Topic: SEC sues Coinbase for listing securities (Read 96 times)

I don't know why everyone is angry at Gary, from a maximalist point of view he is the best we can get

But if you ask Gary Gensler, I am sure that he would tell you that every cryptocurrency is security unless proven otherwise.

“We don’t know who Satoshi Nakamoto is yet, who she, or he, or they, were. It’s a field built off of sort of a concept to not use centralization even though finance since antiquity tended toward centralization. To be decentralized, lack of authorities, anti-commercial bank, anti-central bank, a worldwide off-the-grid approach. And yet it very much relies on the law when they go bankrupt and they’re in bankruptcy court. And you know what we’ve seen.”

Based on the list of tokens/coins they included, I honestly doubt that. But if you ask Gary Gensler, I am sure that he would tell you that every cryptocurrency is security unless proven otherwise.

Did they manage to properly define (in legal terms, like for business) how to decide whether a coin/token is security or not?

SEC claims that [~] that are all listed on Coinbase are securities.

Bitclin price react badly , what is probably just a buying opportunity

Also, both exchanges regulatory problems have no reason to affect bitcoin.

Interesting days ahead and I can see bitcoin price going even more down.

An opportunity to buy more.

Bitcoin falled to $25388 yesterday. It falled to $25351 today. No big difference yet. I noticed a big dropped in 30 minutes ago but not that falled more below yesterday's lowest price.

Interesting days ahead and I can see bitcoin price going even more down.

Coinbase operates a trading platform (the “Coinbase Platform”) through which U.S. customers can buy, sell, and trade crypto assets. The assets that Coinbase makes available include crypto asset securities. Coinbase is the largest crypto asset trading platform in the United States and has serviced over 108 million customers, accounting for billions of dollars in daily trading volume in hundreds of crypto assets. The Coinbase Platform merges three functions that are typically separated in traditional securities markets—those of brokers, exchanges, and clearing agencies. Yet, Coinbase has never registered with the SEC as a broker, national securities exchange, or clearing agency, thus evading the disclosure regime that Congress has established for our securities markets.
All the while, Coinbase has earned billions of dollars in revenues by, among other things, collecting transaction fees from investors whom Coinbase has deprived of the disclosures and protections that registration entails and thus exposed to significant risk.

Throughout the Relevant Period, Coinbase has made available for trading crypto assets that are being offered and sold as investment contracts, and thus as securities. This includes, but is not limited to, the units of each of the crypto asset securities further described below—with trading symbols SOL, ADA, MATIC, FIL, SAND, AXS, CHZ, FLOW, ICP, NEAR, VGX, DASH,
and NEXO—(the “Crypto Asset Securities”)