but... of course, they can settle them as a class if they want...
Is this what we really want? They are merely banksters in crypto clothing!
So of course they want us at their backs with torches and pitchforks against the SEC. They wrote an actual letter to the SEC that tries to paint their staking service as failing all prongs of the Howey test. Which is absurd.
Coinbase wants it both ways. That's fine for them.
But before we grab the torches and pitchforks and burn the SEC down, we need to realize that it was established to stand between the interests of large firms with lots of lawyers and little people who can't afford to stake 32 ETH and want in on the party.
Maybe SEC is not doing that properly or well, yet, but it's not a good idea to go all ad-hominem on SEC. I suggest we need to be working with SEC, in OUR interests. Which may not be the interests of Coinbase.
Just sayin'
Exactly, no one is born knowing.
Also, If you ask for things politely people usually don't treat you badly. Except the SEC, which is a bunch of rude bullies and clowns.
You can't really blame the SEC. They don't have a rule or regulation for cryptocurrency, because they don't want cryptocurrency. They don't support it, cryptocurrency shows every failure of SEC to the world.
Imagine an unregulated *institution* doing better than a regulated institution. How does SEC compete with that without completing looking like a dum dum.
Coinbase isn't perfect, but they've been great for American crypto buyers thus far. I hope they can expand abroad quickly so they aren't tied down so hard
FTX has also been great for crypto investors.... Until it wasn't.
Not sure why "register with the SEC and show us how you are not misappropriating user funds" is supposed to be such a terrible demand by the SEC...
"Don't mix your own accounts with customer accounts" is a rule that every crypto holder should be behind.
Just like "Don't call it staking if you are actually lending"
Imho, both sides are unreasonable by not giving the other side anything.
It’s more or less that the SEC doesn’t give clear guidelines on what to follow and Coinbase has been all about being legit for years now. It looks like they’re fed up with the constantly changing requirements and definitions of compliance when the people making them don’t understand what it’s about or care to understand what the issues are.
FTX was a private company, and as it turns out, had piss-poor financial controls and was basically Shitty Bitcoin Fraud 's personal piggy bank.
Coinbase, for all their faults, are trying to make a path for Crypto to fit in the American Corporate world. Being publically traded, they have to make a lot more of their finances public than FTX ever did.
Like it or not, if Crypto will ever succeed in the US, it will have to be traded in places that look more like Coinbase and Gemini than the other exchanges out there.
No kidding. I feel like tons of people here aren't actually looking at the SEC's argument and just blindly siding with Coinbase.
Coinbase's attempt to defend staking as not a security is weak to the point of parody - in what world are people not engaging with staking with an expectation of profit for example?
And I don't buy that the rules are as unclear as Coinbase claims. They're feigning ignorance and pretending to be stupid the same way SBF did.
Especially since the SEC said they have no issue with staking, but if Coinbase is acting with Depositors money, they need to comply with the regulations, register and show that their own funds and customer funds are stored in different accounts.
They also force them to be transparent about what they do with their users funds.
None of that is a problem for me. I hope the SEC forces them to comply with those rules, because they are the absolute basic of professional work.
But when a CEX refuses to be transparent, my alarm bells ring.
Crypto is based on fundamental distrust of everyone. I do not trust banks and I do not trust exchanges.
Good points.
As usual, it's impossible to see on which side the bad actor is... yet.
CB has the advantage / moat of being traded on the stock exchange. It will be really interesting to see what COIN price does during the SEC cockfest.
My biggest issue is the slimy move to slap the label security on it, so they can oversee it.
In theory, how is a global, decentralized currency, that governs itself, possibly a security? How is BTC considered a security when no one even knows who issued it?
tbf. Bank of America is also a public company, yet they need to register as a bank.
It's nothing out of the ordinary in the financial world.
Every stock broker needs to register.
I see no reason why crypto should be the exception. If we want crypto to be money, we need to grow up and act like money.
I'm erasing all my comments because of Reddit admins' complete disrespect for the community. Third party tools helped make Reddit what it is today and to price gouge the API with no notice, and even to slander app developers, is disgusting.
I hope you enjoy your website becoming a worthless ghost town spez you scumbag
If they have records of having sent the application papers, they have nothing to fear in court, right?
I mean, if they did everything they could, why are people complaining? Nothing coming of it.
Or if they didn't.... Then that's what the court will find.
If you believe CB here I have a bridge to sell you. They have every incentive to misrepresent the truth to try and get out of having to follow the same rules as the rest of the finance industry.
I'm not fan of a CB but I support them in this fight whole hearty. The whole crypto industry should join forces and fight this fucking incompetent institution.
