Coinbase vs SEC - page 2. | Bitcointalksearch.org

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Quote from: Abiky on April 25, 2023, 09:31:59 PM

Quote from: bbc.reporter on April 24, 2023, 10:41:06 PM

@Abiky. There was a case when the SEC sued someone but the judge made a decision that ruled against the SEC, citing that there was no clear regulatory structure to use as guidelines for the projects in the cryptospace. I have posted about it, however, it did not have the attention of the readers. I will find it and share it later.

In any case, news update. Coinbase sues the SEC heheheheheh.

Coinbase is suing the Securities and Exchange Commission.

The lawsuit follows on a petition for a rulemaking that the company filed with the SEC last summer, requesting the commission draft and approve a rule specific to digital assets. The lawsuit aims to force the agency to provide a yes or no to Coinbase's ask.

Since that request by Coinbase, the SEC has reopened custody and exchange rules to explicitly say that they apply to digital assets, but has not engaged in drafting a rule specific to digital assets.

Source https://www.theblock.co/post/228047/coinbase-sues-the-sec-for-answer-on-rule-specific-to-digital-assets

It's nice to see Coinbase step up to the game by suing the SEC. We can consider it the "Knight of Crypto/Blockchain tech" if it wins the case. This is only a battle that's just getting started. I'm glad to see there are some US politicians in favor of crypto. They're now holding SEC chairman Gary Gensler accountable for this actions.

With increasing pressure against the SEC, it's likely the crypto industry will emerge victorious in the long run. The US needs crypto now more than ever, especially when its enemies are embracing it for their own benefit. If the US rejects the revolution, it'll be left behind in the dust. Maybe someday the US will go as far as backing the US Dollar with Bitcoin? Just my thoughts Grin

When Gensler couldn't answer in the congressional hearing about ETH being security or not, Armstrong's lawyer may have seen that they have a huge chance of winning a case against SEC.

The coinbase lawsuit will likely make the government introduce the Digital Currency Monetary Authority (DCMA) to regulate crypto just as the MICA of Europe crypto regulation authority. Gensler will be out of the picture soon.

Abiky

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Quote from: bbc.reporter on April 24, 2023, 10:41:06 PM

@Abiky. There was a case when the SEC sued someone but the judge made a decision that ruled against the SEC, citing that there was no clear regulatory structure to use as guidelines for the projects in the cryptospace. I have posted about it, however, it did not have the attention of the readers. I will find it and share it later.

In any case, news update. Coinbase sues the SEC heheheheheh.

Coinbase is suing the Securities and Exchange Commission.

The lawsuit follows on a petition for a rulemaking that the company filed with the SEC last summer, requesting the commission draft and approve a rule specific to digital assets. The lawsuit aims to force the agency to provide a yes or no to Coinbase's ask.

Since that request by Coinbase, the SEC has reopened custody and exchange rules to explicitly say that they apply to digital assets, but has not engaged in drafting a rule specific to digital assets.

Source https://www.theblock.co/post/228047/coinbase-sues-the-sec-for-answer-on-rule-specific-to-digital-assets

It's nice to see Coinbase step up to the game by suing the SEC. We can consider it the "Knight of Crypto/Blockchain tech" if it wins the case. This is only a battle that's just getting started. I'm glad to see there are some US politicians in favor of crypto. They're now holding SEC chairman Gary Gensler accountable for this actions.

With increasing pressure against the SEC, it's likely the crypto industry will emerge victorious in the long run. The US needs crypto now more than ever, especially when its enemies are embracing it for their own benefit. If the US rejects the revolution, it'll be left behind in the dust. Maybe someday the US will go as far as backing the US Dollar with Bitcoin? Just my thoughts Grin

Smack That Ace

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Quote from: bbc.reporter on April 24, 2023, 10:41:06 PM

@Abiky. There was a case when the SEC sued someone but the judge made a decision that ruled against the SEC, citing that there was no clear regulatory structure to use as guidelines for the projects in the cryptospace. I have posted about it, however, it did not have the attention of the readers. I will find it and share it later.

In any case, news update. Coinbase sues the SEC heheheheheh.

Coinbase is suing the Securities and Exchange Commission.