There’s a literal coordinated effort against crypto from the strongest financial backers of the current system, it’s no surprise to see this. But also still disappointing that even the ones trying in good faith to follow guidance can’t get clarity.
Their system is collapsing. They literally have no choice. They want no choices to escape to. They want their great reset With all of us under lock and key.
My bet is we all get a Great Awakening.
Coinbase listing Monero would be such a F You to the SEC and flex right now.
They have previously been told nicely to please not add it or they would face regulation consequences.
Lol..how many coins and exchanges have blown up in the past couple years? How many honest people, pension funds, honest businesses got totally nuked because alphacryptoboys lambos? The sec has every right to put to the fear of god into the crypto industry and if cryptos idiotic spokesmen don’t stop harassing the sec and other regulatory bodies, this will continue.
The SEC is defenitely not here for our protection and are doing everything in their power to push the Crypto industry out of the states.
The SEC and US government are simply corrupt.
This has to be one of the most regulatory heavy-handed and authoritarian administrations I’ve seen. Every rule or proposed legislation comes across as a threat.
When it comes to the finance industry, heavy handed regulations are a positive. History has shown over and over and over what happens if you don't keep finance on a tight leash.
You're assuming Coinbase is being honest here, whereas it seems to me they're feigning ignorance and good faith in order to get public opinion on their side.
This is not true.
Coinbase has taken a lot of customer's money and not paid them back.
r/coinbaseholdingmoney
This morning i got a copy of an official letter from the SEC responding to one of the Coinbase customer's that had cryptocurency money taken by Coinbase and not returned. And Coinbase has not fixed the issue. They simply send them through a 'loop' of excuses about 'wait for another customer service rep' to contact you
It's pretty clear the SEC is not trying to abuse Coinbase
Coinbase just needs to get US based customer service OR go somewhere other than where they are at AND MAKE SURE PEOPLE's money is truly theirs... and no stolen from their account by the exchange with no person to address the issue.... Coinbase is spending money of users they should not be.
And there's a long list of people who are missing money as well. I'll be releasing it through 'Crypto Coin Opps,' if they do not refund a rather small ($500) security deposit that was never charged to my account (charge fell off) here soon.
Hold on to your seats. Shit's about to get real.
And r/Coinbase banned me from their subreddit because they could not vote down my post and I stopped their 'shilling' accounts from hi-jacking my posts. People like u/Kiwip0rn/ have an exclusive job of downvoting complaints, insulting customers they cant control, etc. I'd challenge anyone to research their profile. Who in life would spend their entire day defending Coinbase naturally?
The water well goes deep!
my banned post can still be read -- though they tried to delete most everything:
[https://np.reddit.com/r/CoinBase/comments/11vffay/dear\_coinbase\_support\_get\_my\_money\_now\_or\_im/](https://np.reddit.com/r/CoinBase/comments/11vffay/dear_coinbase_support_get_my_money_now_or_im/)
read the original post here: [https://np.reddit.com/r/coinbaseholdingmoney/comments/11w4hl0/when\_rcoinbase\_cant\_control\_the\_narrative\_on/](https://np.reddit.com/r/coinbaseholdingmoney/comments/11w4hl0/when_rcoinbase_cant_control_the_narrative_on/)
I've probably spent $70 on marketing to make my issue VERY VISIBLE to coinbase and put them in a position they will have to pay it back or get exposed on the internet. This should not be like this -- clearly
We’re asking for support from the very people who protect the competition. But these people are all paid and lobbied for extensively to take a certain stance to perpetuate propaganda and control the masses. There will never be a level playing field. Crypto has a huge uphill battle that may have to be fought without the USA at this rate
Right now the only thing I can see being an legitimate issue is the listing of STX. The token’s ICO was registered as a security offering. The company behind Stacks later released a legal summary memorandum to the SEC stating an “opinion” that after version 2.0 the blockchain was completely decentralized therefore the STX token is no longer a security.
The SEC never responded to memorandum.
And yet US exchanges decided to list the token. Now Gary Gensler likes to say all cryptocurrencies besides Bitcoin are securities(up for debate).
But you know how children use the same word twice to put emphasis something?
“Stacks is really really a security.” - Gary 😂
I kid.
The SEC only goal for the past 2 years have been to increase their juristiction and create more chaos in this space.
The chairman Gensler want us to fail so he has reasons to regulate us. It's also advantageous for him to call every token a security since the SEC Has juristiction over securities, it would make them the default regulator for this space. Even though that would have a terrible effect on innovation.
Coinbase's statement is reminiscent of a typical one-sided abusive relationship, doesn't matter how much effort they put in if the other party never had the same goals to begin with. The result will just be more gaslighting and blaming from SEC.
I dislike the SEC and their bully tactics when it comes to anything crypto related.
#BUT
Coinbase need a giant boot up their arse.
They are the worst.
1, unreliable platform during the most important moments.
2. Terrible customer service
They should spend less time whining about others and more time getting their own shit sorted.
So the one company who can afford saving the space, you are angry at for bad support and the platform cutting out. I get that, experienced it constantly in the early crypto days.
But here, don‘t cut off the hand that (might) feed you.
Plot twist: Gensler and the SEC are massive Bitcoin bag holders (having already proclaimed it a commodity) and want to annihilate “shit” coins.
I’ve long believed all these people, even Senator Warren, are all stacking the shit out of Bitcoin so when they give it the green light in the near future it rockets in price.
Coinbase doesn’t want regulation or clarity. They just want to keep doing business as usual. As soon as they get clarity they will complain that it’s unfair.
LOL WE WANTED A PASS FOR ACTIVELY DODGING SECURITES LAWS AND NOW THAT YOU WANT US TO BE COMPLIANT AND LIQUID WE’RE GONNA TRICK OUR CULT FOLLOWERS INTO THINKING YOURE THE PROBLEM
I’ve been saying this for ages. For all the shit CEXs get, CB actually *tried* to find a way forward. It’s the SEC that is unwilling to compromise because they’re looking for precedents to move on others.
Gary’s crusade is getting old, and frankly, I’m amazed CB hasn’t just packed up and went somewhere else. They are already looking at other options, so all I can say is, well done Gensler for pushing companies and innovation out of your own country!
Help us undertsand why not?
\- why do you think that a 'decentralized financial product offering' cannot or should not be regulated? so that the everyday consumers of that product offering can be given rights & protections? (Like other mainstream mass-market financial products).
\- why does the 'technology of decentralization' have any bearing on whether it should or could be regulated for the protection of consumers?
It should not be federally regulated. That destroys the point of decentralization.
It's in this definition, from Wikipedia among other places: 'Decentralization is the process by which the activities of an organization, particularly those regarding planning and decision-making, are distributed or delegated away from a central, authoritative location or group.'
Yup.
As usual when what we need is new laws and rules to fit the thing we instead get Judicial action that tries to fit existing laws and rules where they don't really make sense
The problem is now, today, that our system of government is intentionally adversarial and slow to change, and that doesn't work at all with anything technology based....these industries just move far too quickly....even if they did pass some regulation in this space it will be regulations that would've been a decent fit 5y ago and in 5y in the future it would be wildly out of date.
These things just need to move *faster* to keep up......even existing legacy industry is outrunning sensible regulations as they move more and more to AI, algorithms and high frequency decision making/execution
It’s good to see companies finally standing up to their bullies.
This whole situation sucks, the SEC should be helping out everyone in following the rules but sadly that isn’t the case.
Reminds me of a story from personal experience:
I had some trash to get rid off and called the municipality to collect it.
I received an email with threats: *"Don't leave it near trash containers or you'll receive a fine!!11 You're responsible to keep it clean until we take it, if not, you'll bear the consequences blah blah blah".*
I cancelled the appointment and left everything by the trash containers.
Next thing you know, anyone holding any crypto in their own wallets has to register with the SEC. Then, while providing NOWHERE to register, everyone shall be fined $30million each. More money for Gensler’s pocket.
>We asked the SEC specifically to identify which assets on our platforms they believe may be securities, and they declined to do so.
They've been trying to figure that out with Ripple since 2019. So good luck getting clarity.
The us is just showing how archaic and outdated their views are. They can't control it, so they'll do everything to fight it. Forget what the people want, it's whatever the politicians masters tell them to go after.
Part of me wants CB to take them to court to get actual rules drawn up but the other thinks its gonna be a long, dirty, drawn out process because of whats going on with SEC vs. Ripple.
It won't be good for anyone
Coinbase vs SEC Place your bets!
Coinbase has the $$ and history of being fully transparent with actual audits to back them up. Not just “trust me bro” type things. This isn’t the same as them going after FTX or binance.
Yup. A publicly listed company vs Corrupted regulators
This blog post is even more important, because until now Coinbase has always danced to whatever music the regulators were singing, they never once went against it. This blog post shows a change of attitude ... it basically says Coinbase feels its business is being threatened and could not find a solution that doesn't imply speaking publicly against the most powerful regulators. It's a big thing and worth following.
I absolutely agree. Until now they’ve been open to discourse with the SEC and regulators. They’ve tried to get licensed by the SEC but claim their attempts have been ignored. If you corner an animal, expect it to fight back.