The lawsuit follows on a petition for a rulemaking that the company filed with the SEC last summer, requesting the commission draft and approve a rule specific to digital assets. The lawsuit aims to force the agency to provide a yes or no to Coinbase's ask.

Since that request by Coinbase, the SEC has reopened custody and exchange rules to explicitly say that they apply to digital assets, but has not engaged in drafting a rule specific to digital assets.

Source https://www.theblock.co/post/228047/coinbase-sues-the-sec-for-answer-on-rule-specific-to-digital-assets

I don't know what the outcome will be, but this is a move that I think is quite wise by Coinbase as the US law so far has not clearly regulated the crypto market. The SEC is just abusing its power to attack the industry, they don't have any strong evidence against us.
I hope other companies and exchanges will do the same as Coinbase to fight the SEC. That would be an interesting situation as many US politicians are also unhappy with what the SEC is doing with cryptocurrencies.

bbc.reporter

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@Abiky. There was a case when the SEC sued someone but the judge made a decision that ruled against the SEC, citing that there was no clear regulatory structure to use as guidelines for the projects in the cryptospace. I have posted about it, however, it did not have the attention of the readers. I will find it and share it later.

In any case, news update. Coinbase sues the SEC heheheheheh.

Coinbase is suing the Securities and Exchange Commission.

The lawsuit follows on a petition for a rulemaking that the company filed with the SEC last summer, requesting the commission draft and approve a rule specific to digital assets. The lawsuit aims to force the agency to provide a yes or no to Coinbase's ask.

Since that request by Coinbase, the SEC has reopened custody and exchange rules to explicitly say that they apply to digital assets, but has not engaged in drafting a rule specific to digital assets.

Source https://www.theblock.co/post/228047/coinbase-sues-the-sec-for-answer-on-rule-specific-to-digital-assets

Abiky

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Quote from: Darker45 on April 11, 2023, 05:28:24 AM

It's funny how SEC is threatening Coinbase with a lawsuit with the presumption that PoS coins like Ethereum are securities when another US government agency, CFTC, is suing Binance and CZ with a claim that Ethereum, like Bitcoin, is a commodity. There seems to be a lack of understanding and coordination here. Or is there some kind of a turf war between these two agencies?

Anyway, if the case will be filed, it will take years for the legal process to have a final decision. My hunch is that the longer the case drags on, the more advantageous for Coinbase. If it is a precedent, look at how Ripple is doing quite well in its case against the SEC.

The US doesn't have a clear regulatory framework for crypto assets. It needs to "update itself" in order to stay ahead of the game. Due to the mess caused by both the SEC and CFTC, crypto exchanges are closing up shop all across the country. All we have left is Binance, Coinbase, and Kraken as the biggest exchanges in the US. If they go away, it will be a huge loss for the country in the long run (earning taxes from crypto transactions, etc).

The EU seems to be far ahead than the US in terms of crypto/Blockchain regulation, so it's likely major companies will migrate there. The SEC vs Coinbase lawsuit might be a long dilemma, so this is only the beginning. Let's hope all goes well for the sake of crypto adoption within the US. Just my thoughts Grin

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It's funny how SEC is threatening Coinbase with a lawsuit with the presumption that PoS coins like Ethereum are securities when another US government agency, CFTC, is suing Binance and CZ with a claim that Ethereum, like Bitcoin, is a commodity. There seems to be a lack of understanding and coordination here. Or is there some kind of a turf war between these two agencies?

Anyway, if the case will be filed, it will take years for the legal process to have a final decision. My hunch is that the longer the case drags on, the more advantageous for Coinbase. If it is a precedent, look at how Ripple is doing quite well in its case against the SEC.

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Quote from: NotATether on April 11, 2023, 03:46:46 AM

Quote from: Abiky on April 02, 2023, 02:52:50 PM

The SEC threatened Coinbase with a lawsuit if it doesn't comply with securities laws. According to the US agency, PoS coins are unregistered securities. Coinbase decided to ignore the SEC warning and continue offering staking services to US customers stating that "staking is handled by decentralized protocols". It's likely there will be a lawsuit between the SEC and Coinbase soon.