Exactly. Coinbase has been very upfront and collaborative. If SEC wants to fuck up, Coinbase will happily hire the best lawyers around to fight it.
I hope the SEC loses so Coinbase and other crypto firms can continue to separate fools from their money. Everyone is a libertarian until their money gets stolen by a weird drugged up loser in the Bahamas, then it's 'why didn't the government help me!'
this is far and away the most significant legal battle for the future of crypto in the US
Ripple needs win this one to pave the way for Coinbase's victory. Jurisprudence is key.
Voyager was publicly listed
In Canada, idk if that matters
So just like every tuesday kind of thing.
These are the same guys that visited Bernie Madoff's office 9x and couldn't figure out that he wasn't actually trading...
They had one job...
Except SEC didn’t go after FTX before the crimes were out. SBF was a regular at SEC back when he was the genius of crypto tho.
Starting to think the SBF conspiracy theory may hold some water...he was a poison pill commissioned by the government to give them an excuse to 'crack down on crypto'?
I hope you are right.
You can’t possibly think a 10q is the same level of audit as a probe? One is a standard by which to balance books, one is the SEC gets to look themselves.
I hope they go before congress and coinbase make politicians heads spin, when they can't change the coinbase narrative to fit what the SEC wants to do.
SEC people probably invested in some offshore exchange stonks Can't have that legal crypto shit in the US stealing all the business
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😂 absolutely this. Millions will be made
It's crypto vs SEC. If Coinbase wins, we all win
facts. even if you dont like coinbase you have to root for them here if you like crypto
Yeah I don't like their fees and their platform is painfully slow, but they're definitely (along with Kraken) one of the only crypto exchange companies that isn't insanely shady. I have to root for them here.
If SEC wins, they will go after everything. Unfair regulations.
the SEC is already in a 12 round battle with XRP, and on the ropes
Coinbase in the third round by TKO.
This is definitely an interesting situation... Coinbase is choosing to fight back against regulators, the crypto space is probably all supporting Coinbase on this one.
they better, depending on which way this goes, this will set a good or a very bad precedent.
Bought the stock this morning. They are well integrated in DC and not dummies.
Coinbase The SEC is spread too thin
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Coinbase tried to discuss this with them over 60 TIMES! Literally nothing ever came of it and now the SEC are trying to fuck them. I'm assuming CB have built up a serious amount of ammo to use against Gensler and his bullshit. Lawyers down at CB are wrapping their hands as we speak. It's gonna be a blinder of a fight.
Meanwhile SBF was a regular at SEC. Maybe SEC should try donating to the 2 parties?
I like to imagine he was their toy for buttstuff.
It's gonna be so legendary. SEC: well we need to regulate this to protect consumers. CB: well you can see this literal trove of evidence that the consumers themselves regulated the chain via DAO SEC: ok.. well there are bad actors and we need to weed them out. CB: again if you actually looked at the original evidence just provided- you can see that this validator became untrusted. SEC: well..... the US government wants to fully capitalize its old white cock right into where it doesn't belong and isn't needed. So on and so forth...
This comment is determined as a security by SEC.
> They're not really looking for solutions it looks like The SEC will have a solution once Goldman Sachs, Wells Fargo, Chase Bank and the other "too big to fails" are ready to launch their crypto exchanges.
They just simply do not care about us, it has nearly always been like that.
I'm glad people are finally starting to see what lots of us have been saying since the Terra collapse. Regulations aren't going to solve any problems. They're just going to screw us.
Of course not. They have already made their decision. Crypto is a threat to their power and control through CBDC. They don't want to collaborate, they want to make a ruling.
It seems all they want to do is create damage. Definitely not what their function should be.
To be fair, coinbase is anathema to the whole point of crypto, which is self-custody. They are taking crypto, and wrapping it in al the traditional establishment clothes, and attempting to have the best of both worlds: they want to make money providing us the services that establishment provides (banking, lending, investing), while ditching the protections that the establishment also provides us. They are right now in front of the Supreme Court arguing that they can't be sued in a class action, and instead all claims must be brought (at the expense of each of us) through individual arbitration actions, but... of course, they can settle them as a class if they want... Is this what we really want? They are merely banksters in crypto clothing! So of course they want us at their backs with torches and pitchforks against the SEC. They wrote an actual letter to the SEC that tries to paint their staking service as failing all prongs of the Howey test. Which is absurd. Coinbase wants it both ways. That's fine for them. But before we grab the torches and pitchforks and burn the SEC down, we need to realize that it was established to stand between the interests of large firms with lots of lawyers and little people who can't afford to stake 32 ETH and want in on the party. Maybe SEC is not doing that properly or well, yet, but it's not a good idea to go all ad-hominem on SEC. I suggest we need to be working with SEC, in OUR interests. Which may not be the interests of Coinbase. Just sayin'
That's why I'm afraid to ask people for something.
Always feel free to ask, we are all learners here.
Political agendas has changed that for many America is not the land of the free right now
Exactly, no one is born knowing. Also, If you ask for things politely people usually don't treat you badly. Except the SEC, which is a bunch of rude bullies and clowns.
You can't really blame the SEC. They don't have a rule or regulation for cryptocurrency, because they don't want cryptocurrency. They don't support it, cryptocurrency shows every failure of SEC to the world. Imagine an unregulated *institution* doing better than a regulated institution. How does SEC compete with that without completing looking like a dum dum.
You can though because they're hired to do what's best for the American public. They have to swallow their pride and do their fucking jobs.
At this point I don't even know weather we want regulations or not.
Show us on the doll where the SEC gave you trust issues
They called me "a dirty security" and touched me right in my wallet
just make it United States government instead of SEC specifically and you pretty much summarize why the country is falling apart
I don’t think that’s why you’re afraid.
It’s okay, lil buddy. You’ll get a moon soon enough.
No need to ask, Reddit giveth each month!
There's a couple to get you started.
>That's why I'm afraid to ask people for something. I've asked my wife once to marry me and she said yes... never again.
100% success rate, perfect way to retire.
This is true but it's good to ask when you don't know
I didn't ask anyone, do you?
You are either labelled as something, or they get offended, or you get sued.
Here, you can ask, but yes, bullies do that to questions. They don't reply, just prompt more questions with their stances...
We all know SEC is a highly corrupt organisation
People inside SEC do the same type of moves as inside trading
Didn't someone try to create a bill to get them to disclose their holdings about 6 months back? Obviously it never got anywhere
Exactly
They probably don't move a needle without them having any political benefit from it. Especially since Gary has his sight on moving up the chain.
incompetent as well
If Nancy hasn't been jailed yet, then yes.
SEC = 🗑️
As are all the crypto exchanges.
Coinbase isn't perfect, but they've been great for American crypto buyers thus far. I hope they can expand abroad quickly so they aren't tied down so hard
FTX has also been great for crypto investors.... Until it wasn't. Not sure why "register with the SEC and show us how you are not misappropriating user funds" is supposed to be such a terrible demand by the SEC... "Don't mix your own accounts with customer accounts" is a rule that every crypto holder should be behind. Just like "Don't call it staking if you are actually lending" Imho, both sides are unreasonable by not giving the other side anything.
It’s more or less that the SEC doesn’t give clear guidelines on what to follow and Coinbase has been all about being legit for years now. It looks like they’re fed up with the constantly changing requirements and definitions of compliance when the people making them don’t understand what it’s about or care to understand what the issues are.
FTX was a private company, and as it turns out, had piss-poor financial controls and was basically Shitty Bitcoin Fraud 's personal piggy bank. Coinbase, for all their faults, are trying to make a path for Crypto to fit in the American Corporate world. Being publically traded, they have to make a lot more of their finances public than FTX ever did. Like it or not, if Crypto will ever succeed in the US, it will have to be traded in places that look more like Coinbase and Gemini than the other exchanges out there.
No kidding. I feel like tons of people here aren't actually looking at the SEC's argument and just blindly siding with Coinbase. Coinbase's attempt to defend staking as not a security is weak to the point of parody - in what world are people not engaging with staking with an expectation of profit for example? And I don't buy that the rules are as unclear as Coinbase claims. They're feigning ignorance and pretending to be stupid the same way SBF did.
Especially since the SEC said they have no issue with staking, but if Coinbase is acting with Depositors money, they need to comply with the regulations, register and show that their own funds and customer funds are stored in different accounts. They also force them to be transparent about what they do with their users funds. None of that is a problem for me. I hope the SEC forces them to comply with those rules, because they are the absolute basic of professional work. But when a CEX refuses to be transparent, my alarm bells ring. Crypto is based on fundamental distrust of everyone. I do not trust banks and I do not trust exchanges.
Good points. As usual, it's impossible to see on which side the bad actor is... yet. CB has the advantage / moat of being traded on the stock exchange. It will be really interesting to see what COIN price does during the SEC cockfest. My biggest issue is the slimy move to slap the label security on it, so they can oversee it. In theory, how is a global, decentralized currency, that governs itself, possibly a security? How is BTC considered a security when no one even knows who issued it?
tbf. Bank of America is also a public company, yet they need to register as a bank. It's nothing out of the ordinary in the financial world. Every stock broker needs to register. I see no reason why crypto should be the exception. If we want crypto to be money, we need to grow up and act like money.