Oh boy, if that's the real timeline of events, then Coinbase is in big trouble. Because nobody can just walk over the SEC like that and provide unregistered financial services in the US. I mean, they routinely take down small-time traders as "money transmitters". It is highly unlikely that the US government will let Coinbase just get away with it, *especially* since it's a public company.

Exactly, as we all know that the SEC is known for taking a strict stance on such matters, and they have been known to go after small-time traders as well. So it is possible that Coinbase even if it is a public company could potentially make them even more to face difficulties and penalties.
But in my mind --it is possible that Coinbase may have had some sort of legal loophole or justification for their actions, they follow and comply with financial regulations to avoid any possible legal issues like this which I doubt they are safe as of now.

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Quote from: Abiky on April 02, 2023, 02:52:50 PM

The SEC threatened Coinbase with a lawsuit if it doesn't comply with securities laws. According to the US agency, PoS coins are unregistered securities. Coinbase decided to ignore the SEC warning and continue offering staking services to US customers stating that "staking is handled by decentralized protocols". It's likely there will be a lawsuit between the SEC and Coinbase soon.

Oh boy, if that's the real timeline of events, then Coinbase is in big trouble. Because nobody can just walk over the SEC like that and provide unregistered financial services in the US. I mean, they routinely take down small-time traders as "money transmitters". It is highly unlikely that the US government will let Coinbase just get away with it, *especially* since it's a public company.

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Quote from: Abiky on April 05, 2023, 04:50:08 PM

Quote from: Smack That Ace on April 04, 2023, 08:06:00 AM

Only an agreement between the two parties is the best outcome. Because if the SEC loses, they will also find other reasons to continue attacking exchanges or even the entire crypto industry. Even if XRP wins, Coinbase or Binance win, they will all continue to be in trouble in the future, the SEC and CFTC will certainly not ignore it.

Not only the US government but other governments will also soon do the same because what they are aiming for is money. All recent allegations are civil lawsuits, and as long as the exchanges agree and strictly comply with the fine payment, everything will be over.

It's not only about money, but it's also about control. The US government will continue to tighten regulations just to put crypto under control. They don't want it to replace the US Dollar after all. I have no problem with regulations as long as they don't limit the growth of the crypto/Blockchain industry. Too much regulations will only scare away crypto companies, startups, and even exchanges in the long run.

Yeah, but just the same, if you have money then you have control, and that's what the US government is trying to prevent from happening. Because this exchanges are growing big by the day, meaning fiat is flowing on exchanges, so they have to stop because they want people to put their money on banks, in which the government has control.

Quote from: Abiky on April 05, 2023, 04:50:08 PM

Let's hope the US government and the crypto industry work together for the benefit of all. Maybe there's light at the end of the tunnel? Just my opinion

I don't think there will be like some consensus or middle ground between US government and crypto. It's either they let it flow normally, or not. The problem is that they are selectively targeting exchanges now, Binance, Coinbase and even Kraken.

And so this lawsuit might set a precedence, gonna be a uphill battle for those exchanges, but if they win (chances are slim), it's going to be big for crypto industry.

Abiky

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Quote from: Smack That Ace on April 04, 2023, 08:06:00 AM

Only an agreement between the two parties is the best outcome. Because if the SEC loses, they will also find other reasons to continue attacking exchanges or even the entire crypto industry. Even if XRP wins, Coinbase or Binance win, they will all continue to be in trouble in the future, the SEC and CFTC will certainly not ignore it.

Not only the US government but other governments will also soon do the same because what they are aiming for is money. All recent allegations are civil lawsuits, and as long as the exchanges agree and strictly comply with the fine payment, everything will be over.

It's not only about money, but it's also about control. The US government will continue to tighten regulations just to put crypto under control. They don't want it to replace the US Dollar after all. I have no problem with regulations as long as they don't limit the growth of the crypto/Blockchain industry. Too much regulations will only scare away crypto companies, startups, and even exchanges in the long run.

Let's hope the US government and the crypto industry work together for the benefit of all. Maybe there's light at the end of the tunnel? Just my opinion

Smack That Ace

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Quote from: Abiky on April 04, 2023, 05:12:13 AM

Quote from: DaveF on April 02, 2023, 04:36:00 PM

They will both probably win.