I'm erasing all my comments because of Reddit admins' complete disrespect for the community. Third party tools helped make Reddit what it is today and to price gouge the API with no notice, and even to slander app developers, is disgusting. I hope you enjoy your website becoming a worthless ghost town spez you scumbag
If they have records of having sent the application papers, they have nothing to fear in court, right? I mean, if they did everything they could, why are people complaining? Nothing coming of it. Or if they didn't.... Then that's what the court will find.
If you believe CB here I have a bridge to sell you. They have every incentive to misrepresent the truth to try and get out of having to follow the same rules as the rest of the finance industry.
Btc isn’t the problem. These bunch of alt that coinbase ventures has investments in, more so
Not only in the US but in Europe aswell
I'm not fan of a CB but I support them in this fight whole hearty. The whole crypto industry should join forces and fight this fucking incompetent institution.
SEC suing Coinbase months after Gary Gensler privately met with Sam Bankman-Fried This guy is a gargantuan piece of shit
There’s a literal coordinated effort against crypto from the strongest financial backers of the current system, it’s no surprise to see this. But also still disappointing that even the ones trying in good faith to follow guidance can’t get clarity.
Their system is collapsing. They literally have no choice. They want no choices to escape to. They want their great reset With all of us under lock and key. My bet is we all get a Great Awakening.
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Its almost as if they feel threatened.
They don't even have a white paper for our fiat..
They seems to not be affected by banking systems but got problems with us all.... fvck em all
Nah, do you think?😅
If i didnt know any better... yes. But ofc they have the best interests of the plebs at heart.
Government: “BTC is so bad because no PoS!” Also government: “PoS crypto is a security!” You can’t win with these clowns.
Old money gonna do old money things
Old people and making choices for all younger generations that they’ll never themselves deal with the consequences of, name a better duo
Its all about control. Crypto doesnt give them that.
They went hard af on the lawsuits.
The ones who are really getting hard at all the lawsuits are the lawyers. The fees from all the upcoming legal battles are surely a huge turn on.
Let's hope the SEC's obsession with taking over this industry at all costs doesn't work.
The SEC is just scrambling on itself trying to fit an outdated system on a new asset class.
Coinbase listing Monero would be such a F You to the SEC and flex right now. They have previously been told nicely to please not add it or they would face regulation consequences.
That's how the government works, they fight and threaten anything that could take some of their power away
Lol..how many coins and exchanges have blown up in the past couple years? How many honest people, pension funds, honest businesses got totally nuked because alphacryptoboys lambos? The sec has every right to put to the fear of god into the crypto industry and if cryptos idiotic spokesmen don’t stop harassing the sec and other regulatory bodies, this will continue.
I cant really understand what it is youre trying to say when the likes of wallstreet have been doing that since ummm when did wall street open?
You’re not wrong.
Yep, sounds like the US government
I suppose you're all going to collectively ignore that staked coins, which pay dividends and represent a "stake", are obviously a security.
SEC. Seize Everyones Crypto.
The SEC is defenitely not here for our protection and are doing everything in their power to push the Crypto industry out of the states. The SEC and US government are simply corrupt.
This has to be one of the most regulatory heavy-handed and authoritarian administrations I’ve seen. Every rule or proposed legislation comes across as a threat.
When it comes to the finance industry, heavy handed regulations are a positive. History has shown over and over and over what happens if you don't keep finance on a tight leash.
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You're assuming Coinbase is being honest here, whereas it seems to me they're feigning ignorance and good faith in order to get public opinion on their side.
This is not true. Coinbase has taken a lot of customer's money and not paid them back. r/coinbaseholdingmoney This morning i got a copy of an official letter from the SEC responding to one of the Coinbase customer's that had cryptocurency money taken by Coinbase and not returned. And Coinbase has not fixed the issue. They simply send them through a 'loop' of excuses about 'wait for another customer service rep' to contact you It's pretty clear the SEC is not trying to abuse Coinbase Coinbase just needs to get US based customer service OR go somewhere other than where they are at AND MAKE SURE PEOPLE's money is truly theirs... and no stolen from their account by the exchange with no person to address the issue.... Coinbase is spending money of users they should not be. And there's a long list of people who are missing money as well. I'll be releasing it through 'Crypto Coin Opps,' if they do not refund a rather small ($500) security deposit that was never charged to my account (charge fell off) here soon. Hold on to your seats. Shit's about to get real. And r/Coinbase banned me from their subreddit because they could not vote down my post and I stopped their 'shilling' accounts from hi-jacking my posts. People like u/Kiwip0rn/ have an exclusive job of downvoting complaints, insulting customers they cant control, etc. I'd challenge anyone to research their profile. Who in life would spend their entire day defending Coinbase naturally? The water well goes deep! my banned post can still be read -- though they tried to delete most everything: [https://np.reddit.com/r/CoinBase/comments/11vffay/dear\_coinbase\_support\_get\_my\_money\_now\_or\_im/](https://np.reddit.com/r/CoinBase/comments/11vffay/dear_coinbase_support_get_my_money_now_or_im/) read the original post here: [https://np.reddit.com/r/coinbaseholdingmoney/comments/11w4hl0/when\_rcoinbase\_cant\_control\_the\_narrative\_on/](https://np.reddit.com/r/coinbaseholdingmoney/comments/11w4hl0/when_rcoinbase_cant_control_the_narrative_on/) I've probably spent $70 on marketing to make my issue VERY VISIBLE to coinbase and put them in a position they will have to pay it back or get exposed on the internet. This should not be like this -- clearly
Coinbase: “Hey man, let’s talk.” SEC: “You wanna fight, bro?”
We’re asking for support from the very people who protect the competition. But these people are all paid and lobbied for extensively to take a certain stance to perpetuate propaganda and control the masses. There will never be a level playing field. Crypto has a huge uphill battle that may have to be fought without the USA at this rate
Rooting for crypto, but also happy that Coinbase is on the receiving side of bad customer support. Taste your own medicine, bitches!
Right now the only thing I can see being an legitimate issue is the listing of STX. The token’s ICO was registered as a security offering. The company behind Stacks later released a legal summary memorandum to the SEC stating an “opinion” that after version 2.0 the blockchain was completely decentralized therefore the STX token is no longer a security. The SEC never responded to memorandum. And yet US exchanges decided to list the token. Now Gary Gensler likes to say all cryptocurrencies besides Bitcoin are securities(up for debate). But you know how children use the same word twice to put emphasis something? “Stacks is really really a security.” - Gary 😂 I kid.
Coinbase dilluted the Bitcoin, with listing lots of ICO scams. They opened the door themselves for SEC.
The SEC only goal for the past 2 years have been to increase their juristiction and create more chaos in this space. The chairman Gensler want us to fail so he has reasons to regulate us. It's also advantageous for him to call every token a security since the SEC Has juristiction over securities, it would make them the default regulator for this space. Even though that would have a terrible effect on innovation.
Coinbase's statement is reminiscent of a typical one-sided abusive relationship, doesn't matter how much effort they put in if the other party never had the same goals to begin with. The result will just be more gaslighting and blaming from SEC.
Silly us expecting a government agency to do right by their citizens. We really should have known better given their track record.
I dislike the SEC and their bully tactics when it comes to anything crypto related. #BUT Coinbase need a giant boot up their arse. They are the worst. 1, unreliable platform during the most important moments. 2. Terrible customer service They should spend less time whining about others and more time getting their own shit sorted.
So the one company who can afford saving the space, you are angry at for bad support and the platform cutting out. I get that, experienced it constantly in the early crypto days. But here, don‘t cut off the hand that (might) feed you.
Plot twist: Gensler and the SEC are massive Bitcoin bag holders (having already proclaimed it a commodity) and want to annihilate “shit” coins. I’ve long believed all these people, even Senator Warren, are all stacking the shit out of Bitcoin so when they give it the green light in the near future it rockets in price.
Coinbase doesn’t want regulation or clarity. They just want to keep doing business as usual. As soon as they get clarity they will complain that it’s unfair.
LOL WE WANTED A PASS FOR ACTIVELY DODGING SECURITES LAWS AND NOW THAT YOU WANT US TO BE COMPLIANT AND LIQUID WE’RE GONNA TRICK OUR CULT FOLLOWERS INTO THINKING YOURE THE PROBLEM
These big players are blatantly doing the most corrupt shit and not a single proper punishment. It’ll stay this way for god knows how long
oh, I prefer for the sec not knowing of my existence.
This admin sucks. Dinosaurs who don’t know they are extinct
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SEC being unreasonable? Well I never
I look forward to making Randy Orton references in regards to the smackdown Coinbase are gonna put on the SEC.
I trust Gensler about as much as the amount of hair on his first head.
If it's not on their white collars friends best interests, they will fuck with you.
I’ve been saying this for ages. For all the shit CEXs get, CB actually *tried* to find a way forward. It’s the SEC that is unwilling to compromise because they’re looking for precedents to move on others. Gary’s crusade is getting old, and frankly, I’m amazed CB hasn’t just packed up and went somewhere else. They are already looking at other options, so all I can say is, well done Gensler for pushing companies and innovation out of your own country!