There will be some things that the SEC will try to go after them for that are going to be too far reaching, and it will get shut down by a judge or a jury will find in their favor. There are some other things that Coinbase has probably crossed the line on. They have been warned and kept at it, just because I don't think but sticking ETH is a bad thing outside of the fact that it's ETH, that still does cross the fuzzy line. If they were smart they would have formed and offshore corporation and let them deal with it. all law making it perfectly clear that it is not an American based investment and not regulated by American laws.

Don't know if they would be able to get away with that long term, but short term I have seen many places do it.

-Dave

I sure hope the SEC and crypto exchanges work together to ensure the industry grows without limitations. All of this mess makes the US a "laughing stock" compared to other crypto-friendly countries in the world. If Coinbase wins the lawsuit, then the SEC would have no other choice but to allow crypto exchanges to provide staking services to US-based customers. It might be forced to pay back Kraken's imposed fine of millions of dollars. Rest assured, that the SEC will find other ways to hunt down crypto exchanges claiming "it's protecting investors' interests".

Let's see how this will play out in the long run. Hopefully, the US would revise its crypto regulatory framework to stay at the forefront of innovation. Who knows if things will improve in the future? Just my opinion

Only an agreement between the two parties is the best outcome. Because if the SEC loses, they will also find other reasons to continue attacking exchanges or even the entire crypto industry. Even if XRP wins, Coinbase or Binance win, they will all continue to be in trouble in the future, the SEC and CFTC will certainly not ignore it.

Not only the US government but other governments will also soon do the same because what they are aiming for is money. All recent allegations are civil lawsuits, and as long as the exchanges agree and strictly comply with the fine payment, everything will be over.

Abiky

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Quote from: DaveF on April 02, 2023, 04:36:00 PM

They will both probably win.

There will be some things that the SEC will try to go after them for that are going to be too far reaching, and it will get shut down by a judge or a jury will find in their favor. There are some other things that Coinbase has probably crossed the line on. They have been warned and kept at it, just because I don't think but sticking ETH is a bad thing outside of the fact that it's ETH, that still does cross the fuzzy line. If they were smart they would have formed and offshore corporation and let them deal with it. all law making it perfectly clear that it is not an American based investment and not regulated by American laws.

Don't know if they would be able to get away with that long term, but short term I have seen many places do it.

-Dave

I sure hope the SEC and crypto exchanges work together to ensure the industry grows without limitations. All of this mess makes the US a "laughing stock" compared to other crypto-friendly countries in the world. If Coinbase wins the lawsuit, then the SEC would have no other choice but to allow crypto exchanges to provide staking services to US-based customers. It might be forced to pay back Kraken's imposed fine of millions of dollars. Rest assured, that the SEC will find other ways to hunt down crypto exchanges claiming "it's protecting investors' interests".

Let's see how this will play out in the long run. Hopefully, the US would revise its crypto regulatory framework to stay at the forefront of innovation. Who knows if things will improve in the future? Just my opinion

DaveF

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They will both probably win.

There will be some things that the SEC will try to go after them for that are going to be too far reaching, and it will get shut down by a judge or a jury will find in their favor. There are some other things that Coinbase has probably crossed the line on. They have been warned and kept at it, just because I don't think but sticking ETH is a bad thing outside of the fact that it's ETH, that still does cross the fuzzy line. If they were smart they would have formed and offshore corporation and let them deal with it. all law making it perfectly clear that it is not an American based investment and not regulated by American laws.

Don't know if they would be able to get away with that long term, but short term I have seen many places do it.

-Dave

Abiky

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The SEC threatened Coinbase with a lawsuit if it doesn't comply with securities laws. According to the US agency, PoS coins are unregistered securities. Coinbase decided to ignore the SEC warning and continue offering staking services to US customers stating that "staking is handled by decentralized protocols". It's likely there will be a lawsuit between the SEC and Coinbase soon.

If the lawsuit becomes a reality, which do you think will win? The SEC or Coinbase? The US has been tightening its regulations towards the crypto industry, so a win by Coinbase could bring some "relief" to US-based crypto exchanges.

Your input will be greatly appreciated. Thank you.

Topic: Coinbase vs SEC - page 2. (Read 373 times)