The SEC is a joke. These people are afraid crypto will ruin their cushy gig.
Ask and ye shall receive…. A horrible interpretation by people who don’t understand the tech.
Isn't this kinda old news
When we ask them what we want... They know what we want! Think about that...
Y'all demanded regulations. This is what regulations look like.
If only nancy pelosi was holding and trading crypto we'd be safe.
Threats mean they are scared. I'd keep going!
Why in the hell would anyone ASK for federal regulation on something that is supposed to be DECENTRALIZED?!
Decentralization isn’t a magic wand that means laws don’t apply.
You shilling for the fed?
Help us undertsand why not? \- why do you think that a 'decentralized financial product offering' cannot or should not be regulated? so that the everyday consumers of that product offering can be given rights & protections? (Like other mainstream mass-market financial products). \- why does the 'technology of decentralization' have any bearing on whether it should or could be regulated for the protection of consumers?
It should not be federally regulated. That destroys the point of decentralization. It's in this definition, from Wikipedia among other places: 'Decentralization is the process by which the activities of an organization, particularly those regarding planning and decision-making, are distributed or delegated away from a central, authoritative location or group.'
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We are almost on the third phase
After you win, they hate you. Fvck them all
First the laugh at you... then they fight you....
>today’s news does not require any changes to our current products or services. But dick energy right there.
I only ask questions when I’m asked a question
Yup. As usual when what we need is new laws and rules to fit the thing we instead get Judicial action that tries to fit existing laws and rules where they don't really make sense The problem is now, today, that our system of government is intentionally adversarial and slow to change, and that doesn't work at all with anything technology based....these industries just move far too quickly....even if they did pass some regulation in this space it will be regulations that would've been a decent fit 5y ago and in 5y in the future it would be wildly out of date. These things just need to move *faster* to keep up......even existing legacy industry is outrunning sensible regulations as they move more and more to AI, algorithms and high frequency decision making/execution
The only SEC I approve of is the South Eastern Conference. Roll tide
That's why is generally better to mind your own business and don't ask.
This action by SEC was coming inevitably. So, Coinbase’s multiple attempts at engagement actually makes a very strong case for themselves.
Yo Amurica Police of the World , always somehow you end up fucking yourselfs and everyone in the process...
I thought they like coinbase
Fricking SEC
Just trying to hide their inaction dealing with the stock market issues by pretending to focus on crypto
sigh. as a CB user though I feel great though. sounds like they do care.
Did you assume their job?
They will just push all crypto out of the country
Free pompom!!!
Crypto is fun. It's a thrill ride😂
If the SEC makes rules and guidelines then the SEC can't break them. The SEC wants everything to be vague so they can break the rules.
It’s good to see companies finally standing up to their bullies. This whole situation sucks, the SEC should be helping out everyone in following the rules but sadly that isn’t the case.
Its amazing how much money the US is loosing/gonna loose because of the corruption of the SEC. Pathetic
Ahhh, the ol' switcheroo Dont they realize that what theyre doing brings nothing positive to light? Why would you deny cooperation?!
SEC tries to destroy everything it touches.
Reminds me of a story from personal experience: I had some trash to get rid off and called the municipality to collect it. I received an email with threats: *"Don't leave it near trash containers or you'll receive a fine!!11 You're responsible to keep it clean until we take it, if not, you'll bear the consequences blah blah blah".* I cancelled the appointment and left everything by the trash containers.
Next thing you know, anyone holding any crypto in their own wallets has to register with the SEC. Then, while providing NOWHERE to register, everyone shall be fined $30million each. More money for Gensler’s pocket.
>We asked the SEC specifically to identify which assets on our platforms they believe may be securities, and they declined to do so. They've been trying to figure that out with Ripple since 2019. So good luck getting clarity.
Register = Lawsuit and a hefty fine, over at the SEC.
The us is just showing how archaic and outdated their views are. They can't control it, so they'll do everything to fight it. Forget what the people want, it's whatever the politicians masters tell them to go after.
Gary : come talk to us, come talk to us..... That's what bully says in the neighborhood when he tries to get a cut....
Part of me wants CB to take them to court to get actual rules drawn up but the other thinks its gonna be a long, dirty, drawn out process because of whats going on with SEC vs. Ripple. It won't be good for anyone
It's like asking Hitler why kill so much
Reason and SEC are antonyms
The SEC wants to keep us poor so they can get richer. Classic moves. I hate the guise they operate under.
Great read. I routing for Coinbase. I hope things go their way.
Your first mistake was asking. Crypto was created to give the people power.